CURRENT AFFAIRS

Detailed explanation-1: -The session was conducted on 12 January 2021 on the topic “New Foreign Trade Strategy for the year 2021-26.” According to the committee, the main purpose of the policy would be to position India as a leader in global trade within the next five years.

Detailed explanation-2: -The Policy is notified by the Ministry of commerce and industry for the period of 5 years and updated on 31st March every year and comes to effect on 1st April.

Detailed explanation-3: -The government on Monday extended the existing Foreign Trade Policy (2015-20) by another six months till March 2023 on account of volatile global economic and geo-political situation and currency fluctuations.

Detailed explanation-4: -With the upcoming trade policy 2021-26, the government plans to increase merchandise exports with emphasis on the higher share of MSMEs. Foreign trade policy 2021-26 is expected to focus on MSMEs and new export potential.

Detailed explanation-5: -The government has always involved all stakeholders in formulating policy. In view of this, it has been decided to extend the Foreign Trade Policy 2015-20, valid till Sept 30, 2022 for a further period of six months, w.e.f. October 1st, 2022.