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

The commerce and industry ministry has called a meeting of all stakeholders on March 16 to discuss issues related to the forthcoming foreign trade policy (FTP) for 2020-25, an official said.

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.

"We will have a sector-wise roundtable meetings and it will be followed by report-back session," the official said.

All exports and import-related activities are governed by the FTP, 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, which provides guideline and incentives for increasing exports, 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 the 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.