New Delhi:  India’s new Foreign Trade Policy unveiled by Commerce and Industry Minister Piyush Goyal will set a stage for exporters to immensely increase India’s share in global trade even as the 2030 target of USD two trillion for exports of goods and services is a confidence -building measure of the dynamic FTP, ASSOCHAM has said.

“Initiatives like reducing transaction costs and integration of e-commerce into the trade policy along with sector specific targets are pragmatic and business-like measures for taking India to the next level of global trade and goods and services. Under the leadership of Hon’ble Prime Minister Narendra Modi, Indian trade and industry are being empowered to aim big in the fast-evolving international market,” ASSOCHAM Secretary General Deepak Sood said.

Deepak Sood further said, ” In a fast changing global market, it goes to the credit of the government to follow a dynamic policy that would allow both the industry and the policy makers to stay nimble. A new thinking is clearly visible in the foreign trade policy that shifts focus from incentives to remissions so that we don’t end up exporting taxes and levies. The change in approach would make a huge difference in making Indian exports competitive in the world market”.  The USD one trillion target for merchandise trade alone, would contribute significantly to the manufacturing sector comprising both domestic and global investors.   

The chamber lauded a slew of measures to further improve Ease of Doing Business. E-certificate of origin, online approvals without physical interface, and paperless filing would help India’s trade facilitation performance in the global trade metrics. Boosting export manufacturing with initiatives like Textile PM MITRA Parks would help the country emerge as a preferred destination for global investors.