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Home Banking & Finance

DGFT considering Policy on exports of ‘Dual Use’ category

Fiinews by Fiinews
August 25, 2018
in Banking & Finance, Exports, Imports, Manufacturing
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Dialogue for further enhance compliance

 

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In order to facilitate the export of specialised chemicals falling under the ‘Dual Use’ category, the Directorate General of Foreign Trade (DGFT) is actively considering a policy of issuing general and bulk licenses, drawing upon the templates used by several countries that are members of multilateral export control regimes.

This was stated by Sanjay Tiwari, DGFT Deputy Director, while addressing the workshop on ‘Trading in Strategic and Dangerous Chemicals: What the Industry needs to know’.

DGFT is committed to a sustained dialogue to further enhance corporate compliance so that India maintains its strong non-proliferation record while also maximizing the opportunity for robust growth in the chemical sector, he said.

Dr. Anupam Srivastava, CEO, SafeZone India and Non Resident Fellow, Stimson Centre, highlighted the need for updated policies, control list and guidelines upon joining the Australia Group (on 19 Jan 2018), eliciting industry feedback on whether any process-level simplifications might facilitate them for meeting their compliance obligations, and the international best practices in manufacturing and meeting chemical safety and security standards.

Specialised Chemicals falling under ‘Dual Use’ category, i.e. items that have both civilian and military use, are regulated under Indian export control list – SCOMET (Strategic Chemicals, Organisms, Materials, Equipment and Technologies). All items under this list require licence from DGFT, DAE or DDP/Ministry of Defence, prior to export of the regulated commodities.

Anandi Venkateswaran, Under-Secretary (D&ISA), Ministry of External Affairs, said that robust compliance standards by the industry were crucial in building trust with foreign partners and forging technology-based partnerships.

The workshop witnessed participation from a range of companies from the Indian Chemicals sector, experts from Government of India, US Department of Energy, Stimson Centre and the Indian industry who engaged in a technical and policy discussion relating to trade in dual-use items, technologies and services.

It as organized by the Federation of Indian Chambers of Commerce and Industry in association with the Indian Chemical Council (ICC) and Henry L. Stimson Centre of Washington, DC. fiinews.com

Tags: Directorate General of Foreign TradeFederation of Indian Chambers of Commerce and Industry
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