Category: Foreign Trade Law

All Countries Foreign Trade Law Updates

Apr 04

Expectations from new Foreign Trade Policy 2023 of India

India is among the world’s largest economies and has been continuously making efforts to expand its foreign trade relations. The government of India is soon to unveil the new Foreign Trade Policy (FTP) 2023, which is expected to bring about significant changes in the country’s foreign trade landscape. In this article, we will discuss the expectations from the new Foreign Trade Policy 2023 of India. New Foreign Trade Policy 2023 of India is expected to provide a roadmap for promoting Read Full Details…

Apr 04

FTP 2023: Can it navigate the new world order?

Critical policies like import barriers, providing PLIs, keeping out of mega trading blocs of RCEP and IPEF call for a mandatory review before new policy formulations India unveiled its new foreign trade policy (FTP) on March 31, 2023 with the objective of taking exports to $2 trillion by 2030 (from the current level of about $750 billion). This is sought to be achieved through “four pillars”: (i) shifting from incentive-based regime to “remission-based” regime, to make it WTO-compliant (ii) “collaboration” Read Full Details…

Apr 03

India’s Foreign Trade Policy 2023: Can It Help Achieve the $2Tn Trade Target?

The Indian government has set a target of achieving $2 trillion in foreign trade by 2030, which is an ambitious goal considering the current economic conditions and geopolitical situation. To achieve this target, the government has announced the Foreign Trade Policy (FTP) 2023, which is a comprehensive roadmap for boosting exports and reducing imports. The FTP 2023 has identified several key areas for boosting India’s foreign trade, including improving the infrastructure, simplifying procedures, increasing access to credit, and promoting innovation Read Full Details…

Apr 02

Foreign Trade Policy seeks to push rupee trade, boost exports to $2 trillion by 2030

India on Friday came out with a “dynamic and responsive” foreign trade policy aiming to push rupee trade, increase outward shipments to USD 2 trillion by 2030, and promote e-commerce exports, amid global uncertainties. The approach of the Foreign Trade Policy (FTP) 2023 is to move from ‘incentive to remission’ based regime, encourage collaboration between exporters, states, districts and Indian Missions, reduce transaction cost, and develop more export hubs. India is likely to cross USD 765 billion merchandise and services Read Full Details…

Apr 02

Key Highlights of New Foreign Trade Policy 2023

The new Foreign Trade Policy (FTP) 2023, announced by Commerce and Industry Minister Piyush Goyal, will take effect from April 1, 2023. The FTP aims to increase India’s exports to USD 2 trillion by 2030 and has no specific end date, but will be updated as needed. India is expected to end the current fiscal year with total exports of USD 760-770 billion, up from USD 676 billion in 2021-22. The policy identifies four new Towns of Export Excellence (TEE) Read Full Details…

Apr 02

India Foreign Trade Policy 2023 announced

FTP 2023 is a dynamic and open ended Policy that will accommodate the emerging needs: Sh. Piyush Goyal PM Modi has given the vision to increase exports manifold: Sh Goyal FTP seeks to take India’s exports to 2 trillion dollars by 2030: Sh Goyal 4 pillars of FTP 2023: Incentive to Remission, Export promotion through collaboration, Ease of doing business and Emerging Areas Posted On: 31 MAR 2023 5:13PM by PIB Delhi Union Minister of Commerce and Industry, Consumer Affairs, Read Full Details…

Mar 30

In Export Push, India To Unveil New Foreign Trade Policy Today

India will unveil its much-awaited new Foreign Trade Policy 2023-28 today, with a view to boost exports amid slowing global trade.Commerce and Industry Minister Piyush Goyal will announce the foreign trade policy, according to the ministry. The current foreign trade policy (2015-20) is in force till March 31, 2022. The term of the previous five-year policy had ended in March 2020. However, it has been extended repeatedly in wake of Covid outbreak and resulting lockdowns. The last extension was given Read Full Details…

Mar 29

Worldwide Demand and Opportunity of Coffee, Tea, Mate and Spices

Coffee, tea, mate, and spices are some of the most popular beverages and food additives in the world, enjoyed by billions of people every day. These products have been in demand for centuries, and their popularity is only increasing with time. According to a recent report by ResearchAndMarkets.com, the global coffee market is expected to grow at a compound annual growth rate (CAGR) of 4.22% from 2020 to 2027, reaching a market size of $102.15 billion by the end of Read Full Details…

Mar 25

CBI arrests joint director general of foreign trade for accepting Rs 5 lakh bribe in Rajkot

Jawri Mal Bishnoi, a joint DGFT stationed in Rajkot, had allegedly demanded a total of Rs 9 lakh from a businessman seeking a no-objection certificate (NOC) to export food cans. A joint director general of foreign trade (DGFT), stationed in Rajkot, Gujarat, was arrested by the Central Bureau of Investigation (CBI) on Friday for accepting a bribe of Rs 5 lakh. Jawri Mal Bishnoi had allegedly demanded a total of Rs 9 lakh from a businessman seeking a no-objection certificate Read Full Details…

Mar 06

Foreign Trade Administrative Setup Requirements for Boosting Exports in Potential Villages including Rural/Remote areas of Each District in India

India has a significant potential to expand its exports, but many of its rural and remote areas are still untapped. These areas have immense potential to become key players in the export industry. However, there are various challenges that need to be addressed before the rural/remote areas of India can become an integral part of the country’s export market. To overcome these challenges, a foreign trade administrative setup is required that will provide adequate support and incentives to the rural/remote Read Full Details…