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Selection of Overseas Exporters and Suppliers.




Introduction

Selecting an overseas exporter raises a number of issues for the importer such as language differences, payment methods and increased paperwork requirements. However, with a little research and proper planning these challenges can be easily overcome. In this chapter, we will discuss the various factors required for consideration of an overseas exporter or supplier and the methods for selecting overseas suppliers.

Legal considerations
Trading with overseas supplier is quite different from trading in India, particularly when dealing with a country outside Asia, so an importer should consider the following factor before import.

  • Whether there are import or restricted trade at either end of the transaction.

  • Whether technical standards in supplier's country meet Indian requirements.

  • Who is liable if a product causes harm or loss?

  • Whether imported goods infringe any intellectual property rights or not.

  • Who bears insurance costs at each stage of transit?

  • A well-drafted written contract will help to avoid disagreements or disputes.

Other considerations
There is a range of other factors that an importer should bear in mind:

  • Language differences are important. It's not just a matter of communication - make sure any labelling or other printed materials are error-free.
  • Payment methods for international trade transactions are an import issue for import. So, importer must take a proper care while selected a payment methods such as Letter of Credit (Documentary Credit, or Lc), Documentary Collection, Advance Payment Receipt.
  • Shipping of goods is also a complicated process. Given the increased distances and the need to cross borders.
  • Understanding the business and social practices of supplier's country can help build trust and develop relationships.
  • The origin of your goods can affect the level of duty you pay. Some goods attract a preferential rate of duty, so you need to check where your supplier's raw materials have come from. Visiting suppliers is the best way of doing this.

Capability of Overseas Supplier
Successful completion of an import transaction mainly depends upon the capability of the overseas supplier to fulfill that contact. Therefore, it
becomes important for the importer to properly verify the foreign exporter before entering into a contract with the exporter. Confidential information about the exporter may obtain through the banks and Indian embassies abroad. The importer can also take the assistance of Credit Information Agencies for specific commercial information on overseas suppliers.

Sources of Information
The information regarding overseas exporter and suppliers can generally be obtained from the following sources:

  • Trade Directories and Yellow pages, like Singapore yellow pages, Japan yellow pages, USA yellow pages etc. available from leading booksellers in India.
  • Consulate Generals and Trade Representative of various countries in India and abroad.
  • Friends and relatives in foreign countries.
  • International Trade Fairs and Exhibitions for which you may contact: International Trade Promotions Organization (ITPO), Pragati Madian, New Delhi.
  • Chambers of Commerce as per addresses.
  • Directorates of Industries, etc.
  • Indenting Agent of Foreign Suppliers.
  • Visiting popular Web-sites.

Role of Overseas Agents in India
Some overseas suppliers have appointed their agents in India. These agents procure orders from the Indian parties and arrange for the supply of goods from abroad. It is advisable to import through such agents as they can be readily contacted in case of any difficulty with regards to quality of goods, payment and documentation, etc.

Finalizing the Terms of Import
Once importer is satisfied with the sample and the creditworthiness of the overseas exporter, importer can proceed further to finalization the terms of the import contract. Import’s contract need to be carefully and comprehensively drafted incorporating there in precise terms, all relevant conditions of the trade deal. There should not be any ambiguity regarding the exact specifications of the goods and terms of the purchase including import price, mode of payment, type of packaging, port of shipment, delivery schedule, replacement of defective goods supplied, after sale services/warranty coverage etc.

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What is New?

Date: 31-01-2019
Notification No. 83/ 2018 - Customs
Seeks to amend notification No. 152/2009-Customs dated 31.12.2009 so as to provide deeper tariff concessions in respect of specified goods imported from Korea RP under the India-Korea Comprehensive Economic Partnership Agreement (CEPA) w.e.f. 01.01.2019.

Date: 31-01-2019
Notification No. 84/2018-Customs
Seeks to amend notification No. 53/2011-Customs dated 01st July, 2011 so as to provide deeper tariff concessions in respect of specified goods imported from Malaysia under the India-Malaysia Comprehensive Economic Cooperation Agreement (IMCECA) w.e.f. 01.01.2019.

Date: 14-01-2019
Policy Circular No . 17/2015--2020
Additional extension of six months in the Export Obligation Period (EOP) (beyond permissible extension period in Para 4.42 of the HBP) to advance authorizations issued upto 30.06.2016 involving import of Raw cashew (SION E S) relaxation of Policy/ Procedure.

Date: 11-01-2019
Notification No.3/2019 - Customs (N.T.)
Exchange Rates Notification No.3/2019-Custom(NT) dated 11.1.2019.

Date: 11-01-2019
Trade Notice No. 42/2015-2020
Mandatory recording of information on DGFT website about transfer of MEIS/SEIS Scrips issued from 14.1.2019 onwards (for EDI ports only)

Date: 10-01-2019
Notification No. 53/2015-20
Amendment in Para 4.14 and 4.16 (ii) of the Foreign Trade Policy 2015-20

Date: 10-01-2019
Notification No. 01/2019 - Customs
Seeks to remove pre-import condition and include specified deemed export supplies for exemption from integrated tax and Compensation cess for materials imported against Advance Authorizations and Advance Authorizations for Annual Requirement

Date: 09-01-2019
Policy Circular No.16 /2015--2020
Guidelines to RAs for following Standard Operating Procedure (SOP) for EODC monitoring of both Advance as well as EPCG authorizations using software in website http://eodc.online - Reg.

Date: 08-01-2019
Notification No. 50/2015-2020
Import policy for electronics and IT Goods under Schedule – I (Import Policy) of ITC (HS), 2017.

Date: 08-01-2019
Notification No 51/2015-2020
Amendment in Import Policy of Aviation Gasoline under Exim Code 27101219 in the ITC (HS) 2017,Schedule-I(Import Policy) -regd.



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