Govt plans short-term foreign trade policy, may release before September

The new policy is much-awaited, following the extension of the existing policy for more than two years

The government may roll out a new foreign trade policy (FTP) of a shorter term of two-three years in a bid to keep pace with the fast-evolving scenarios in international trade which have been triggered by recent disruptions, such as the pandemic and the Russia-Ukraine war.

An FTP is an elaborate policy guideline and strategy to promote the export of goods and services, with a duration of five years usually. The existing policy came into force on April 1, 2015, and was valid for five years, before multiple extensions.

“We may come up with a foreign trade policy for two-three years; the