Government notified amendment in the Foreign Trade Policy, 2023

Current Context: The Government of India notified an amendment to the Foreign Trade Policy, 2023 on January 2, 2025. This amendment introduced two new paragraphs: Para 1.07A and Para 1.07B.

• Para 1.07A: Stakeholder Consultations
• Objective: To involve all relevant stakeholders in the policy-making process.
• Stakeholders: Importers, exporters, industry experts, trade associations, and other interested parties.
• Process: Before introducing or amending trade policies, the government will conduct consultations with these stakeholders to gather their input and feedback.
• Para 1.07B: Transparency and Inclusiveness
• Objective: To ensure that the trade policy-making process is transparent and inclusive.
• Measures: The government will make the consultation process public, allowing stakeholders to see how their input is being considered. Additionally, draft policies will be shared with stakeholders for review before finalization.

Question:

1 What is the primary objective of Para 1.07A introduced in the Foreign Trade Policy, 2023?

• A) To simplify trade processes.
• B) To increase export subsidies.
• C) To involve all relevant stakeholders in the policy-making process.
• D) To strengthen customs regulations.

Answer: C) Para 1.07A focuses on involving importers, exporters, industry experts, trade associations, and other stakeholders to gather input and feedback before introducing or amending trade policies.