Government Amends Foreign Trade Policy to Mandate Stakeholder Consultation for Inclusive Decision-Making

The Directorate General of Foreign Trade (DGFT) has revised the Foreign Trade Policy to mandate stakeholder consultations on draft policies. This change aims to ensure that stakeholders' views are considered, according to an official statement released on Friday.

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The DGFT announced on Thursday that the Foreign Trade Policy, 2023, now includes a provision requiring consultations with relevant parties. These parties include importers, exporters, and industry experts. The goal is to gather their views and feedback before formulating or amending the policy.

Stakeholder Engagement in Policy Formulation

The amendments aim to involve all stakeholders in decision-making processes related to importing, exporting, and transiting goods. This involvement ensures that stakeholders have a fair chance to comment and contribute before any policy changes are made.

The government is dedicated to considering every piece of feedback from stakeholders. However, it acknowledges that differing opinions may arise on the same issue. In such cases, the government retains the right to make the final decision for smooth business operations.

Legal Backing for Consultations

The updated policy provides legal support for mandatory consultations with stakeholders. This step is part of the government's commitment to enhancing ease of doing business by encouraging participation from stakeholders and experts in policy decisions.

In exceptional situations where multiple opinions conflict, the government reserves the right to independently formulate policies. This ensures that business operations remain uninterrupted while still valuing stakeholder input.

The latest amendments underscore the central government's dedication to improving business processes by fostering stakeholder engagement through consultations. This approach aims to strengthen the overall decision-making framework within foreign trade policy.