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New Foreign Trade policy to be unveiled next week
18
Aug '09
Mr Anand Sharma, Commerce Minister
Mr Anand Sharma, Commerce Minister
Recently the Commerce Minister, Mr Anand Mohan Sharma met the Finance Minister, to discuss, to be announced new Foreign Trade Policy and fiscal incentives to be provided to exporters who have been hit badly by the economic crisis.

Mr Sharma, said, “We are looking at possibility of giving incentives to exporters for focusing on new non-traditional markets and we are also definitely looking at market expansion for our goods exported from India”.

The new Foreign Trade Policy in all likelihood is expected to be announced next week. He said that the major focus of the trade policy would be focusing on new markets, since if it was not done; it would lead to shrinkage in exports.

Since the economic turmoil, leading to global recessionary trends unfolded in September last year, exports of traditional products to major markets like US and EU have been declining by 15-20 percent each month.

Fibre2fashion News Desk - India

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