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India proposes multilateral mechanism for exchange of trade information
New Delhi: India has proposed establishment of a multilateral mechanism at the World Trade Organisation (WTO) which would enable cooperation between customs authorities for easy verification of doubtful export-import documents by members.

In a submission to the negotiating group on trade facilitation, India has pointed out that a multilateral cooperation mechanism for exchange of information among customs administration would go a long way in simplifying and liberalising border controls for expeditious clearance of legitimate trade, which is the objective of the negotiations.

India's proposal incorporates exchanging specific information upon request on matters such as customs valuation, HS classification, full and accurate description, quantity, origin of goods in identified cases where there is reason to doubt the truth or accuracy of the declaration filed by the importer or exporter.

The request for information is to be limited to the data elements contained in the import or export declaration.

In appropriate cases, cooperation could also extend to providing documents filed in support of goods declaration to the requesting country for investigative and judicial processes, the paper said.

Admitting that there were existing arrangements for exchange of information through negotiating bilateral agreements, the submission said that bilateral agreements were not always easy to enter into, and at times, they were limited in nature.
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NCAER study: Business confidence index up 1.3% in July-Sept.
New Delhi: Despite volatile oil prices and shrinking profit margins, the business confidence index (BCI) for July-September 2005 gained 1.3 per cent, touching 146 from 144.1 in the April-June 2005 period, says a survey by the National Council of Applied Economic Research (NCAER).

This is the highest increase in BCI since September 1995.

Increasing industrial production, improvement in rainfall, after an initial setback in June, and a stable interest rate despite hardening oil prices could be the reasons for positive sentiments, the economic think-tank said in its business expectations survey.

The steady increase in BCI augurs well with growth of industrial production and manufacturing sector GDP, said the study. Business sentiments are running high in all sectors, except consumer durables and services.

The consumer durables sector, which was quite upbeat in the April-June 2005, period has shown a decline in expectations in this round. According to the report, the financial position of firms and capacity utilisation dragged the BCI down from 73.5 to 75.4. Consumer non-durables sector, however, witnessed maximum gain in sentiment (8.2%), from 68.1 to 73.8.

The business community's outlook with respect to the overall performance of the government is 'stable' as the political confidence index improved by 5.2 points from 104. In comparison to the previous round, the performance of the UPA government is being seen as having improved with regard to managing overall economic growth, government finances, unemployment, providing a conducive political climate and pushing economic reforms.
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