Government likely to extend further existing foreign trade policy

The Centre is likely to extend the existing foreign trade policy that is scheduled to lapse on March 31, a government official aware of the development said.

 

Last year, the government had extended the foreign trade policy (2015-20) till 31 March, 2021, to help exporters tide over Covid, and a subsequent lockdown. Through the extension, it continued to offer existing incentives under various export promotion schemes.

 

Officials said that a delay in spelling out a fresh five-year roadmap on international trade will give policymakers more time to take decisions on crucial policies. It will also give exporters more time to prepare themselves.

 

“The existing policy could be extended for another six months. Over the next few months, we could then have more clarity about where we stand with regard to the pandemic and be in a better position to take a call. Over the next few months, the government will be able to take a call on the way forward,” another official told Business Standard.