Stakeholders input encouraged in decision-making process
The Directorate General of Foreign Trade (DGFT) has introduced legal backing to the Foreign Trade Policy (FTP) by making it necessary to have stakeholders’ views, suggestions, comments or feedback https://fieo.org/ under the recently amended Foreign Trade Policy, 2023.
Announcing the latest amendment on 3 Jan, the Ministry of Commerce and Industry has stressed the necessity to have inputs from relevant stakeholders, including importers, exporters and industry experts as to the amended FTP https://www.conexpoconagg.com/ .
It also provides the mechanism to inform reasons for not accepting views, suggestions, comments or feedback concerning the formulation or amendment of the Foreign Trade Policy, 2023 https://www.bseindia.com/.
The latest amendments in the Foreign Trade Policy, 2023, reflect upon the Central Government’s commitment towards strengthening the scope of Ease of Doing Business (EoDB) in India by encouraging stakeholder and expert participation through consultation in the decision-making process https://www.nseindia.com/.
The key objective of the amendments is to encourage the participation of all stakeholders in the decision-making process before introducing or changing policy and procedures affecting the importation, exportation and transit of goods along with a reasonable opportunity to comment and contribute in the process https://sbi.com.in/.
The Government is committed to ensuring due consideration is given to every valuable opinion and feedback which is received from stakeholders https://www.makeinindia.com/home/.
However, at the same time, the Government has to remain cognizant of the fact that multiple stakeholders may offer different opinions on the same subject and in such cases for smooth functioning of business the government ought to reserve to itself the right to take a final call https://www.investindia.gov.in/.
It is only to deal with exceptional circumstances such as this, that the right to suo moto formulate policies has been reserved with the government.
The notification needs to be read in the light of the overall inclusiveness it is ushering into decision-making, the exception to the notification which provides for suo moto decision-making to meet contingencies has after all to be seen in the broader sovereign power of the Government https://www.tradeindia.com/tradeshows/country/india/.
In conclusion, the notification dated 2 Jan 2025, is only a door to a new era of inclusiveness in decision-making pertaining to trade, which will bear fruits as the Government begins to hear opinions and feedback of stakeholders on changes to FTP through official channels as opened up by this notification, said the Ministry https://www.commerce.gov.in/. Fiinews.com
