Here are the highlights of FY13 foreign trade policy

Commerce Minister Anand Sharma on Tuesday released the annual supplement to India’s Foreign Trade Policy 2009-14.

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He said while the year ahead was challenging for the economy, the aim was to double exports to $500 billion by 2014.However, he acknowledged that it would take time for exports to get back to their pre-crisis levels. Exports increased by 20 percent in the year ending March 2012.

Here are the key highlights of his announcements:

*The zero percent EPCG (export promotion capital goods) scheme has been extended by one more year to 31 March, 2013.

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*An interest subvention scheme of 2 percent for exports has also been extended by one more year. In addition, the scheme has been extended to include readymade garments and toys.

*Nil duty on capital goods export scheme has been extended by one year.

*New guidelines for special economic zones to be issued soon.

*Negotiations are on for free trade agreements (FTA) with Australia, Canada and New Zealand, while talks are at an advanced stage for a comprehensive trade pact with the European Union (EU).

*Sops on apparel exports to US, EU extended until March 2013.

View the entire policy here.