Foreign Trade Policy might be extended by the Commerce Ministry

According to an official, the existing foreign trade policy (FTP), is likely to be extended by the commerce ministry beyond March 31st. Due to the COVID-19 pandemic, the government extended the Foreign Trade Policy 2015-20 till March 31, 2022, in the month of September last year. The current Foreign Trade Policy was implemented on April 1, 2015. Foreign Trade Policy dictates the guidelines related to imports and exports in India and is revised in every five years. The official further said that as part of the consultative process to formulate a new policy, various meetings with stakeholders were held by the ministry. A separate foreign trade policy cell was created with the aim to coordinate with various officials in the creation of the policy under the supervision of an officer of the level of joint secretary to the Government of India. During April-February 2021-22, Merchandise exports stood at USD 374.81 billion.