{"id":235566,"date":"2023-04-01T19:16:37","date_gmt":"2023-04-01T13:46:37","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=235566"},"modified":"2023-04-01T19:16:37","modified_gmt":"2023-04-01T13:46:37","slug":"foreign-trade-policy-2023-announced","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/foreign-trade-policy-2023-announced\/","title":{"rendered":"Foreign Trade Policy 2023 announced"},"content":{"rendered":"\n<p><b>Source: <\/b>The post is based on the following articles<\/p>\n<ul>\n<li><b>\u201c<\/b><b>Foreign Trade Policy 2023 announced<\/b><b>\u201d <\/b>published in<b> PIB <\/b>on <b>31st March 2023<\/b><\/li>\n<li><b>\u201cIndia aims for $2 tn in exports by 2030<\/b><b>\u201d <\/b>published in<b> Livemint <\/b>on <b>1st April 2023<\/b><\/li>\n<li><b>\u201c<\/b><b>Foreign Trade Policy 2023 announced<\/b><b>\u201d <\/b>published in<b> PIB <\/b>on <b>1st April 2023<\/b><\/li>\n<li><b>\u201cGovernment vows swifter nod for exporters<\/b><b>\u201d <\/b>and\u00a0<b>\u201cFTP expands export promotion scheme to include PM MITRA<\/b><b>\u201d <\/b>published in<b> PIB <\/b>on <b>1st April <\/b><b>2023<\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<\/ul>\n<h2><b>What is the News?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The Union Minister of Commerce and Industry has launched the Foreign Trade Policy 2023.<\/span><\/p>\n<h2><b>What is Foreign Trade Policy 2023?<\/b><\/h2>\n<figure id=\"attachment_235567\" aria-describedby=\"caption-attachment-235567\" style=\"width: 761px\" class=\"wp-caption alignleft\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-235567 \" src=\"https:\/\/i0.wp.com\/forumias.com\/blog\/wp-content\/uploads\/2023\/04\/foreign-trade.jpg?resize=750%2C472&#038;ssl=1\" alt=\"Foreign Trade Policy 2023\" width=\"750\" height=\"472\" srcset=\"https:\/\/i0.wp.com\/forumias.com\/blog\/wp-content\/uploads\/2023\/04\/foreign-trade.jpg?w=937&amp;ssl=1 937w, https:\/\/i0.wp.com\/forumias.com\/blog\/wp-content\/uploads\/2023\/04\/foreign-trade.jpg?resize=300%2C189&amp;ssl=1 300w, https:\/\/i0.wp.com\/forumias.com\/blog\/wp-content\/uploads\/2023\/04\/foreign-trade.jpg?resize=768%2C484&amp;ssl=1 768w\" sizes=\"auto, (max-width: 750px) 100vw, 750px\" \/><figcaption id=\"caption-attachment-235567\" class=\"wp-caption-text\">Source: The Hindu<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Foreign Trade Policy (2023) is a policy document which is based on continuity of time-tested schemes facilitating exports as well as a document which is nimble and responsive to the requirements of trade. It is based on principles of \u2018trust\u2019 and \u2018partnership\u2019 with exporters.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The policy is based on these 4 pillars:<\/span><b> 1) <\/b><span style=\"font-weight: 400;\">Incentive to Remission,<\/span><b> 2) <\/b><span style=\"font-weight: 400;\">Export promotion through collaboration &#8211; Exporters, States, Districts, Indian Missions,<\/span><b> 3) <\/b><span style=\"font-weight: 400;\">Ease of doing business, reduction in transaction cost and e-initiatives and <\/span><b>4) <\/b><span style=\"font-weight: 400;\">Emerging Areas \u2013 E-Commerce Developing Districts as Export Hubs and streamlining SCOMET policy.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This <\/span><span style=\"font-weight: 400;\">policy comes after much delay as the last Foreign Trade Policy effective from 2015-20 saw four extensions amid major global supply chain disruptions such as covid-19 and the Russia-Ukraine war.<\/span><\/p>\n<h2><b>What are the key features of the Foreign Trade Policy 2023?<\/b><\/h2>\n<p><b>Process Re-Engineering and Automation: <\/b><span style=\"font-weight: 400;\">The policy emphasizes export promotion and development, moving away from an incentive regime to a regime which is facilitating, based on technology interface and principles of collaboration.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u2013 Reduction in fee structures and IT-based schemes will make it easier for MSMEs and others to access export benefits.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u2013 Duty exemption schemes for export production will now be implemented through Regional Offices in a rule-based IT system environment, eliminating the need for manual interface.<\/span><\/p>\n<p><b>Towns of Export Excellence: <\/b><span style=\"font-weight: 400;\">Four new towns, namely Faridabad, Mirzapur, Moradabad, and Varanasi, have been designated as Towns of Export Excellence (TEE) in addition to the existing 39 towns.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u2013 The TEEs will have priority access to export promotion funds under the Market Access Initiative (MAI) scheme<\/span><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u2013 It will also be able to avail Common Service Provider (CSP) benefits for export fulfillment under the <\/span><span style=\"font-weight: 400;\">Export Promotion Capital Goods (EPCG)<\/span><span style=\"font-weight: 400;\"> Scheme.