Foreign Trade Current Affairs, GK & News

New Foreign Trade Policy

The Union Ministry of Commerce and Industry recently announced that the new Foreign Trade Policy. 2021-26 is to come into effect from April 1, 2021. What is the goal of New Foreign Trade Policy? To make India a 5 trillion USD economy. What are the Key Highlights of the new Foreign Trade Policy? The District ..

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Wagah Border reopened by Pakistan for Afghan Exports

Pakistan government has resumed the Afghan exports through the Wagah Border crossing as part of the Pakistan-Afghanistan Transit Trade Agreement. Pakistan had already opened the Pak-Aghan Border at Torkham and Chaman round the clock for six days a week, in May 2020. But, Afghan exports to India through the Wagah Border have remained suspended even ..

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GoI lifts ban on Paracetamol API exports

On May 28, 2020, the Government of India lifted the ban on export of paracetamol Active Pharmaceutical Ingredients. Highlights The removal of ban will now allow the export of pharmaceutical ingredients used for COVID-19 treatment. In order to achieve this, the GoI has amended Section 3 of Foreign Trade (Development and Regulation) act, 1992. The ..

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GoI extends Foreign Trade Policy

On April 1, 2020, the Government of India notified that the export schemes such as Export Promotion Capital Goods and Duty-Free Import authorization are to be extended by one year. Also, GoI has planned to extend Foreign Trade Policy 2015-20 by another one year till 2021. Objective of the policy The policy aims at making ..

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US removed “Developing” Tag for India: What are its implications?

Recently, the United States of America removed the “developing” tag for dozens of countries. India is one amongst them. These countries are to be classified as developed economies Highlights The “Developing” status for a country in the US is associated with US Trade Act, 1974. The act authorized General System of Preferences (GSP). The intention ..

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