FOREIGN TRADE POLICY – MPEDA (2024)

FAQs

Who makes foreign trade policy in India? ›

Foreign trade in India is promoted and facilitated by the Directorate General of Foreign Trade (DGFT), under the Ministry of Commerce and Industry (MoCI). The DGFT issues the authorisation to exporters and monitors their corresponding obligations through a network of 38 regional offices.

India's Foreign Trade Policy (FTP) provides the basic framework of policy and strategy for promoting exports and trade. It is periodically reviewed to adapt to the changing domestic and international scenario.

What is EXIM Policy? The EXIM (Export-Import) Policy contains guidelines governing the imports and exports of products and services in and out of India. EXIM Policy's primary objective is to regulate and develop foreign trade by facilitating imports into and exports from India.

liberalize imports and boost exports, the Government of India for the first time introduced the Indian Exim Policy on April I, 1992. In order to bring stability and continuity, the Export Import Policy was made for the duration of 5 years.

The Prime Minister, almost without exception, has been the central figure in foreign policy decision making since Independence. All important matters on foreign policy and security need PM's approval before implementation. The NSA is an important and influencing factor in the advice reaching the PM.

Congress has primary authority over U.S. trade policy through its constitutional power to levy tariffs and regulate foreign commerce. It has delegated some trade authorities to the Executive, but retains an active role in formulating trade policy and shaping outcomes.

A key objective of the FTP 2024 is to make it easier for businesses engage in trade through digitalisation. Many export approval processes, as well as the duty exemption scheme, will now be automated through IT systems. This means faster processing and lower costs compared to the previous manual handling approach.

There is no trade agreement between the United States and India. In April 2018, the United States launched an eligibility review of India's compliance with the General System of Preferences (GSP) market access criteria.

An Act to provide for the development and regulation of foreign trade by facilitating imports into, and augmenting exports from, India and for matters connected therewith or incidental thereto. 1. Short title and commencement. —(1) This Act may be called the Foreign Trade (Development and Regulation) Act, 1992.

The primary legislation India`s foreign trade Foreign Trade (Development and Regulation) Act, 1992, along Export-Import Policy. These laws provide the legal framework for regulating exports and imports, promoting foreign trade, and ensuring compliance with international agreements.

Who regulates import and export in India? ›

Directorate General of Foreign Trade (DGFT) Organization is an attached office of the Ministry of Commerce and Industry and is headed by Director General of Foreign Trade.

Exports are governed by Foreign Trade (Development & Regulation) Act, 1992 and Export-Import (EXIM) Policy. Directorate General of Foreign Trade (DGFT) is the primary governing body responsible for the export and import policies in the country.

The Foreign Trade Policy (FTP) 2023 was passed by the Indian government on March 31, 2023. The policy aims to boost India's exports to USD 2 trillion by 2030. It focuses on emerging areas of export, such as high-tech manufacturing, pharmaceuticals, and e-commerce.

India's Foreign Trade Policy also known as Export Import Policy (EXIM) in general, aims at developing export potential, improving export performance, encouraging foreign trade and creating a favorable balance of payments position.

Foreign Trade Policy is a set of guidelines and instructions established by the DGFT in matters related to the import and export of goods in India. The Government of India, Ministry of Commerce and Industry announces Export Import Policy every five years.

Thus, the founder of India's foreign policy, Nehru gave utmost importance to world peace in his policy planning. India desired peaceful and friendly relations with all countries, particularly the big powers and the neighbouring nations.

Hence, only Prime Minister and his/her cabinet perform the function of foreign policy formulation. But in reality, the responsibility and authorization of taking initiatives on matters of foreign policy lies with the external affairs minister in the cabinet.

Directorate General of Foreign Trade (DGFT) Organization is an attached office of the Ministry of Commerce and Industry and is headed by Director General of Foreign Trade.

Directorate General of Foreign Trade.