Economy India
Corporate

FICCI welcomes New Foreign Trade Policy

FICCI welcomes New Foreign Trade Policy

Welcoming the new Foreign Trade Policy 2023, FICCI President Mr Subhrakant Panda said, “We congratulate Hon’ble Commerce and Industry Minister, Mr Piyush Goyal for announcing a comprehensive and inclusive Foreign Trade Policy which reiterates government’s focus on Atmanirbhar Bharat; it will play a critical role in facilitating India’s transition to an advanced developed economy during the Amrit Kaal period as envisaged by Hon’ble Prime Minister Shri Narendra Modi. The Foreign Trade Policy (FTP) will play a pivotal role in realizing the target of US$ 2 trillion exports (for merchandise and services) by the year 2030.”

“By doing away with the sunset clause and end-period, the FTP will allay apprehensions of the exporters and importers and ensuring stability, continuity and certainty amidst the changing geo-political environment,” said Mr Panda. Introduction of new elements in the foreign trade policy, especially E-commerce, Internationalization of India Rupee, District Exports Hub, Merchanting Trade Reform and special one-time amnesty scheme are welcome steps. These measures will strengthen the trade ecosystem, help MSMEs integrate into Global Value Chains, unleash India’s export potential, establish India’s traditional products as global brands, thus augmenting our outbound shipments in the near future, observed Mr Panda.

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