Bilateral, Regional and Global Groupings and Agreements Involving India and/or Affecting India’s Interests.

GS-2

1.NEW FOREIGN TRADE POLICY 2021-26

New Foreign Trade Policy (FTP) 2021-2026 to be rolled out from April 2021.

IMPORTANT POINTS:

  • The Union Ministry of Commerce and Industry said that India’s new Foreign Trade Policy 2021-2026, under formulation, will come into effect from April 1, 2021.
  • India’s FTP has conventionally been formulated for five years at a time.
  • The FTP 2015-20 came into effect in April 2015 and the same was extended by one year till 31 March 2021, due to the Covid-19 pandemic.
  • The FTP will strive to make India a leader in the area of international trade and channelize the synergies gained through merchandise and services exports for growth and employment with a goal to make India a USD 5 Trillion economy.
  • Improvements in the operations of the domestic manufacturing and services sector in combination with efficient infrastructure support by the government would result in correcting the imbalances within India and feed into the trade policy.
  • The District Export Hubs initiative will form an important component of the new FTP.
  • The Department of Commerce through the Regional Authorities of the Directorate General of Foreign Trade (DGFT) has engaged with State/UT Governments to take forward this initiative in the districts and enable its implementation in a phased manner.
  • The objective is to mobilize the potential of each district of the country to achieve its potential as an export hub.

SOURCE: PIB

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