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Commerce ministry extends foreign trade policy

September 27, 2022

Commerce ministry extends foreign trade policy
The Union Commerce Ministry has decided to extend the existing foreign trade policy (FTP) (2015-20) by another six months till March 2023, an official statement said on Monday.

The government received requests from Export Promotion Councils and leading exporters to continue with current Foreign Trade Policy (2015-20).

In recent days, exporters and industry bodies have strongly urged the government that in view of the prevailing, volatile global economic and geopolitical 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 ministry said.

The government has always involved all stakeholders in formulating policy, it added. 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 1, 2022.

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, ET reported.

They have stated that currently there are challenges like global uncertainties and currency fluctuations.

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