Commerce Ministry To Release New Foreign Trade And SEZ Policies By September

India's new foreign trade policy will be delayed by up to six months till September as the government is simultaneously revamping the special economic zone framework, according to a government official.

The foreign trade policy cell is still working on it as there are aspects that will benefit SEZs as well, and therefore, both policies need to be in sync, said the official on the condition of anonymity as he is not authorised to speak to the media. The policy is expected to be in place before September, he said.

The cell comprising top officials from the Commerce Ministry and the Directorate General of Foreign Trade is still holding deliberations, the official said.

In September 2021, the government had extended the foreign trade policy till March 31, 2022, due to the pandemic. The framework is revamped every five years.

"The current policy will be in place for some more months," Commerce Minister Piyush Goyal said in a press conference on Wednesday.

In the Union Budget 2022, Finance Minister Nirmala Sitharaman had announced that the existing SEZ policy will be replaced by a new legislation. The current SEZ Act came into place in 2006.

The new SEZ legislation will be WTO-compliant and have provisions for a single-window clearance system, Commerce Secretary BVR Subramanyam said during the press interaction after the Union Budget.

It will be called Development of Enterprise and Service Hubs or DESH.