National foreign trade policy in July: India

National foreign trade policy in July: India

Monday, 21 June 2004, 07:00 Hrs
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NEW DELHI: India will unveil a national foreign trade policy in July to enhance its share in global exports far beyond the present level of 0.8 percent, Commerce and Industry Minister Kamal Nath said Monday.

The new strategy will integrate the current export-import (Exim) policy for five years into an omnibus document aimed at giving a new thrust to India's foreign trade, the minister told a press conference here.

"In fact, it will even go beyond that," Kamal Nath said, adding that broad contours of the new policy were being worked out in wide consultations with stakeholders.

India's current share in global exports is 0.8 percent

Traditionally, the commerce ministry has been announcing a five-year Exim policy to have a long-term focus and continuity in country's strategy and planning on external trade. The policy is fine-tuned every year.

The minister said there was a need today for a more comprehensive national foreign trade policy to address the needs and concerns of global environment.

Source: IANS
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