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Foreign Trade Policy 2023
April 6 , 2023
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- The Union Commerce ministry announced the new Foreign Trade Policy 2023.
- The government reiterated sector-specific targets to achieve the goal of $1 trillion merchandise exports and $1 trillion services exports by 2030.
- Under the new policy, Faridabad, Moradabad, Mirzapur and Varanasi have been declared as towns of export excellence for apparels, handicrafts, handmade carpet and dari, and handloom and handicraft categories, respectively.
- These are in addition to the existing 39 towns under the category.
- Under the new policy, the dairy sector has been exempted from maintaining average export obligation.
- It will encourage e-commerce exports, which is expected to grow to $200-300 billion by 2023.
- Under this, Designated zone with warehousing facility will be created.
- It also aims at streamlining the SCOMET policy, which covers special chemicals, organisms, materials, equipment and technologies.
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