FTP - Board of Trade

By Vijay Kumar

PARA 300 of Foreign Trade Policy Statement 2015-2020, states:

300. Two mechanisms are being put in place for regular communication with stakeholders. The first of these is a Board of Trade which will have an advisory role and offer a platform for discussion and consultation. The Board of Trade will be constituted once the policy comes into force.

Now the Government has constituted the Board of Trade.

The objective is to have continuous discussion and consultation with trade and industry. The Board of Trade would, inter-alia, advise the Government on policy measures related to Foreign Trade Policy in order to achieve the objective of boosting India's trade.

The BOT shall have the following terms of references:

(i) To advise Government on Policy measures for preparation and implementation of both short and long term plans for increasing exports in the light of emerging national and international economic scenarios;

(ii) To review export performance of various sectors, identify constraints and suggest industry specific measures to optimize export earnings;

(iii) To examine existing institutional framework for imports and exports and suggest practical measures for further streamlining to achieve desired objectives;

(iv) To review policy instruments and procedure for imports and exports and suggest steps to rationalize those for optimum use; and

(v) To examine issues which are considered relevant for promotion of India's foreign trade and for strengthening international competitiveness of Indian goods and services.

The Board consists of top businessmen like Pawan Munjal, MD Hero Motocorp, Kiran Majumdar Shaw, Chairman and MD Biocon Ltd, K Satish Reddy, MD Dr. Reddy's Laboratories Ltd, Anand Mahindra, MD Mahindra Group, YC Deveshwar, Chairman ITC Ltd.

The Board also consists of leaders of top trade associations and 20 Secretary level officers.

It is not known if the full Board consisting of over 70 powerful people of India can ever meet and discuss.

DGFT Trade Notice No. 21/2015., Dated March 23, 2016