FOREIGN TRADE POLICY 2023!

FTP 2015-20 which was to end on 31.3.2020 was extended due to COVID pandemic and volatile geo-political scenario till 31.03.2023.

Commerce minister Piyush Goyal today announced the new Foreign Trade Policy 2023, which is expected to boost exports amid slowing global trade. The new foreign trade policy has highlighted the vision to take India's goods and services exports to $2 trillion by 2030.?The new FTP comes into effect from April 1, 2023.

Few of the key highlights:-

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1. Online approvals without physical interface

2. Reduction in user charges for MSMEs under AA and EPCG

3. E-Certificate of Origin

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1. Status Holder Export Thresholds Rationalized

2. Merchanting trade reform

3. Rupee payment to be accepted under FTP Schemes

4. Towns of Export Excellence

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1. States and Districts as partners in export promotion

2. Capacity building at district level

3. Infrastructure and logistics development intervention

4. Facilitation for E-Commerce exports

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1. Facilitation for E-Commerce exports

2. Dak Niryat facilitation

3. E-Commerce Export Hubs

Other Important Points

1. Prime Minister Mega Integrated Textile Region and Apparel Parks (PM MITRA) scheme has been added as an additional scheme eligible to claim benefits under CSP(Common Service Provider) Scheme of Export Promotion capital Goods Scheme(EPCG).
2. Dairy sector to be exempted from maintaining Average Export Obligation – to support dairy sector to upgrade the technology.
3. Battery Electric Vehicles (BEV) of all types, Vertical Farming equipment, Wastewater Treatment and Recycling, Rainwater harvesting system and Rainwater Filters, and Green Hydrogen are added to Green Technology products – will now be eligible for reduced Export Obligation requirement under EPCG Scheme
4. Special Advance Authorization Scheme extended to export of Apparel and Clothing sector under para 4.07 of HBP on self-declaration basis to facilitate prompt execution of export orders – Norms would be fixed within fixed time-frame.
5. Benefits of Self-Ratification Scheme for fixation of Input-Output Norms extended to 2 star and above status holders in addition to Authorized Economic Operators at present.
6. Fruits and Vegetables exporters are being included for double weightage for counting export performance under eligibility criteria for Status House certification. This is in addition to existing MSME sector who also get double weightage.

Last but not the least!

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You can access the document entailing key changes through below mentioned link:-