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FOREIGN TRADE POLICY 2023

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10 views

FOREIGN TRADE POLICY 2023

Uploaded by

chsirisha2000
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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FOREIGN TRADE POLICY 2023 :

The Union Ministry of Commerce and Industry notified the Foreign Trade Policy 2023. About FTP
2023 • Notification: FTP 2023 is notified by Central Government, in the exercise of powers conferred
under Section 5 of the Foreign Trade (Development & Regulation) Act, 1992.

• Principles: It is based on the continuity of time-tested schemes, adopting principles responsiveness


such to as the requirements of trade and ‘trust’ and ‘partnership’ with exporters.

• FTP 2015-20: It was extended due to the COVID-19 pandemic and volatile geo-political scenario till
March 2023. o India has reached record high Export Performance and India's Merchandise and
Services exports are expected to cross record USD 760 Billion in FY 2022-23.

• Need for the policy: A clearly demarcated FTP is required for promoting exports through
collaboration, ease of doing business, identifying potential areas of trade relations and beneficial
integration into the global economy.

o The Policy lays out clear roles for different stakeholders and lays out a vision for India’s foreign
trade. 3.1.1. TRADE FACILITATION AND EASE OF DOING BUSINESS (EODB) About Trade facilitation and
EoDB Trade facilitation is the simplification, modernization and harmonization of export and import
processes. Ease of Doing Business acts as a yardstick to measure this simplification and
harmonization. Initiatives taken

• National Committee on Trade Facilitation (NCTF): To facilitate coordination and implementation of


WTO’s Trade Facilitation Agreement (TFA). www.visionias.in ©Vision IAS 30 o WTO’s TFA came into
force in 2017 to address the issue of “red tape” across borders and streamline the movement of
goods.

• Initiatives by Directorate General of Foreign Trade (DGFT): Facilitator of exports and imports. It also
consults various Export Promotion Councils and Trade and Industry Bodies. o Niryat Bandhu: Being
implemented for mentoring new and potential exporters.

o Issuance of e-IEC (Electronic–Importer Exporter Code): IEC is a 10-character alpha-numeric number


allotted to an entity and is mandatory for undertaking any export/import activity. o e-Certificate of
Origin (e-CoO): Online facility for CoO. e-CoO has a unique number i.e., UDIN (Unique Document
Identification Number) and a QR code for validation. o Online facility to file Quality Control and Trade
Disputes (QCTD).

• Initiatives for Trade facilitation at customs: o 24x7 Customs clearance in 20 seaports and 17
Airports o Single window in customs o E-Sanchit – enabling paperless clearance environment o Pan-
India Implementation of Faceless e-Assessment in Imports o TURANT Customs and TURANT Suvidha
Kendras for contactless Customs clearance processes

• Towns of Export Excellence (TEE): For development and growth of export production centres.

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