Every sovereign state engages in some kind of foreign trade, i.e. exchange of goods and services between different countries in the form of imports and exports. Therefore, it becomes important for a country to make a policy to regulate its foreign trade. In India, Foreign Trade (Development and Regulation) Act, 1992, was enacted for regulating imports and exports after the implementation of a new economic policy that emphasized on liberalization, privatization and globalization of the Indian economy. According to the Act of 1992 [which replaced the Import and Export (Control) Act, 1947], the government is authorized to announce foreign trade policy for achieving certain objectives related to foreign trade. Foreign Trade Policy, 2023 (or in short, FTP, 2023) was notified by the Central Government on March 31, 2023, in exercise of powers conferred under Section 5 of the said Act of 1992, as amended from time to time. Ordinarily, government announces its foreign trade policy after every five years. The last foreign trade policy was notified for the period 2015-2020.