Foreign Trade Policy 2023

• Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Shri Piyush Goyal on March 31, 2023 launched the Foreign Trade Policy 2023.
  
• The policy came into effect from April 1, 2023.
  
• FTP seeks to take India’s export to 2 trillion USD by 2030.
  
• The FTP 2023 encourages recognition of new towns through “Towns of Export Excellence Scheme” and exporters through “Status Holder Scheme”.
  
• The previous foreign trade policy for 2015-2020 had targeted exports of USD 900 billion by 2020;
  • This target was extended along with the policy for three years till March 2023.
    
• Towns of Export Excellence (TEE): Four new towns, namely Faridabad, Mirzapur, Moradabad and Varanasi, have been designated as TEE in addition to the existing 39 towns.

Four pillars

• The Key Approach to the policy is based on these 4 pillars:
  1. Incentive to Remission,
     
  2. Export promotion through collaboration Exporters, States, Districts, Indian Missions,
     
  3. Ease of doing business, reduction in transaction cost and e-initiatives
     
  4. Emerging Areas – E-Commerce Developing Districts as Export Hubs and streamlining SCOMET policy.