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Board of Trade meeting on Wednesday to discuss ways to boost exports, new foreign trade policy


Date: 02-12-2020
Subject: Board of Trade meeting on Wednesday to discuss ways to boost exports, new foreign trade policy
Measures to boost exports, manufacturing and the new foreign trade policy will be discussed at the Board of Trade (BOT) meeting, to be chaired by Commerce and Industry Minister Piyush Goyal, on Wednesday.

The board, which includes members from public and private sector, advises the commerce and industry ministry on policy measures related to Foreign Trade Policy (FTP).

"A meeting of the BOT will be held on Wednesday," an official statement said on Tuesday.

The discussions will focus on the new FTP (2021-26), strategies and measures to be taken in order to take forward domestic manufacturing and exports, it said.

The BOT provides a platform to state governments and Union Territories to articulate their perspectives on the policy and also to the centre for apprising them about international developments affecting the country's trade potential.

"Board of Trade will take an overview of the export/ import performance, investment promotion strategy for Aatmanirbhar Bharat, trade remedies -- recent measures and steps taken, new logistics policy, trade facilitation measures undertaken by customs, reforms and Initiatives since last BOT, coverage and expansion of government e-marketplace, and consider various suggestions regarding the policy," the statement said.

Secretaries of different departments, heads of various government bodies, representatives of apex industry associations and export promotion councils are members of the BOT.

During April-October period of 2020-21, the country's exports dipped 19 per cent to USD 150.14 billion while imports contracted by 36.28 per cent to USD 182.29 billion. During this period, trade deficit narrowed to USD 32.16 billion from USD 100.67 billion in April-October 2019-20.

Source:-economictimes.indiatimes.com

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