No proposal to extend Foreign Trade Policy again, new one in the works: Minister in Parliament

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The Indian government does not intend to extend the current Foreign Trade Policy, signals a parliamentary response by the junior commerce minister. “At present, preparation of new Foreign Trade Policy is ongoing,” Anupriya Patel said in a written response to a lawmaker’s question in the lower house of Parliament.

India’s Foreign Trade Policy 2015-20, which was announced for a period of five years, has been extended several times due to impact of Covid-19 and global supply chain uncertainties in the wake of conflict between Russia and Ukraine. The trade policy is currently in effect until September-end.

Also read: Why has the government again extended its foreign trade policy?

The trade policy typically enjoys a broad consensus within the government, and takes into account global demand as well as the needs of Indian industry. It ensures government initiatives in trade matters stay in step with overall goals.

The Russia-Ukraine war has upended supply chains and raised uncertainty in a world that is deglobalising.