Coimbatore, Mar 31 (PTI) The new foreign trade policy would bring in transformative changes in India's trade by providing greater trade facilitation and would pave the way for the country to handle various emerging global and economic challenges, an industry body said here on Friday.

Confederation of Indian Textile Industry (CITI) chairman T Rajkumar while thanking Union Commerce and Textile Minister Piyush Goyal for the policy, said India was expected to breach USD 760 billion exports with the new foreign trade policy.

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Textile and apparel account for eight to nine per cent of the merchandise exports made from country, he said in a statement.

Under the new FTP, online approvals made in textile and apparel industry without physical interference would reduce the processing time and be a game changer, Rajkumar noted.

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The new provision of Rupee Payment under the FTP scheme would be an effective step towards the internationalization of the Rupee and would boost India's textile trade with Bangladesh, Russia, Sri Lanka.

The extension of the 'special advance authorization scheme' offered to the export of the apparel and clothing sector on a 'self-declaration' basis was a long awaited facilitation measure and would make prompt execution of export orders.

The new FTP has the right mix of policy interventions and procedural simplifications to address the challenges of time and transaction cost, Rajkumar said.

Meanwhile, Southern Indian Mills Association (SIMA) Chairman, Ravi Sam said the government has announced a growth-oriented and unique FTP.

FTP has been announced as an open policy without any closing period, continuity in all schemes, flexibility making it more exporter friendly, he said in a statement.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)