Centre seeks inputs for new foreign trade policy

New Delhi: The commerce ministry has sought views of all stakeholders for the formulation of the next foreign trade policy (FTP) which provide guidelines for enhancing exports to push economic growth and create jobs.

"It has been decided to revise the current foreign trade policy (2015-20). Therefore, suggestions/inputs are hereby invited from all the stakeholders for framing the proposed new FTP," the directorate general of foreign trade (DGFT) has said in a notice. The current policy will end in March 2020.

The new five-year foreign trade policy (2020-25) is expected to be released in September this year. In such a policy, the government announces incentives for both goods and services exporters.

At present, tax benefits are provided under merchandise export from India scheme and services export from India scheme.

As these export promotion schemes are challenged by the US in the dispute resolution mechanism of the World Trade Organisation, the government may consider recasting the incentives to make them in compliance with global trade rules.