India witnessed significant milestones in the trade and commerce sector throughout 2023. The year was marked by several crucial developments, including implementing the Foreign Trade Policy (FTP) 2023 and India assuming the presidency of the G20.
The FTP 2023 focused on four key pillars:
- Incentivising remission
- Promoting exports through collaboration
- Enhancing ease of doing business
- Streamlining policies related to emerging areas, such as e-commerce
The Directorate General of Foreign Trade (DGFT) introduced the Advance Authorization Scheme, facilitating duty-free import of inputs for export purposes. The system-based automatic issuance of “Status Holder” certificates was also initiated.
Under India’s leadership, the G20 Trade and Investment Ministerial Meeting took place, where high-level principles regarding digitalising trade documents were adopted. The leaders endorsed a G20 Generic Mapping Framework for Global Value Chains (GVCs) to improve data analysis and representation.
Beyond policy advancements, bilateral agreements played a significant role. India and the US held the 13th Ministerial-level meeting of the Trade Policy Forum, establishing a working group focused on fostering resilient trade. Notably, various trade disputes were resolved during PM Modi’s visit to the United States in June and President Biden’s visit in September, including signing a memorandum of understanding on semiconductor supply chain resilience and diversification.
Continuing its commitment to fostering global partnerships, India convened the first meeting of the Joint Committee for the India-UAE Comprehensive Economic Partnership Agreement (CEPA) in June. Both parties reviewed bilateral trade, agreed to operationalise committees, and committed to exchanging preferential trade data quarterly.
Minister Piyush Goyal’s engagements with ambassadors from key African nations and his participation in the 18th CII-EXIM Bank Conclave on “India-Africa Growth Partnership” emphasised India’s commitment to enhancing trade ties with African countries.
As the year drew to a close, Prime Minister Modi inaugurated the International Exhibition-cum-Convention Centre (IECC) complex in New Delhi, urging the nation to “Think Big, Dream Big, Act Big.”
All of these developments collectively demonstrate India’s forward trajectory in trade and commerce, further solidifying its position as a key player on the global stage.
