International Trade — OCM STD 11 Commerce — Question
Gujarat BoardEnglish MediumSTD 11 CommerceOCMInternational Trade1 Mark
Question
Explain the terms : $EPZ$
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Answer
Export processing zone:
Indian government has established export processing zones or say free processing zones to encourage export trade. In such zones exporters can import goods, re¬process them if needed, manufacture goods and export them without interference of custom authorities. This helps in bringing more foreign earnings to our country.
Excise duties, financial transaction regulations and some labour laws are liberal in these zones.
Government assures people that it will provide all basic facilities such as roads, electricity, water, communication, transportation, facility to procure high quality raw material, etc. to industries set-up in such zones.
Government also provides information on export procedures, international market, demand of products for export, political conditions favorable export, etc. to people interested in export business.
Under its economic policy India has developed various free trade zones $(FTZ)$ in places like Kandla, Santa Cruz (Mumbai), Falta (West Bengal), Noida, (Cochin, Chennai, Vishakhapattannam, Kosindra, (Near Dwarka) and Dahej (near Bharuch), etc.
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