{"id":34847,"date":"2025-01-04T19:05:27","date_gmt":"2025-01-04T13:35:27","guid":{"rendered":"https:\/\/www.nextias.com\/ca\/?p=34847"},"modified":"2025-01-04T19:05:28","modified_gmt":"2025-01-04T13:35:28","slug":"govt-amends-foreign-trade-policy-2023-for-stakeholder-consultation","status":"publish","type":"post","link":"https:\/\/www.nextias.com\/ca\/current-affairs\/04-01-2025\/govt-amends-foreign-trade-policy-2023-for-stakeholder-consultation","title":{"rendered":"Govt Amends Foreign Trade Policy, 2023 for Stakeholder Consultation"},"content":{"rendered":"\n<p><strong>Syllabus: GS3\/ Economy<\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>In News<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The Directorate General of Foreign Trade (DGFT) has amended the <strong>Foreign Trade Policy, 2023<\/strong> introducing a legal framework for mandatory stakeholder consultations before formulating or amending the policy.\n<ul class=\"wp-block-list\">\n<li>The amendment was made under the authority of the <strong>Foreign Trade (Development &amp; Regulation) Act, 1992.<\/strong><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>About FTP 2023<\/strong>\u00a0<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Objective: <\/strong>Streamline processes and automate procedures to make it easier for exporters.\n<ul class=\"wp-block-list\">\n<li>Achieve $2 trillion in exports by 2030.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Key Features:<\/strong>\n<ul class=\"wp-block-list\">\n<li><strong>Districts as Export Hubs:<\/strong> Develop infrastructure (logistics, testing, connectivity) to support exports at the regional level.<\/li>\n\n\n\n<li><strong>Expanded Export Promotion Capital Goods (EPCG) Scheme: <\/strong>Include major initiatives like PM MITRA (Prime Minister Mega Integrated Textile Region and Apparel Parks) under this scheme to promote capital goods exports.<\/li>\n\n\n\n<li><strong>Digital Economy Focus:<\/strong> Establish E-Commerce Export Hubs to facilitate cross-border trade in the digital economy.<\/li>\n\n\n\n<li><strong>Exporter Recognition:<\/strong> Recognize high-performing exporters and involve them in capacity-building initiatives.<\/li>\n\n\n\n<li><strong>Streamlined (Special Chemicals, Organisms, Materials, Equipment and Technologies) Policy: <\/strong>Improve access to dual-use goods and technologies while ensuring responsible exports of controlled items.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Impact of the Amendments<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Ease of Doing Business:<\/strong> The primary objective is to improve the ease of doing business in India by fostering greater participation and collaboration with stakeholders in trade policy decisions.<\/li>\n\n\n\n<li><strong>Inclusivity: <\/strong>To foster inclusiveness and transparency in policymaking by engaging stakeholders while also retaining the government\u2019s authority to address exceptional circumstances through suo moto decisions.\u00a0<\/li>\n\n\n\n<li><strong>Better Competitiveness:<\/strong> With initiatives like district hubs, e-commerce facilitation, and capacity building for exporters, FTP 2023 is positioned to enhance India&#8217;s global trade competitiveness, aligning with the target of $2 trillion exports by 2030.<\/li>\n<\/ul>\n\n\n\n<p><strong>Source: PIB<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Directorate General of Foreign Trade (DGFT) has amended the Foreign Trade Policy, 2023 introducing a legal framework for mandatory stakeholder consultations before formulating or amending the policy.<\/p>\n","protected":false},"author":15,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-34847","post","type-post","status-publish","format-standard","hentry","category-current-affairs"],"acf":[],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/posts\/34847","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/users\/15"}],"replies":[{"embeddable":true,"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/comments?post=34847"}],"version-history":[{"count":1,"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/posts\/34847\/revisions"}],"predecessor-version":[{"id":34848,"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/posts\/34847\/revisions\/34848"}],"wp:attachment":[{"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/media?parent=34847"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/categories?post=34847"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/tags?post=34847"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}