<\/span><\/p>\n<p><b>Recognition of Exporters: <\/b><span style=\"font-weight: 400;\">Exporter firms recognized with \u2018status\u2019 based on export performance will now be partners in capacity-building initiatives on a best-endeavour basis.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u2013 2-star and above status holders would be encouraged to provide trade-related training based on a model curriculum to interested individuals.<\/span><\/p>\n<p><b>Promoting Export from the Districts: <\/b><span style=\"font-weight: 400;\">The FTP aims at building partnerships with State governments and taking forward the <strong><a href=\"https:\/\/forumias.com\/blog\/commerce-dept-seeks-%e2%82%b96k-crore-for-districts-as-export-hub\/\">Districts as Export Hubs (DEH) initiative<\/a><\/strong>.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u2013 This would promote exports at the district level and accelerate the development of the grassroots trade ecosystem.<\/span><\/p>\n<p><b>Streamlining SCOMET Policy: <\/b><span style=\"font-weight: 400;\">India is placing more emphasis on the &#8220;export control&#8221; regime as its integration with export control regime countries strengthens.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u2013 There is a wider outreach and understanding of SCOMET (Special Chemicals, Organisms, Materials, Equipment and Technologies) among stakeholders.<\/span><\/p>\n<p><b>Facilitating E-Commerce Exports: <\/b><span style=\"font-weight: 400;\">E-commerce exports are a promising category that requires distinct policy interventions from traditional offline trade.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u2013 Various estimates suggest India\u2019s e-commerce export potential in the range of $200 to $300 billion by 2030.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u2013 FTP 2023 outlines the intent and roadmap for establishing e-commerce hubs and related elements.<\/span><\/p>\n<p><b>Facilitation under Advance authorization Scheme: <\/b><span style=\"font-weight: 400;\">Advance authorization Scheme accessed by Domestic Tariff Area (DTA) units provides duty-free import of raw materials for manufacturing export items.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u2013 Based on interactions with industry and Export Promotion councils, certain facilitation provisions have been added in the FTP 2023.<\/span><\/p>\n<p><b>Amnesty Scheme: <\/b><span style=\"font-weight: 400;\">Government is strongly committed to reducing litigation and fostering trust-based relationships to help alleviate the issues faced by exporters.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u2013 In line with <strong><a href=\"https:\/\/forumias.com\/blog\/budget-2020taxation-and-governance\/\">&#8220;Vivaad se Vishwaas&#8221; initiative<\/a><\/strong>, which sought to settle tax disputes amicably, the government is introducing a special one-time Amnesty Scheme under the FTP 2023 to address default on Export Obligations.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u2013 This scheme is intended to provide relief to exporters who have been unable to meet their obligations under EPCG and Advance Authorizations.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Source: The post is based on the following articles \u201cForeign Trade Policy 2023 announced\u201d published in PIB on 31st March 2023 \u201cIndia aims for $2 tn in exports by 2030\u201d published in Livemint on 1st April 2023 \u201cForeign Trade Policy 2023 announced\u201d published in PIB on 1st April 2023 \u201cGovernment vows swifter nod for exporters\u201d&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/foreign-trade-policy-2023-announced\/\">Continue reading <span class=\"screen-reader-text\">Foreign Trade Policy 2023 announced<\/span><\/a><\/p>\n","protected":false},"author":10317,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1566,3127,9],"tags":[10501,3590],"class_list":["post-235566","post","type-post","status-publish","format-standard","hentry","category-daily-factly-articles","category-economy","category-public","tag-live-mint","tag-pib","entry"],"jetpack_featured_media_url":"","views":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/235566","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10317"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=235566"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/235566\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=235566"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=235566"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=235566"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}