New Delhi: In a move to enhance transparency and promote stakeholder involvement, the Directorate General of Foreign Trade (DGFT) announced amendments to the Foreign Trade Policy, 2023. These amendments, notified on Thursday, introduce new paragraphs 1.07A and 1.07B, mandating stakeholder consultations for policy formulation and amendment, a PIB press release stated.
The new policy mandates seeking views, suggestions, and feedback from relevant stakeholders, including importers, exporters, and industry experts, on proposed changes to the Foreign Trade Policy. The DGFT will also be required to provide reasons for not accepting any feedback received. This initiative underscores the government’s commitment to improving the Ease of Doing Business (EoDB) in India by encouraging active participation in policy decisions.
The government aims to ensure that all valuable feedback is considered during the decision-making process. However, the notification acknowledges the potential for conflicting viewpoints from various stakeholders. In such cases, the government reserves the right to make final decisions, emphasizing the need to balance inclusivity with practical governance.
The DGFT emphasizes that this notification signifies a broader shift towards inclusivity in trade policy decision-making. The right to suo moto policy formulation is retained by the government as an exception to address unforeseen circumstances. The notification dated 02-01-2025 aims to encourage stakeholder participation in policy formulation and amendment by seeking their views, suggestions, comments, or feedback.