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New Foreign Trade Policy 2023-28 To Be Revealed On Friday

According to the ministry of Commerce and Industry, Minister Piyush Goyal will announce the foreign trade strategy

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India will reveal its much-anticipated new Foreign Trade Policy 2023-28 on Friday to increase exports in the face of slowing global trade.

According to the ministry, Commerce and Industry Minister Piyush Goyal will announce the foreign trade strategy.

The current international trade policy (2015-20) will be in effect until 31 March 2022. The prior five-year policy was set to expire in March 2020.

However, it has been frequently extended in the aftermath of the Covid outbreak and subsequent lockdowns.

The most recent prolongation was granted from September 2022 until 31 March 2023.

Goyal will unveil India's foreign trade policy, which is anticipated to include a vision statement aimed at increasing India's goods and services exports to USD 2 trillion by 2030.

The country's overall exports are expected to be USD 760 billion this fiscal year, up from USD 676 billion in 2021-22.

India's trade has been harmed by supply chain disruptions and a slowdown in global commerce as a result of the ongoing Russia-Ukraine conflict.

According to sources, the new strategy will most likely include WTO-compliant export promotion measures.

Speaking at an event in Mumbai, Goyal stated that, despite many countries' economic challenges, India is a bright spot that almost everyone acknowledges and respects.