#5, CTS No. 335/2, Kirti Bhawan, Sheela Vihar Colony, Paud Phata, Pune 411038
+91-773-773-47-47 / +91-770-972-50-77(Whatsapp)

Foreign Trade Policy 2021-2026

Before understanding Foreign Trade Policy 2021-2026, you should have a look at what India’s Foreign Trade Policy is all about and the documents required for the IEC code. The guidelines of India’s Foreign Trade Policy are prepared by the Director-General of Foreign Trade. (DGFT).

The Ministry of Commerce and Industry is in charge of India’s Foreign Trade Policy and the foreign policy-related rules are updated every year on March 31 and the updates persist alive for the subsequent one year up to 1st April.

What is An Import Export Code?
The IEC or Importer Exporter Code is a 10 digit code that is required for conducting import and export business in India. No import or exchange can be completed without the Import-Export code.

Points Included in The New Foreign Trade Policy

  • Take a look at the points that are included in the latest Foreign Trade Policy.
  • Updating the foundation for the domestic service ranges and manufacturing sector.
  • General conferences will be conducted between the Chamber of Commerce and Export Promotion Council.
  • Encouraging the exports of services and goods. Supporting individual districts to be a potential export hub.
  • Above are the points that are covered in India’s New Foreign Trade Policy. As a result, any company, be it a proprietorship
  • company after obtaining proprietorship firm registration can participate in the import-export business actively.

 

What Happened In New Foreign Trade Policy Meeting
On April 1, 2021, the Union Ministry of Commerce and Industry pledged to make India a foreign trade leader in the upcoming five years. If you want to participate in India’s international trade, you’ll need an IE code.

The new FTP will take effect on April 1, 2021, and will be extended for another five years, according to the meeting, which was presided over by Minister Hardeep Singh Puri. Mr. Puri also stated that the government’s goal for the next five years is to make India a world leader in foreign trade policy. Before engaging in overseas trade policy, a businessperson must first create an import-export code registration.

How Can Vyapar Aadhar Help You?

To start an Import Export firm in India, a businessperson must apply for an IEC code. For exporting any product or service ranges from India and importing any product or service ranges into India, the Import-Export code is necessary.
In the next five years, the Union Ministry plans to increase India’s import-export business to $5 trillion. Individuals and businesses interested in participating in the import-export sector should be familiar with the IEC official documentation.
As a result, Vyapar Aadhar can assist you with the complete process, including how to proceed online with the required paperwork.

Conclusion
The import and export business in India and throughout the world has not been spared by the COVID-19. According to data from the import and export industries, global trade has decreased by 60% globally. That is why the Foreign Trade Policy for the years 2021-2026 was so crucial, and the Union Ministry made a few key steps to strengthen it.