Govt decides to extend Foreign Trade Policy by 6 months till March 2023

The government on Monday said it has decided to extend the existing Foreign Trade Policy (2015-20) by another six months till March 2023. The government added that it has received requests from Export Promotion Councils and leading exporters that the current Foreign Trade Policy (2015-20), which had been extended from time to time, should be extended.

So, the current Foreign Trade Policy 2015-20, which valid till September 30, 2022, has now been extended for a further period of six months till March 2023.

Additional Secretary in the Department of Commerce, Amit Yadav, said there were demands from different quarters, including industry associations and export promotion councils, to extend the policy and not introduce a new policy at this time.

They have stated that currently there are challenges like global uncertainties and currency fluctuations. There was also a view to align the rollout of the new policy with the new financial year.

Recently, 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 had earlier announced that it will release the new FTP by the end of this month.

(With PTI inputs)