NEW DELHI: The government has extended the foreign trade policy (FTP) for another six months with effect from October 1, 2022, said additional Commerce secretary Amit Yadav on Monday.
The decision was taken following the requests from Export Promotion Councils (EPCs) and exporters in view of global uncertainties and currency fluctuations, he said. In April, the Centre had given the extension to the existing policy till September 30. It was slated to announce the new FTP by the end of September. The Directorate General of Foreign Trade (DGFT) will issue a notification in this regard soon.
“There was also a view to align the rollout of the new policy with the new financial year…We will have to defer the release of the new policy. The existing policy will be continued,” added Yadav.
“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,” commerce 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 September 30, 2022, for a further period of six months, w.e.f. October 1, 2022,” it further stated.
Earlier this month, Commerce Minister Piyush Goyal had met to discuss new Foreign Trade Policy (FTP) (2022-27). The Board of Trade in the meeting suggested various measures to the government related to foreign trade policy so that trade can be given further boost.