What is foreign trade policy?


Legal Basis of Foreign Trade Policy (FTP)

Foreign Trade Policy is also known as EXIM Policy (Export Import Policy). The Foreign Trade Policy, 2015-20, is modified by Central Government, in exercise of powers conferred under the Foreign Trade (Development & Regulation) Act, 1992 (No. 22 of 1992) [FT (D&R) Act], as amended.

Duration of FTP

The Foreign Trade Policy 2015-2020 incorporates rules and laws for import and export of products ans services. It shall be effective from the date of notification and shall remain in the force (unless otherwise specified) till March 31st, 2020. Hence, all exports and imports shall be governed according to the relevant FTP if there's no otherwise specification made to the policy.

Amendment to FTP

Central Government reserves the right to make any amendment to the foreign trade policy, in exercise of powers conferred by section 5 of foreign trade Act, 1992. This amendment can be made by means of notification in public interest.


References

Following are the references for more details.:-

dgft.gov.in
commerce.nic.in
nbaindia.org
dgftcom.nic.in
www.fieo.org