foreign trade policy: Board of Trade meeting on Wednesday to discuss ways to boost exports, new foreign trade policy

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Measures to boost exports, manufacturing and the new foreign trade policy will be discussed at the Board of Trade (BOT) meeting, which will be chaired by Trade and Industry Minister Piyush Goyal on Wednesday.

The council, which includes members from the public and private sectors, advises the Department of Trade and Industry on policy measures related to foreign trade policy (FTP).

“A BOT meeting will be held on Wednesday,” an official statement said Tuesday.

Discussions will focus on the new FTP (2021-26), strategies and measures to be taken to advance domestic manufacturing and exports, he said.

The BOT provides a platform for state governments and union territories to articulate their views on policy and also the center to inform them of international developments affecting the country’s business potential.

“The Board of Trade will review export/import performance, investment promotion strategy for Aatmanirbhar Bharat, trade remedies – recent measures and measures taken, new logistics policy, trade facilitation measures undertaken by customs , reforms and initiatives since the last BOT, coverage and expansion of the government e-marketplace, and to consider various policy suggestions,” the statement read.

Secretaries of different departments, heads of various government agencies, representatives of apex industry associations and export promotion boards are members of the BOT.

During the April-October 2020-21 period, the country’s exports fell by 19% to USD 150.14 billion while imports contracted by 36.28% to USD 182.29 billion. During this period, the trade deficit narrowed to USD 32.16 billion from USD 100.67 billion in April-October 2019-20.

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