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Five Reasons Why Export Promotion Is So Important for an Indian Business, Export promotion has been in practice for centuries. Countries like India have been promoting their products and services for many centuries, but the second world war brought it to the forefront, and a more structured approach to it was established. In India, the apex body for export promotion is the Federation of India Export Organisations. Here’s why export promotion is so important to an Indian business. Listed below are five reasons why export promotion is so important for India’s economy.
GOED
A recent announcement made by the U.S. Department of Commerce honors the Nevada Governor’s Office of Economic Development’s International Trade Division with a 2021 President’s “E” Award. The award recognizes Nevada for its export promotion efforts. This state-led initiative is aimed at expanding exports in the state and creating jobs. The President’s “E” Award is the highest honor given to U.S. exporters, and the Nevada Governor’s Office of Economic Development’s export promotion efforts will help small businesses grow and thrive.
GOED’s International Division recently closed out its STEP 8 grant with a 100% utilization rate. Companies that participated in the program generated more than $13 million in export sales, generating a 50.4-to-1 return on investment. Twenty-seven of the 39 companies assisted through the STEP program are new to exporting and are members of self-certified disadvantaged small business communities. By removing tariff barriers, Nevada companies will receive more money and benefit from better connections in international markets.
Department of Commerce
In April 2017, the U.S. Department of Commerce announced a new federal-state export promotion coordination strategy. The strategy includes a framework for information sharing and a joint planning template, including export success stories and performance metrics. With this new tool, Commerce can ensure that state trade offices are leveraging federal resources and coordinating their export promotion services effectively. Listed below are some of the highlights of the plan. Read on for a full list of its elements.
DECs – a network of local business leaders appointed by the U.S. Secretary of Commerce – play a key role in promoting exports in their area. They also coordinate trade assistance partners and are key communications links between the business community and the U.S. & Foreign Commercial Service. Currently, there are more than 60 DECs around the country. The goal of these organizations is to improve U.S. export promotion efforts in their respective areas.
Export Promotion Councils
The president’s Export Council (PEC) serves as the principal national advisory body on trade and international affairs, and provides a forum for discussing issues related to trade and globalization. The most recent meeting of the President’s Export Council took place on September 14, and the council deliberated on two letters of recommendation. Below are links to the agenda and the remarks of Secretary Pritzker. These councils are important in formulating and monitoring foreign policies and promoting the growth of India’s export sector.
These bodies help exporters and importers access international markets by collecting data and distributing it to government bodies. EPCs provide assistance to exporters by assisting them in availing incentive schemes, and are often represented by trade associations and governments on issues of concern to the trade community. The primary function of these councils is to help exporters reach their international markets. The benefits of participating in the councils are most pronounced for small and medium businesses, and members are able to take advantage of various government incentive programs to benefit their businesses.
Government agencies
The recent global economic downturn has renewed congressional debate over the role of the federal government in export promotion. Earlier in the Obama Administration’s State of the Union Address, the president announced the National Export Initiative (NEI), a government-led effort to boost exports in the United States. The NEI identifies nine government agencies that work together in export promotion. These agencies include the U.S. Trade and Development Agency, Department of Agriculture, Department of Commerce, Department of State, and the Office of the U.S. Trade Representative.
MAP helps U.S. exporters compete with their rivals’ governments through a range of incentives. For example, Japan and Germany use a combination of government-sponsored programs to promote their exports. Germany also solicits foreign trade through chambers of commerce. Developing nations often use similar programs to boost exports. In Indonesia and Turkey, for example, government-backed insurance and credit programs are beneficial for exporters. In addition, the U.S. government supports trade with developing nations through foreign governments.
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