Understanding India’s Foreign Trade Policy 2023

Apr 27, 2023

World Trade Center in association with Export Promotion Council for EOUs and SEZs conducted a virtual session “Understanding Foreign Trade Policy 2023”. Mr. K.M. Harilal ITS, Joint director General of Foreign Trade, Kochi was the keynote speaker. Mr. Krishna Barad, Partner/ Customs & International Trade, Indirect Tax and Mr. Karthik Mani, Partner – Indirect Tax, BDO India gave detailed presentations on the new FTP.

Mr K.M. Harilal ITS highlighted the major changes in the current Foreign Trade Policy – transition from a subsidy-based regime to a remission-based regime; a consolidated handbook of procedure that contains clear information on the free trade agreement, certificate of origin, tariff rates etc; SCOMET have been formally introduced; elaboration of previously existing schemes like district export hub, CQCTD. He also mentioned that the FTP does not have an end date as opposed to previous policies. The amnesty scheme for exporters who had taken EPCG but were unable to meet the requirements and obligations is also added into the policy. There has been a fee reduction for MSMEs to INR 5000. He added that the national ambition is to target exports at 2 trillion USD.

Mr. Krishna Barad spoke about the trade dispute with WTO due to which programs like MEIS were replaced. He elaborated on the changes brought about by FTP 2023. He also covered the SCOMET scheme, its background, guidelines and the material exports that come under it.

Mr. Karthik Mani spoke in detail about the impact of the new policy on export oriented units, electronics hardware technology parks, software technology parks and biotechnology parks. He also shared information on a few schemes that aims to promote cross border trade in digital economy.

Mr. Vivek George, World Trade Center delivered the Welcome address. Mr. K.K. Pillai, Regional Chairman, EPCES also spoke.