In this blog, you will learn about the FIEO and the role of a Status Holder exporter related to the same.
The Federation of Indian Export Organisations, also known as FIEO in many circles, is the ultimate, top-level body of Indian organisations focused on promoting export in the country. One of the most important organisations in India’s trade sector, both the Ministry of Commerce and a number of leading private companies contributed to its set up in 1965.
Its main purpose is to promote and foster Indian exports in any way possible, as well as provide support for exporters and organisations that wish to expand their business abroad. In general, the FIEO represents and assists Indian exporters on the global market, and so works closely with the Government of India to reach its goals.
What Does the FIEO Do?
The Primary Purpose of the FIEO: Educating Exports
The primary purpose of the Federation of Indian Export Organisations is to provide information on the global export market. That means this organisation is largely focused on new measures that can help Indian exporters join the world economy faster and more profitably.
The FIEO also provides a variety of services to help Indian exporters improve their business. In addition to providing information about new trends in the global market, this organisation provides advice on how to expand your business abroad and how to effectively enter new markets.
Essentially, FIEO is focused on helping Indian exporters reach the market easily, and also tries to prepare them for the challenges of exporting as much as possible.
FIEO accomplishes all of that through the webinars, workshops, and seminars hosted by them. You’ll find some of the most important heads of industries speaking at these events to company owners aspiring to reach the global exporting stage. Out of all the different benefits you can get by joining FIEO, access to the accumulated knowledge and experience of hundreds of veteran exporters is the most important.
Other Roles of FIEO
With that said, however, the FIEO has several roles, including:
- Encouraging Indian businesses and exporters to join the organisation
- Promoting Indian exports domestically and abroad
- Working with other government agencies (particularly the Ministry of Commerce, Foreign Trade Department) to provide support for Indian companies
- Providing information on world markets to Indian exporters so they can be better prepared to join a global market that is already in full swing
- Hosting workshops and seminars for export industry leaders to provide education on how the global export market works
- Organising buyer and seller meet in India and abroad to better facilitate trade. This role is especially important as it directly helps exporters to form business dealings and make contacts with companies abroad.
Who Does the FIEO Represent?
Who Is a Status Holder Exporter?
The provision of a Status Holder Exporter is laid out in the Foreign Trade Policy, Chapter 3. These are loosely defined as industry leaders who have shown a measure of excellence in international trade over the years and have made a more than a noticeable contribution to foreign trade in India.
Status Holder Exporters, considered to be the elite exporters in the Indian economy, are responsible for not just continuing their large-scale export business but to also providing much-needed guidance to newer businessmen who don’t know the field as well. To give you an example, Status Holder Exporter form the majority of the speakers at the workshops and seminars hosted by the FIEO.
How are Status Holders Exporter chosen?
Instead of being elected or having the certificates presented as an award, exporters with a fieo membership who wish to be Status Holders have to present an application. Under the same point, all exporters of different kinds of technology, goods, and services are eligible to be selected as a Status Holder Exporter.
The application process is very thorough, and it ensures that only the most qualified exporters are chosen. The FIEO has a team of experts who go through all the applications and select the best ones based on their experience, knowledge, and skills.
What Benefits Do Status Holders Exporter Get from The FIEO?
Here’s a short rundown of some of the privileges Status Holder Exporter can avail under the Foreign Trade Policy:
- Status Holder Exporter get 24×7 customs clearance for both exports and imports. The clearance is granted usually on a basis of self-declaration
- They are exempt from the required document negotiation through banks. Receipts, however, along with remittances, have to be received through means of banking
- Export houses and companies that are certified Three Stars or above are entitled to avail of the benefits of the Accredited Clients Program
- Export houses certified Two Stars and above are allowed to set up an Export Warehouse. However, this setup has to follow the guidelines provided by the Department of Revenue
- Exemption from having to furnish a Bank Guarantee for Schemes under the Foreign Trade Policy
- Status Holder Exporter also get priority handling of their consignments and exports by authoritative agencies
- Status Holder Exporter are allowed to self-certify any goods they manufacture in India. However, they do have to take a view towards preserving a high level of quality under agreements like the FTA, CECA, CEPA, and other agreements.
Conclusion
The benefits that Status Holders get from the FIEO are numerous. They make it easier for exporters to do business and can help them save money in the long run. If you’re interested in learning more about these benefits or have questions about how to become a status holder, the Federation of Index Export Organisations provides more details on its website.
However, as with many international areas of business, it’s extremely important to be fully compliant with the letter of the law if you’re thinking of applying to be a Status Holder. To make sure you are, you’ll need the help of a legal advisor. If you’re looking for the best legal services in India, get in touch with Vakilsearch. We are India’s largest platform for legal services online.
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