Govt makes stakeholder consultation mandatory while formulating FTP

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Govt makes stakeholder consultation mandatory while formulating FTP - Business Standard

Quick Summary:

"The DGFT on Thursday notified amendment in the Foreign Trade Policy, 2023, to include Para...to bring legal backing in the FTP to make it necessary to do consultation with stakeholders to seek views, suggestions, comments or feedback from relevant stakeholders, including importers/exporters/industry experts concerning the formulation or amendment of the FTP," it said.

The changes also provide the mechanism to inform reasons for not accepting views, suggestions, comments or feedback concerning the formulation or amendment of the Foreign Trade Policy, the commerce ministry said.

The Directorate General of Foreign Trade (DGFT) has made amendments to the Foreign Trade Policy to make consultations with stakeholders for their views on draft policies mandatory, an official statement said on Friday.