New foreign trade policy may be released by end of this month: Commerce Secy

The government is expected to release the new five-year foreign trade policy (FTP) by the end of this month, with a view to promoting the country’s outbound shipments of goods and services, a top official said on Wednesday.

The current foreign trade policy (2015-20) is in force till March 31, 2022. Commerce Secretary Sunil Barthwal said that the ministry has looked at various aspects of that FTP as the policy is basically the collection of various incentive schemes. They are also adding the aspect of vision into that as the ministry is targeting to take the goods and services exports to USD 2 trillion by 2030.

Also read: India adds 23 new unicorns in 2022, overtakes China for the second consecutive year: Report

“So, within that framework, we have worked out our FTP and we are expecting that it would be released by the end of this month,” he told reporters here. FTP provides guidelines for enhancing exports to push economic growth and create jobs. It was first extended on March 31, 2020, for one year due to the coronavirus outbreak and the lockdown.