New foreign trade policy soon

New Delhi: The commerce ministry will soon come out with a new foreign trade policy, which provides guideline and incentives for increasing exports, for the next five financial years 2020-25, an official said.

The ministry is giving final touches to the new policy as the validity for the old one will end on March 31, 2020. "We have taken views of all stakeholders.

The new policy is likely to be announced by September-end or early-October," the official said.

The new policy would focus on simplifying procedures for exporters and importers besides providing incentives to boost outbound shipments.

The ministry's arm directorate general of foreign trade (DGFT) is formulating the policy. At present, tax benefits are provided under merchandise export from India scheme (MEIS) for goods and services export from India scheme (SEIS).

In the new policy, changes are expected in the incentives given to goods as the current export promotion schemes are challenged by the US in the dispute resolution mechanism of the World Trade Organisation (WTO).