Foreign trade is an important milestone on the path of becoming a 5 trillion USD economy. In this context, analyse the potential of the recently released Foreign Trade Policy, 2023 in revamping India's participation in global trade.

ted end time line

• WTO compliant
• formed by DPIIT (Min of commerce)
• includes both trade in Goods & Services

Potential of FTP, 2023 in revamping Indian Export (1) Incentive to Remission: Make signing of FTA by India easier, as India through RODTEP becomes WTO compliant. (2) Ease of doing business: Promotes single window clearance and trade facilitation while synergizing with National logistic Policy 2022.

1. Ease of Commerce Electronically to help India tap the 570bn$ global market.
2. SCOMET policy to allow easier trade of dual use goods → boost defense exports
3. Promotes specific Towns of Exports Excellence by synergising PM Gati Shakti, Bharatmala, Sagarmala etc.

Limitation

1. Open ended policy with no clear timelines.
2. NO stakeholder participation in the monitoring team .eg Excluded FICCI
3. No financing derivate tools guidelines for the infrastructure creation.
4. Reduced incentive to MSME