Indian exporters have sought a transition period of at least three months for the new foreign trade policy, arguing this will allow them to settle their existing contracts under the previous policy.
The government on Friday released the new foreign trade policy (FTP) after extending the previous five-year policy for 2015-2020 as many as four times amid pandemic-induced restrictions and subsequent global uncertainty.
The last extension was granted in September 2022 until 31 March 2023.
"We need the old foreign trade policy to continue for at least three to four months so that existing contracts can be executed factoring the prevailing benefits. It is a problem for us," Federation of Indian Export Organisations (FIEO) president A Sakthivel said.
"FIEO has requested the government that a 3-6 months' transition period may be provided, whenever a major change is notified in the Foreign Trade Policy," he added.
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