India keen to double global trade pie

In a bid to double India's share in the global trade in the next five years, the government on Tuesday unveiled a comprehensive Foreign Trade Policy that focusses on stepping up employment-generating agriculture and services exports.

The five-year National Foreign Trade Policy announced by Commerce Minister Kamal Nath allows duty-free imports of capital goods in agriculture and consumables for metals other than gold and platinum, for promoting gems and jewellery exports.

Apart from setting up a new Handicraft Special Economic Zone, the policy provides for setting up bio-technology parks and an export promotion council for giving major thrust to service exports.

Kamal Nath said the government will constitute a Board of Trade for boosting India's share in the world trade to $150 billion annually by 2009.

The policy lays out a number of major procedural simplification and rationalisation measures.

Commerce Minister Kamal Nath releasing the Foreign Trade Policy in New Delhi on Tuesday, August 31, 2004. Photo: Saab Press

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