The Directorate General of Foreign Trade (DGFT) has the Foreign Trade Policy 2023 to introduce changes to encourage stakeholder participation and make the decision-making process inclusive. The changes, that took effect immediately, would allow stakeholders to provide their opinions and feedback on foreign trade.
Changes are contained in paragraphs 1.07A and 1.07B to chapter 1 of the Foreign Trade Policy 2023.
These paragraphs state that when the government formulates new foreign trade policy or seeks to amend it, it may ask stakeholders for their views, suggestions, comments and feedback. Stakeholders, who include importers, exporters and industry experts, will have 30 days to submit their views.
When a review/suggestion/feedback is not incorporated into the final policy, officials may also give stakeholders reasons, but it is at the government’s discretion.
The government has, however, reserved the right to formulate or change foreign trade policy without seeking stakeholder reviews.
The aims to improve the ease of doing business by encouraging stakeholder participation. It is hoped this increased engagement and participation will bring a new era of foreign trade in India.
