Trade organization the fulcrum of international trade is facing a serious
challenge to its existence and India has hinted that during the interregnum, it would lay emphasis on bilateral trade dealing with all countries whether they are friends or
the first time the country is seeing a real challenge at WTO and the global
trading system itself, because the countries have started putting road blocks
and this is going to be the real issue
Commerce Minister Suresh Prabhu said while addressing the Southern Chapter of
the Federation of Indian Exporters Organization here on June 21.
the current uncertain situation India on its part was trying to be friendly
with all countries. We want to make friendship with all countries including China
with whom we have a huge trade deficit.
is nothing like a friend or foe in international trade Mr Prabhu said adding
considerable progress is likely to be achieved in reducing the trade balance
with China. He expressed satisfaction over China’s response to overtures of
allowing market access to Indian non basmati rice and pharmaceuticals.
said the Chinese commerce minister who was in Delhi recently assured him that
he would address the regulatory issues coming in the way of market access
to Indian pharma products into China.
Three bilateral agreements were signed during his visit which will help to
balance the trade between the two countries.
ministry would take steps to clinch the trade treaty with European Union which
will help the Indian textiles face competition with Bangladesh and Vietnam. We
have also decided to increase the trade volumes with Japan South Korea and
government will roll out an agricultural export policy soon taking into account
massive increase in production especially on the horticulture front. While the
agricultural production was 285 million tons, the horticulture stood at 300
million tons. Both put together is expected to touch 620 million tones if the
monsoon is on the expected lines.
wide and commodity wise market strategies for exports are being formulated by
the EXIM bank of India and in the process identified countries and commodities
which have tremendous export potential. The ministry proposed to bring out a
bulletin periodically containing this vital information and will be sent to all
the first time the ministry has opened a Logistics division where steps have
been initiated to develop logistics hubs in various parts of the country. The
minister urged the exporters not to compromise on quality of products and said
compromise on qual;ity will bring down the image of the country. The ministry
is also taking steps to ensure that all export incentives are WTO compatible.
ministry will also set up export promotion offices in international trade
centres so that the country’s diplomatic missions overloaded with work could
lighten their burden in dealing with the country’s international trade.
commerce minister who had met the state chief minister Edapaddi Palaniswamy
expressed concern over the delay in locating the site for the second airport
for Chennai city. He also asked the state government to finalyse a policy on startups
like most of the advanced states have done.
ministry is also working to create the ecosystem suitable for exports. We have
taken up with the bank to continue financing exports industry without relaxing
norms. The ministry held a meeting with Gems and Jewellery export promotion
council in an effort to persuade banks to continue lending to the industry in
wake of recent scams involving the industry.