FFFAI, MoF join hands to boost EXIM Trade, LPI

The Federation of Freight Forwarders’ Associations in India (FFFAI) delegation met Sanjay Malhotra, Revenue Secretary, Ministry of Finance, Government of India recently to discuss about EXIM trade facilitation measures to enable speedy shipment clearance timelines and improvement of processes in customs clearance and logistics. FFFAI would be jointly working with Ministry of finance in framing research study which would be measured and monitored in achieving goals towards trade facilitation of International EXIM trade, this would not only result in transaction cost saving or reducing dwell time but would also benefit the country by saving forex reserves outflow which is being collected in form of detention charges by foreign shipping lines due to delay in clearances. The study would be reviewed from time to time across the country to recommend policy changes. The FFFAI Chairman, Shankar Shinde informed that the Federation would collaborate with the Ministry of Finance in initiating research studies to achieve EODB (Ease of Doing Business) and LPI (Logistics Performance Index) ranking. FFFAI also reiterated its full support to the CBIC, Ministry of Finance, Government of India in all its endeavours. “FFFAI is committed to extend its support and contribution to the government in achieving the $5 trillion economy by 2025. Logistics has a pivotal role to play in this regard and the Government of India collaborating with the logistics industry professionals will have to continue strengthening the trade facilitation measures through developing world standard infrastructure and formulating conducive policies for fast, smooth and end to end logistics operations. We have witnessed a significant jump (6 ranks) in the World Bank Logistics Performance Index-2023. We are confident that the collaborative approach would position the country on the top rank in the near future,” stated Chairman, Shankar Shinde. The delegation also included Chairman Elect Dushyant Mulani, Vice Chairmen Rajesh Verma and Amit Kamat, Hony. Secretary Vinod Sharma, Hony. Treasurer Sudhir Aggarwal and Advisor S. Ramakrishna.