What is Foreign Trade Poicy (FTP)?
Foreign Trade Policy (FTP) or Export Import Policy (EXIM) is believed to be an important step towards the economic reforms of India. In order to liberalize imports and boost exports, the Government of India for the first time introduced the Indian EXIM Policy on April I, 1992.Foreign trade policies are government actions, especially tariffs, import quotas, and export subsidies, designed to increase net exports by promoting exports or restricting imports.
The Meaning and Definition of Foreign Trade or International Trade! Foreign trade is exchange of capital, goods, and services across international borders or territories. In most countries, it represents a significant share of gross domestic product (GDP). In India Foreign trade accounted for 48.8% of India's GDP
Types of Foreign Trade – The two types of Foreign Trade are:
Bilateral trade: This is a trade agreement in which two countries exchange goods and services.
Multilateral trade: This is the type of international trade where a country trade with two or more countries.
For promotion of exports, special economic zones (SEZ) have been established. SEZ units are deemed to be foreign territory for the purpose of trade operations and tariffs. The main objective of the SEZ units is to provide a congenial atmosphere for exports.
What is Directorate General of Foreign Trade (DGFT)?
Directorate General of Foreign Trade (DGFT) organization is an office associated to the Ministry of Commerce and Industry and is headed by the Director General of Foreign Trade. Ever since its inception in 1991, when the liberalization in the economic policies of the Government took place, this organization has been principally involved in the regulation and promotion of foreign trade.
Keeping in line with liberalization and globalization and the overall objective of promoting an increase in exports, DGFT has since been assigned the role of facilitator.
The shift was from prohibition and control of imports/exports to promotion and facilitation of exports/imports, keeping in view the interests of the country.
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