FHRAI

INDIA

News Details

FOREIGN TRADE POLICY 2023 ANNOUNCED

01 th Apr 2023

1st April 2023

The Managing Directors/CEO's/Owners/Director/Partners/General Managers
All FHRAI Members

CC: All Members of the Executive Committee
All Regional Associations

SUB: FOREIGN TRADE POLICY 2023 ANNOUNCED

Dear Member,

We wish to inform you that the Union Commerce & Industry Minister Shri Piyush Goyal announced the new Foreign Trade Policy 2023 on 31st March 2023. The new policy, which will be effective from 1st April 2023, is expected to boost exports amid slowing global trade.

The foreign trade policy has highlighted the vision to take India's goods and services exports to $2 trillion by 2030. The new policy will mark a move from incentives to remission. It will focus on export promotion through collaboration with exporters, states, districts, and Indian Missions. It will promote ease of doing business and focus on emerging areas like e-commerce and export hubs.

With the new foreign trade policy, the government has reiterated sector-specific targets to achieve the goal of $1 trillion merchandise exports and $1 trillion services exports by 2030. At the same time, it will encourage e-commerce export, which is expected to grow to $200-300 billion by 2023. The new Foreign Trade Policy has also introduced an amnesty scheme for one-time settlement of default in export obligation.

Changes for trade settlement in Rupee is also introduced in FTP for grant of export benefits. One of the important factors of the policy is its focus on the internationalisation of trade in Rupees.

Click on the link to download the Key Highlights of the policy[ftp://FTP 2023-]-: Key Highlights of FTP 2023 (Booklet).pdf

With best regards,

Jaison Chacko
Secretary General
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The Federation of Hotel & Restaurant Associations of India
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