Center to extend foreign trade policy until March 2022: Piyush Goyal

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The central government has decided to extend the existing foreign trade policy until March next year, Trade and Industry Minister Piyush Goyal said. A new foreign trade policy will be implemented from the next fiscal year, he further told reporters on Monday.

“We notify today evening or tomorrow… We have decided to extend the policy until March 31 (2022)… and in the (new) fiscal year, we can start with the new policy,” said Goyal said.

The trade minister hoped that the Covid-19 crisis would have subsided by then and stakeholder consultations would be conducted for the new foreign trade policy.

“As we still haven’t resolved all Covid issues, many consultations that needed to take place are continuing,” Goyal said at the closing ceremony of Vanijya Saptah, hosted by the Ministry of Commerce and the Federation of Organizations Indian export. (FIEO) today.

The Foreign Trade Policy (FTP) provides guidelines for increasing exports to stimulate economic growth and create jobs. Under this policy, the government provides incentives through different programs such as Duty Free Import Authorization (DFIA) and Capital Goods Export Promotion (EPCG).

On March 31, 2020, the government had extended the 2015-20 foreign trade policy for one year to March 31, 2021, amid the coronavirus outbreak and lockdown. It was later extended until September 30 this year as the pandemic continued.

Exports from April to September 21, 2021 amounted to more than $185 billion, Goyal added. According to the trend, the country will reach the target of 400 billion dollars for this fiscal year, the minister said. The minister also expressed confidence that the $1 trillion export target, each for goods and services, is achievable in the coming years.

Goyal said India needed to move from trade deficits to trade surpluses. On foreign direct investment (FDI), he said India had received historic inflows and “we hope to continue the same trend.”

Speaking about Expo Dubai, which will begin on October 1, Goyal urged states not to miss the opportunity. “I am sure Brand India will be recognized as a representative of quality, talent, innovation and competitiveness,” he said.

He further added that the National Single Window system will ensure that the trading rules are the same for all stakeholders regardless of the differentiating factor. “We want everyone to run and grow their business honestly. This will also ensure greater accountability,” the minister said.

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