Understand the Asia-Pacific Economic Cooperation (APEC)'s role in export promotion, the importance, methods, and concept of export promotion. Gain insights into the critical factors that drive export promotion, and familiarise with the measures India has adopted for export promotion.
What Is the APEC?
The AEPC is the nodal agency of the Government of India that is responsible to promote and enhance the exports of ready-made garments across the globe. It also encourages garment export businesses through various schemes and programs. The AEPC serves as a bridge between the government and the apparel exporters. However, the ready-made garment exports promoted by the EPC do not include garments made up of woolen knitwear and garments made of leather, jute, and hemp.
How Does the APEC?
The EPC tirelessly works towards the promotion of garment exports. It does so by undertaking various activities and programs. Below is a list of activities performed by the EPC Registration to promote Indian garment exports worldwide.
- The EPC arranges Buyer Seller Meets (BSMs) for possible growth of business arrangements between the buyers and sellers. Such BSMs were conducted in countries like Japan, South Africa, and Spain
- For the dissemination of technical knowledge, managerial aspects, and other important details concerning the garment industry, the EPC conducts workshops. Fashion designers from many countries are invited to attend these workshops
- Identifying and sending trade delegations is an important activity performed by the AEPC. Such delegations are sent to potential markets to promote the exports of India
- The EPC even undertakes training and educational initiatives to impart skills to the workforce of the garment industry. This human resource development activity ensures the steady flow of skilled workforce for the export businesses in the apparel industry
- There are certain seminars conducted by the APEC. Such seminars aim to create awareness regarding topics like GST, UPI, and Internal Complaints Committee (ICC)
- Conducting International Fairs is another crucial activity the EPC undertakes. Such fairs serve as a golden opportunity for Indian apparel exporters to connect with potential foreign clients. The EPC showcases India’s best garment export capabilities at the India International Garment fair which is conducted twice every year. At these fairs, more than 350 exhibitors showcase their garments
- The EPC website provides solutions to all queries regarding garment exports in the country. The portal serves as a one-stop destination for obtaining valuable information, export opportunities, and inputs regarding the apparel industry
- The EPC publishes the ‘Apparel India’ magazine every month to update the exporters with information on Government policies and initiatives
- All the latest fashion-related market trends are available at the EPC’s well-equipped library located in Mumbai and Gurgaon to stay updated with the ongoing apparel trends
- The APEC does not lack on the research and development front. It vigorously works towards gathering data to explore new markets and products of potential exports. It does so by conducting surveys and gathering research reports, and journals
- The members of EPC are supported with information on trade enquiries, and global tenders. They have access to a comprehensive database on the textile industry, products, and companies, reports published on business opportunities, market products, and trade statistics
- To encourage the exporters, the EPC rolls out various schemes, and incentives like the Interest Subvention scheme, and Market Development Scheme among others. Such schemes are especially targeted toward small-scale industries
- The APEC organises programs like roadshows as a part of its agenda to promote Indian ready-made garment exports worldwide.
Benefits of APEC in Export Promotion
APEC, or the Asia-Pacific Economic Cooperation, is instrumental in export promotion in several ways. Its prime benefits include:
Trade Liberalisation:
APEC promotes free and open trade across the Asia-Pacific region, reducing barriers to exports, which in turn encourages businesses to trade internationally.
Technical Assistance and Capacity Building:
APEC provides technical assistance to its member economies to improve their ability to participate in global trade, enhancing export promotion capabilities.
Policy Alignment:
Through APEC, member countries work towards aligning their regulations and standards, easing the process for businesses to export goods and services across borders.
Networking and Partnership Opportunities:
APEC offers a platform for dialogue and cooperation, fostering business partnerships that can facilitate export promotion.
How to Get the Best From the EPC
- With the programs and schemes launched by the Apparel Promotion Export Council from time to time, every garment exporter can fetch concessions and newer markets.
- The council especially focuses its schemes on small scale garment exporters
- The APEC reports on market analysis and global fashion trends can help an exporter understand the market dynamics and the kind of demands in a particular market. Accordingly, the exporters can plan their market strategies.
- Fairs conducted by the council provide the garment businesses a golden opportunity to showcase their products and hunt for new international buyers.
Who Is Eligible to Register With the EPC?
Any ready-made apparel exporter can register their business with the council as a registered exporter. A garment exporter whose aggregate export performance in the three preceding financial years has exceeded ₹1 Crore can register or upgrade as a member exporter. To avail the benefits of all the aforementioned programs, and schemes, one must register with the EPC and obtain the Registration Cum Membership Certificate (RCMC).
FAQs on APEC in Export Promotion
What are the methods used to promote exports?
Multiple methods are utilized for promoting exports: Government Incentives: Governments often offer incentives such as tax breaks, subsidies, and export credits to businesses to encourage export activities. Trade Agreements: Bilateral or multilateral trade agreements are used to ease trade barriers and foster export. Trade Fairs and Exhibitions: These events provide opportunities for businesses to showcase their products to potential international buyers. Export Promotion Agencies: These agencies provide assistance and guidance to businesses in exporting their products and services. Digital Marketing and E-Commerce: The internet offers a powerful platform for businesses to reach out to international markets and promote their exports.
What is the purpose of export promotion?
The purpose of export promotion is to: Increase International Trade: By promoting exports, a country can increase its share in international trade. Improve Economic Growth: Export promotion helps to increase a country's gross domestic product (GDP), leading to economic growth. Balance of Payments: Exports help in improving a country's balance of payments situation by earning foreign exchange. Job Creation: As export activities increase, they create more jobs, contributing to employment growth. Promote Business Expansion: Export promotion aids businesses in expanding their reach and diversifying their markets, leading to increased profitability.
What is the concept of export promotion?
Export promotion refers to the strategies and policies that a country or organization uses to encourage businesses within its borders to trade their products or services with other countries. The objective is to increase the volume of goods and services that are exported from a country to boost the nation's economic performance, improve the balance of payments, create jobs, and foster international cooperation and goodwill.
What are the factors of export promotion?
Several factors influence export promotion: Government Policies: The policies, incentives, and support provided by the government can significantly influence export promotion. International Trade Agreements: These agreements can facilitate export by reducing trade barriers and tariffs. Economic Conditions: The economic stability and growth of both the exporting and importing countries can influence export promotion. Quality and Competitiveness of Products: The demand for a country's exports can depend on the quality and competitiveness of its products or services. Infrastructure: The availability of good transport, logistics, and communication infrastructure can also influence export promotion.
What are the measures of export promotion in India?
The Indian government has implemented several measures to promote exports: Export Promotion Councils (EPCs): These councils play a critical role in promoting exports. They provide guidance, assistance, and information about international markets to exporters. Export-Import (EXIM) Bank of India: The EXIM Bank offers financial assistance and export credits to Indian exporters. Export Oriented Units (EOUs) and Special Economic Zones (SEZs): These zones are specially designed for promoting exports, offering various tax incentives and infrastructural support to the businesses located in these zones. Foreign Trade Policy (FTP): The government's FTP outlines various schemes and incentives aimed at promoting exports. Marketing Assistance Scheme: This scheme is designed to help small businesses in their international marketing efforts and promote their products in international markets.
Why Hire Vakilsearch?
You can register your garment export business with the APEC either by visiting the EPC website or approaching professionals to apply for your certificate. The registration process might seem cumbersome. Hiring professionals like Vakilsearch can guide you throughout the process of applying with complete and proper documentation. Vakilsearch’s services can make the cumbersome registration process easy, speedy, and hassle-free for you.
Also, Read:
