New trade policy to focus on untapped markets: Minister

Minister of Commerce Anand Sharma

"We will look at diversification. That is what we have been discussing with the industry so that other continents which have not been traditional destinations of Indian exports (are covered). We will be in fact, putting more emphasis on that," Sharma told reporters here after meeting a delegation of Confederation of Indian Industry, kicking off the deliberations with stakeholders ahead of formulating the new foreign trade policy.
"We have been discussing this with the industry. Those continents that have not been traditional destinations of Indian exports should be covered. We will be putting some more emphasis on that," Sharma added.
He said the new trade policy would contain a mix of fiscal incentives as well as simplification of procedures, even as the government may announce some new measures while deciding to continue certain others.

“We are still in the process of consultations with stakeholders.”
Asked whether the government is considering fresh stimulus, the Commerce and Industry Minister said, "We are examining all. We are consulting the stakeholders and whatever best can be done to respond to the global economic crisis to make Indian exports globally competitive... also the support labour-intensive manufacturing industry, the government will do."
The minister also met representatives of the Federation of Indian Export Organisations (FIEO), export promotion councils and leading exporters as part of the deliberations ahead of the foreign trade policy.
The meeting came against the backdrop of India's merchandise exports continuing to decline, down 33.2 percent at $10.74 billion in April, and 29.2 percent lower at $11.01 billion in May.
“Exporters are optimistic that the new foreign trade policy will provide a clear roadmap for competitiveness of Indian products while addressing its long term as well as short term issues,” said FIEO president A. Sakthivel.

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