CURRENT AFFAIRS

Detailed explanation-1: -The Commerce Ministry said, “existing Foreign Trade Policy extended by six months due to currency volatility & global uncertainty. Geo-Political situation is not suitable for long-term Foreign Trade Policy.” Earlier, the government had extended the due date for the Foreign Trade Policy 2015-20 to September 30, 2022.

Detailed explanation-2: -A notification in this regard was issued by the Directorate General of Foreign Trade (DGFT). The government on Thursday extended the existing Foreign Trade Policy (FTP) by six months till March 31, 2023.

Detailed explanation-3: -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.

Detailed explanation-4: -Synopsis. 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-5: -The FTP was deferred and the current policy was extended and reviewed after every six months, as businesses grappled with the disruptions caused by the pandemic. Thereafter, the government was supposed to roll out the policy in March 2022. However, another extension was given till September 30, 2022.