Govt. defers new foreign trade policy again

Industry seeks extension of current policy, citing global uncertainty

September 26, 2022 08:43 pm | Updated 08:43 pm IST - NEW DELHI

Think local: Broadly, goods whose demand can be met locally will attract customs duties, the official said. K.R. DEEPAK

Think local: Broadly, goods whose demand can be met locally will attract customs duties, the official said. K.R. DEEPAK | Photo Credit: STRINGER/INDIA

The government on Monday extended the tenure of the Foreign Trade Policy 2015-20 by another six months till March 2023, instead of replacing it with a new policy by September 30 as it had envisaged, citing requests from industry bodies.

On September 3, Commerce Secretary B.V.R. Subrahmanyam had said the government was readying a new Foreign Trade Policy which would be unveiled on September 30 as part of a package to propel goods exports that had dipped sequentially for the third successive month in August.

Noting that the policy had already been ‘extended from time to time’, the Ministry has now said that leading exporters as well as export promotion councils for different sectors have pushed for the status quo amid the turmoil in the global economy.

“In recent days, exporters and industry bodies have strongly urged the government that in view of the prevailing, volatile global economic and geo-political situation, it would be advisable to extend the current policy for some time, and undertake more consultations before coming out with the new policy,” the Commerce and Industry Ministry said in a statement.

“The government has always involved all stakeholders in formulating policy. In view of this, it has been decided to extend the Foreign Trade Policy 2015-20, valid till Sept. 30, 2022 for a further period of six months, w.e.f. October 1st , 2022,” it said.

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