Commerce ministry calls meeting of stakeholders on Mar 16 on new foreign trade policy

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Business News

Mar 12, 2020

8:02AM

Commerce ministry calls meeting of stakeholders on Mar 16 on new foreign trade policy

commerce.gov.in

Commerce and Industry Ministry has called a meeting of all stakeholders on Monday to discuss issues related to the forthcoming foreign trade policy (FTP) for 2020-25. The meeting will be attended by industry chambers and exporters from various sectors such as textiles, chemicals, agriculture, capital goods, electronics, engineering, pharmaceuticals, leather, higher education, hospitality, e-commerce, and entertainment.

All exports and import-related activities are governed by the foreign trade policy, which is mainly aimed at enhancing the country's exports and use trade expansion as an effective instrument of economic growth and employment generation.

The meeting assumes significance as the commerce ministry is likely to soon come out with the policy for the next five financial years 2020-25. The validity for the old one will end on March 31, 2020.

The new policy could focus on simplifying procedures for exporters and importers besides providing incentives to boost outbound shipments.

The ministry's arm Directorate General of Foreign Trade (DGFT) is formulating the policy.

Currently, tax benefits are provided under the Merchandise Export from India Scheme (MEIS) for goods and Services Export from India Scheme (SEIS).

In the new policy, changes are expected in the incentives given to goods as the current export promotion schemes are challenged in the World Trade Organization.