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Kamal Nath to announce annual supplement to foreign trade policy

19
Apr '07
Shri Kamal Nath, Union Minister of Commerce and Industry, will announce the Annual Supplement to the Foreign Trade Policy.

All stakeholder inputs have been taken into account in fine-tuning the elements of the Annual Supplement 2007 to the Foreign Trade Policy (2004-09) through consultations, including in the Board of Trade.

The first-ever comprehensive Foreign Trade Policy (FTP) was announced by Shri Kamal Nath on 31st August, 2004 with a five year framework (2004-09), which took an integrated view of the overall development of India's foreign trade with a two-fold objective of (a) doubling India's percentage share of global merchandise trade by 2009; and (b) acting as an effective instrument of economic growth by giving a thrust to employment generation.

India's merchandise exports since the announcement of the Policy in August 2004 have gone up significantly. India's exports crossed the landmark figure of US $ 100 billion in 2005-06.

India's merchandise exports increased from US $ 53 billion in 2002-03 to US $ 103 billion in 2005-06.

Exports in the current year touched US $ 109 billion during April 2006 to February 2007, showing a growth of 22.95%.

Press Information Bureau


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