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Commerce ministry to extend foreign trade policy for some more months

The commerce ministry will expand the current foreign trade policy (FTP) for a few additional months beyond March 31, Union minister Piyush Goyal said on Wednesday. Last year in September, the government broadened the Foreign Trade Policy 2015-20 till March 31, 2022, because of the COVID-19 pandemic. The current policy came into force on April 1, 2015.

The policy gives rules connected with imports and exports in India. The ministry declares the policy every five years.

“I think many events that are unfolding are making us work over time to make that policy much more contemporary and more real time, more to the needs of the new India…The existing policy will be continued for some more months,” Goyal said.

Another foreign trade policy cell was made to coordinate with different authorities in the detailing of the policy under the management of an official of the degree of joint secretary to the Government of India.

Director-General of Foreign Trade Santosh Kumar Sarangi said a warning with this impact will arrive in a little while.”It is likely to be extended by few months,” he said.

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