New Foreign Trade Policy 2023 – Key Highlights

The 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. The policy changes were being undertaken since 2015 even without announcement of a new FTP responding dynamically to the emerging situations.

The Foreign Trade Policy 2023 is being announced to provide the policy continuity and a responsive framework. Now, the subsequent revision(s) in the FTP shall be done as and when required and shall not be linked to any date. The key highlights are:

a. Online approvals without physical interface

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

c. Paperless filing of export obligation discharge applications

d. Status Holder export thresholds are rationalised

e. Rupee payment to be accepted under FTP Schemes

f. Four new Towns of Export Excellence (TEE) — Faridabad, Moradabad, Mirzapur and Varanasi

g. All FTP benefits to be extended to e-Commerce exports

h. Dak Ghar Niryat Kendras shall be operationalised throughout the country

i. Designated hubs with warehousing facility to be notified to help e-commerce aggregators

j. Special one-time Amnesty Scheme for default in Export Obligations for a limited period, up to 30.09.2023

Click Here To Read The Full Article