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New foreign trade policy will probably be announced on September 29

NEW DELHI: Ministry of Commerce likely to issue new 5 years Foreign Trade Policy (FTP) on September 29 to boost the country’s outbound shipments, an official said.
The current foreign trade policy (2015-20) is in effect until September 30.
On March 31, 2020, the government extended this policy for one year until March 31, 2021, due to the outbreak of Covid-19. It was again extended until the end of September this year.
In this policy, the government announces support measures for both exporters of goods and services.
“The new FTP will be released on September 29,” the official said. Counties as an Export Center diagram are expected to be part of that document.
According to the Scheme, the initial goal is to focus on certain districts with products that are scalable and have great export potential.
The country’s exports rose 17.68% to $193.51 billion, while imports rose 45.74% to $318 billion in the April-August period.
The trade deficit widened to $124.52 billion from $53.78 billion in April-August 2021.

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