With the phenomenon of globalization at its peak and changing the game altogether, we can say that the import and export activity has increased like never before. We can see that many new entities are entering the business with the government support increasing for gaining an economical advantage and growth for the country year by year.
The export and import industry is booming with competition and also is forcing many domestic brands and players to move to the international market such that they are able to get access to a wider consumer base and also able to increase their business and revenue margin earned.
Business houses from foreign countries are entering India as the same is a bigger market with a higher number of consumers or buyers. As India is one of the biggest markets, the market players are also crowded including both domestic and foreign brands. This is actually probing the domestic brands and business houses to move out of the geographical boundaries and acquire the foreign markets also.
For this, they should be able to export their products or services to foreign countries. Government of India has come up with the IEC code or the Import Export Code for regulating and making the export activity possible for the business houses.
Advantages of International Trade or Export Import
– It helps the business increase their revenue earned as there is an addition of market belonging to other countries and consumers.
– There will be a higher increase in revenue due to exchange rates and also the stability of pricing available in the other countries.
– When the entity enters a country where your business is belonging to the niche segment, then there will only be no or lower domestic players in the market, which would help you increase the chance to take over the market and consumers.
– There will be chances open to financing options with lower interest rates available for exporters helping reduce the costs.
– There are also arrangements like free trade agreements that would help you access foreign markets as an exporter or importer with the minimum or lowest possible costs.
Get a PDF file of the IEC Code
Step 1: Access the online portal of the DGFT, which is the Directorate General of Foreign Trade, by clicking on https://www.dgft.gov.in/CP/. Now go to the tab named ‘Services’ and choose an option, namely, ‘IEC Profile Management’.
Step 2: Then go to the down part of the website, and at the bottom-right, you can see an option, namely, ‘Print IEC’. then login and enter the credentials, like the User Name, which is the email ID, password, and the captcha code given in the box. Then press the button, ‘Login’.
Step 3: Now, at the top right-hand side of the certificate appearing, there will be an option, namely, ‘Print Certificate’, where choose ‘Save as PDF’ and click ‘Print’. This will help you save the IEC in the form of a PDF, which can later be printed directly from the PDF file.
