Objectives of Foreign Trade Policy (FTP)
The objectives of foreign trade policy are provided below:
- Promoting Exports: A primary objective of any FTP is to promote exports from the country. This includes identifying new markets, diversifying the export basket, and enhancing the competitiveness of exports in the global market.
- Simplifying Procedures: Streamlining and simplifying procedures related to exports and imports to make them more efficient and less time-consuming. This often involves reducing bureaucratic hurdles and making the process more transparent.
- Trade Facilitation: Enhancing the ease of doing business by improving logistics, infrastructure, and processes related to international trade. This can include upgrading ports, improving customs procedures, and adopting digital technologies.
- Boosting Foreign Direct Investment (FDI): Attracting more foreign direct investment by creating a favorable policy environment. This could involve relaxing FDI norms in certain sectors and simplifying the approval process.
- Supporting Small and Medium Enterprises (SMEs): Providing special support and incentives to SMEs to help them grow and compete in the global market. This can include financial incentives, training, and access to global trade platforms.
Key Objective of Foreign Trade Policy 2023
Deal, negotiation and collaboration for India financial and economy , new emerging market high growth country concept.
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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