Business

Coronavirus | Foreign trade policy extended for one year till March 2021

Imports during the period declined by 7.30% to USD 436 billion, leaving a trade deficit of USD 143.12 billion.

The government on Tuesday extended the existing foreign trade policy (2015-20) for one year till March 2021 amid coronavirus (COVID-19) outbreak and the lockdown to contain the virus spread.

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“The existing foreign trade policy 2015-20 which is valid up to March 31 this year is extended up to March 31, 2021. Various other changes are also made extending the date of exemptions by one year and extending validity of DFIA and EPCG authorisations for import purposes,” the directorate general of foreign trade said in a notification.

Exports during April-February this fiscal dipped by 1.5% to USD 292.91 billion.

Imports during the period declined by 7.30% to USD 436 billion, leaving a trade deficit of USD 143.12 billion.

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Export Promotion Capital Goods (EPCG) is an export promotion scheme under which an exporter can import certain amount of capital goods at zero duty for upgrading technology related with exports.

On the other hand, advance authorisation is issued to allow duty free import of inputs, which is physically incorporated in export product.

Under the Duty Free Import Authorisation (DFIA) scheme, exporters are allowed to import certain goods such as sugar at zero duty.

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Printable version | May 25, 2020 10:56:39 PM | https://www.thehindu.com/business/coronavirus-foreign-trade-policy-extended-for-one-year-till-march-2021/article31220442.ece

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