Govt merges Council of Trade Development & Promotion (CTDP) with the Board of Trade (BoT)
New Delhi, July 23 (KNN) The Government has merged the Council of Trade Development and Promotion (CTDP) with the Board of Trade (BoT) in a move to bring greater coherence in the consultation process with all stakeholders for promoting exports and imports.
In a notification, Directorate General of Foreign Trade (DGFT) said “It has been decided to merge the CTDP with the BOT.”
The new forum will be chaired by Commerce and Industry Minister. Its members will include minister of state for commerce and industry and state ministers who are in charge of trade, official notification said.
The new forum will remain as BOT and will work with ten terms of references, it added.
According to the terms of reference, the new board would provide a platform to states and union territories for articulating their perspectives on trade policy. It may help states to develop and pursue export strategies in line with the national foreign trade policy.
In addition, the Board would also review the export performances of various sectors and would identify constraints and suggest industry-specific measures to optimize export earnings.
Further, it would provide a platform for deliberation on the need for infrastructure relevant for promoting trade and for identification of impediments and infrastructure gaps which adversely affect India’s exports and facilitate a mechanism for discussion on operationalization of trade infrastructure.
Other terms of reference for the BoT would be to advise Government of Policy measures for preparation and implementation of both short and long term plans for increasing economic scenarios; to review export performance of various sectors, identify constraints and suggest industry specific measures to optimize export earnings; to examine existing institutional framework for imports and exports and suggest practical measures for further streamlining to achieve desires objectives.
In addition, it would review policy instruments and procedure for imports and exports and suggest steps to rationalize use; and examine issues which are considered relevant for promotion of India’s foreign trade and for strengthening international competitiveness of Indian goods and services.