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| Govt amends Foreign Trade Policy, 2023 for Stakeholder Consultation; encourages inclusive decision-making | | | Agencies
NEW DELHI, Jan 3: The Directorate General of Foreign Trade (DGFT) on Thursday notified amendment in the Foreign Trade Policy, 2023 to include Para 1.07A and 1.07B to bring legal backing in the FTP to make it necessary to do consultation with stakeholders to seek views, suggestions, comments or feedback from relevant stakeholders, including importers/exporters/industry experts concerning the formulation or amendment of the Foreign Trade Policy. It also provides the mechanism to inform reasons for not accepting views, suggestions, comments or feedback concerning the formulation or amendment of the Foreign Trade Policy, 2023. The latest amendments in the Foreign Trade Policy, 2023 reflect upon the Central Government's commitment towards strengthening the scope of Ease of Doing Business (EoDB) in India by encouraging stakeholder and expert participation through consultation in the decision-making process. The key objective of the amendments is to encourage the participation of all stakeholders in the decision-making process before introducing or changing policy and procedures affecting the importation, exportation, and transit of goods along with a reasonable opportunity to comment and contribute in the process.
The Government is committed to ensuring due consideration is given to every valuable opinion/feedback which is received from stakeholders. However, at the same time, the Government has to remain cognizant of the fact that multiple stakeholders may offer different opinions on the same subject and in such cases for smooth functioning of business the government ought to reserve to itself the right to take a final call. It is only to deal with exceptional circumstances such as this, that the right to suo moto formulate policies has been reserved with the government. The notification needs to be read in the light of the overall inclusiveness it is ushering into decision-making, the exception to the notification which provides for suo moto decision-making to meet contingencies has after all to be seen in the broader sovereign power of the Government.
In conclusion, the notification dated 02-01-2025 is only a door to a new era of inclusiveness in decision-making pertaining to trade, which will bear fruits as the Government begins to hear opinions/ feedback of stakeholders on changes to FTP through official channels as opened up by this notification. |
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