New foreign trade policy from April 1 aimed to boost exports
The meeting of the Parliamentary Consultative Committee of the Ministry of Commerce and Industry was held on the subject “New Foreign Trade Policy 2021-26”. The meeting was chaired by the Minister of State for Commerce and Industry Hardeep Singh Puri, and attended by Members of Parliament and senior officers of the Ministry.
During the meeting, it was informed that that the new Foreign Trade Policy-FTP will come into effect from 1st April 2021 for a period of five years. The policy will strive to make India a leader in the area of international trade and channelize the synergies gained through merchandise and services exports for growth and employment with a goal to make India a 5 trillion dollar economy. The FTP 2015-20 came into effect on 1st April 2015 and the same was extended by one year till 31 March this year due to Covid-19 pandemic.
Ministry of Commerce and Industry in a statement said that during the meeting it was also informed that District Export Hubs initiative will form an important component of the new FTP.
The Ministry said, for the formulation of new Foreign Trade Policy, meetings have been held with stakeholders. In December 2020, Board of Trade meeting was held where State Governments and other stakeholders’ inputs were received. It said, a trade Notice, inviting suggestions from various stakeholders was issued and more than 2000 suggestions have been received. All the suggestions will be examined while formulating the new FTP.
In the meeting, Members of Parliament made valuable suggestions regarding new Foreign Trade Policy 2021-26. Hardeep Singh Puri welcomed various inputs and suggestions of the MPs and informed that these will be considered by the Ministry while preparing the new FTP. Mr Puri also invited all MPs to also give further inputs.