Latest News On – Foreign Trade Policy (FTP)
- In 2024, India’s Foreign Trade Policy (FTP) underwent a significant transformation. The Central government decided to replace the traditional five-year term FTP with a more flexible, open-ended one to keep up with the rapidly evolving global trade trends.
- Additionally, India signed a Free Trade Agreement with the European Free Trade Association (EFTA), marking a subtle policy shift from New Delhi.
- The World Economic Forum’s Annual Meeting in Davos emphasized the importance of rejuvenating trade. The reconfiguration of supply chains and global growth are viewed as opportunities rather than challenges.
- Furthermore, the Director-General of Foreign Trade (DGFT) hinted at potential policy liberalization for e-commerce exporters.
Foreign Trade Policy (FTP) 2023
Foreign Trade Policy (FTP) 2023 was recently introduced by the Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution, and Textiles. This policy, effective from April 1, 2023, aims to maintain the continuity of well-established schemes that support exports while also being adaptable and responsive to the evolving needs of trade. The policy aims to achieve a long-term vision of increasing India’s exports of goods and services to $2 trillion by 2030, which would enhance India’s share in global trade and boost its economic growth. The policy also seeks to align India’s foreign trade with its national priorities and global commitments.
In this article, we will read about Foreign Trade Policy (FTP) 2023, its impact on the future of India, challenges related to this policy, etc.
Table of Content
- What is Foreign Trade Policy 2023?
- What is India’s Foreign Trade Policy?
- Types of Foreign Trade Policy (FTP)
- Features of Foreign Trade Policy 2023
- Objectives of Foreign Trade Policy (FTP)
- Highlights of Foreign Trade Policy 2023
- Impact of Foreign Trade Policy 2023
- Challenges to the Foreign Trade Policy (FTP) 2023
- Latest News On – Foreign Trade Policy (FTP)
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