Commerce Ministry May Further Expand Foreign Trade Policy, Auto News, ET Auto

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The Commerce Ministry is likely to extend the existing foreign trade policy (FTP) beyond March 31 this year, an official said. Last year, in September, the government extended the Foreign Trade Policy 2015-20 until March 31, 2022, due to the COVID-19 pandemic. This policy came into effect on April 1, 2015.

The policy provides guidelines for importing and exporting to India. The ministry announces the policy every five years.

As part of the consultative process to formulate a new policy, various meetings with stakeholders have been organized by the ministry, the official said.

A separate Foreign Trade Policy Unit has been established to coordinate with various officials in policy formulation under the supervision of an official at the Joint Secretary level of the Government of India.

Merchandise exports in April-February 2021-22 amounted to USD 374.81 billion.

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“As of March 7, 2022, our exports exceeded $380 billion and are well positioned to break through $400 billion and likely close the year at $410 billion worth of goods. We will have a record high in services exports $240 billion,” Goyal said. said at a dinner held in honor of his Canadian counterpart Mary Ng.

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