New Foreign Trade Policy 2021-26- Highlights

Union Ministry of Commerce and Industry recently announced that India’s new Foreign Trade Policy 2021-2026 which is under formulation will soon be effective. As per the ministry, the policy will come into effect from 1st April 2021.

Key Points

• The trade policy will be applicable for 5 years and will help the country to become a leader in international trade.
• A meeting under the chairmanship of the Minister of State for Commerce and Industry Hardeep Singh Puri for the discussion on ”New Foreign Trade Policy 2021-26” was recently conducted by the Parliamentary Consultative Committee of the Ministry of Commerce and Industry.
• During the meeting, it was pointed out that the District Export Hubs Initiative will form a major component of the new foreign trade policy.
• The Commerce Department has engaged with state/UTs through the Regional Authorities of Directorate General of Foreign Trade (DGFT) to take forward this export hub initiative in the districts and proper implementation.
• The main aim of the initiative is to mobilize the potential of every district of the country to establish itself as an export hub.

Suggestions were invited from various stakeholders for the new foreign trade policy. Over 2000 suggestions were received and all of them are being examined while formulating the policy. The Minister of State for Commerce and Industry also invited suggestions from all MPs.