Foreign Trade Policy, 2023.
Country
Type of law
Regulation
Policy
Abstract
India’s Foreign Trade Policy 2023 (FTP) is notified by the central government, in exercise of powers conferred under Section 5 of the Foreign Trade (Development & Regulation) Act, 1992. It consists of eleven chapters: 1. Legal Framework and Trade Facilitation; 2. General Provisions Regarding Imports and Exports; 3. Developing Districts as Export Hubs; 4. Duty Exemption / Remission Schemes; 5. Export Promotion Capital Goods (EPCG) Scheme; 6. Export Oriented Units (EOUs), Electronics Hardware Technology Parks (EHTPs), Software Technology Parks (STPs) and Bio-Technology Parks (BTPs); 7. Deemed Exports; 8. Quality Complaints and Trade Disputes; 9. Promoting Cross Border Trade in Digital Economy; 10. SCOMET: Special Chemicals, Organisms, Materials, Equipment and Technologies; and 11. Definitions.
Chapter 1 contains the legal basis for the FTP and the initiatives for trade facilitation and improving ease of doing business. Chapter 2 describes the policy regarding import and export of goods, the India Trade Classification system, and powers of the Director general of Foreign Trade (DGFT) to impose prohibition or restriction on export of foodstuffs or other essential products for preventing or relieving critical shortages; on imports of fisheries product; for protection of human, animal or plant life or health; for the conservation of exhaustible natural resources etc. Chapter 3 lays down the strategy for galvanising districts of the country to become export hubs by identifying products and services with export potential. Chapter 4 lays down duty exemption schemes which enable duty free import of inputs for export production, including replenishment of inputs or duty remission.
Chapter 5 describes the Export Promotion Capital Goods scheme which facilitates import of capital goods for producing quality goods and services and enhancing India’s manufacturing competitiveness. Chapter 6 contains schemes in respect of units that export their entire production of goods and services including agriculture, agro-processing, aquaculture, animal husbandry, bio-technology, floriculture, horticulture, pisciculture, viticulture, poultry and sericulture. Chapter 8 provides for a grievance and dispute resolution mechanism for foreign buyers and importers against foreign suppliers. Chapter 10 contains provisions in respect of export of dual-use items which include toxic chemicals, micro-organism and nuclear materials.
Chapter 1 contains the legal basis for the FTP and the initiatives for trade facilitation and improving ease of doing business. Chapter 2 describes the policy regarding import and export of goods, the India Trade Classification system, and powers of the Director general of Foreign Trade (DGFT) to impose prohibition or restriction on export of foodstuffs or other essential products for preventing or relieving critical shortages; on imports of fisheries product; for protection of human, animal or plant life or health; for the conservation of exhaustible natural resources etc. Chapter 3 lays down the strategy for galvanising districts of the country to become export hubs by identifying products and services with export potential. Chapter 4 lays down duty exemption schemes which enable duty free import of inputs for export production, including replenishment of inputs or duty remission.
Chapter 5 describes the Export Promotion Capital Goods scheme which facilitates import of capital goods for producing quality goods and services and enhancing India’s manufacturing competitiveness. Chapter 6 contains schemes in respect of units that export their entire production of goods and services including agriculture, agro-processing, aquaculture, animal husbandry, bio-technology, floriculture, horticulture, pisciculture, viticulture, poultry and sericulture. Chapter 8 provides for a grievance and dispute resolution mechanism for foreign buyers and importers against foreign suppliers. Chapter 10 contains provisions in respect of export of dual-use items which include toxic chemicals, micro-organism and nuclear materials.
Attached files
Web site
Date of text
Entry into force notes
1st April, 2023.
Repealed
No
Source language
English
Legislation Amendment
No