FICCI welcomes New Foreign Trade Policy

Mar 31, 2023

Policy Comprehensive and Inclusive, reiterates govt's focus on Atmanirbhar Bharat

 

 

NEW DELHI, 31 March 2023: Welcoming the new Foreign Trade Policy 2023, FICCI President Mr Subhrakant Panda said, "We congratulate Hon'ble Commerce and Industry Minister, Mr Piyush Goyal for announcing a comprehensive and inclusive Foreign Trade Policy which reiterates government's focus on Atmanirbhar Bharat; it will play a critical role in facilitating India's transition to an advanced developed economy during the Amrit Kaal period as envisaged by Hon'ble Prime Minister Shri Narendra Modi. The Foreign Trade Policy (FTP) will play a pivotal role in realizing the target of US$ 2 trillion exports (for merchandise and services) by the year 2030."

"By doing away with the sunset clause and end-period, the FTP will allay apprehensions of the exporters and importers and ensuring stability, continuity and certainty amidst the changing geo-political environment," said Mr Panda. Introduction of new elements in the foreign trade policy, especially E-commerce, Internationalization of India Rupee, District Exports Hub, Merchanting Trade Reform and special one-time amnesty scheme are welcome steps. These measures will strengthen the trade ecosystem, help MSMEs integrate into Global Value Chains, unleash India's export potential, establish India's traditional products as global brands, thus augmenting our outbound shipments in the near future, observed Mr Panda.

The thrust laid on technology interface for approvals under various schemes reflects the commitment of the government in enhancing the ease of doing business. The infrastructure and e-Governance initiatives charted out in this policy along with the recently launched National Logistics Policy will enable our exporters to reduce the trade and logistics costs. We also see a continued focus on collaborative approach with all stakeholders and the collective efforts will go a long way in tapping the export potential of our country, added Mr Panda.

Mr Harish Ahuja, Chairman, FICCI Foreign Trade and Trade Facilitation Committee welcomed the new Foreign Trade Policy and said, "We welcome the new approach with which the Foreign Trade Policy has been formulated as it reflects and integrates the dynamic nature of foreign trade in the present day. The thrust laid by the Government on giving a boost to Indian manufacturing and exports through robust policy initiatives, technology integration for improving business environment and introduction of measures for promoting exports will go a long way in achieving India's exports target of 2030 and enhancing India's market share in global exports.  The extension of the Special Advance Authorization Scheme to the Apparel and clothing sector will ensure the execution of export orders quickly, thereby avoiding inordinate delays and ensuring faster movement of goods, added Mr Ahuja.

Welcoming the new Foreign Trade Policy 2023, Mr Anil Mathew, Co-chairman, FICCI Foreign Trade and Trade Facilitation Committee said, "The new Foreign Trade Policy 2023 unveiled by the Hon'ble CIM focuses on all essential aspects of trade including decentralization of export promotion and capability building at district level to make districts as export hubs, boosting e-commerce exports, streamlining SCOMET licensing procedure, creation of four new towns of excellence and many more. As highlighted by the CIM, we expect the policy to be dynamic and responsive to the emerging trade and global economic outlook scenario. Effective steps have also been taken for improved governance by way of reduction in processing time for various schemes like EPCG, advance authorization to 1 day, revamp of e-certificate of origin platform and paperless filing of export obligation applications which will benefit the industry immensely. Overall, the new policy takes a more dynamic approach of moving from incentive to tax remission, export promotion through collaboration, greater trade facilitation and focus on emerging areas such as e-commerce, green technology which will help the industry contribute towards higher accelerated exports in coming years. By not setting a five-year target date for the policy to end, the government has provided the flexibility to take feedback and update the document as and when required and focus more on long term goals."