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FTP Proposes New Institutions to Boost Global Trade
Apr 08, 2015

The new Foreign Trade Policy proposed setting up of a host of institutions, including Trade Council and National Committee on Trade Facilitation, to improve India's share in global trade and implement of WTO obligations.

The country aims at increasing its share in world exports from 2 per cent to 3.5 per cent by 2020. Pursuant to the WTO agreement on trade facilitation, the policy has proposed setting up National Committee on Trade Facilitation. That pact is aimed at easing customs procedure to reduce transactions cost for traders. 

The policy said several initiatives are under way for the simplification of procedures and digitization of various processes involved in trade transactions. Steps are being taken by various ministries and departments to simplify administrative procedures and reduce transaction costs based on the recommendations of two task forces constituted by the Directorate General of Foreign Trade.

  • India is committed to implement the WTO's Trade Facilitation Agreement (TFA). A National Committee on Trade Facilitation is being constituted for domestic coordination and implementation of the TFA. 

In the ongoing Doha Round of trade negotiations India will continue to work towards fulfilling its objectives and to work with like-minded members to remove any asymmetries in the multilateral trade rules which place a developing country at a disadvantage, such as the rules relating to public stock-holding for food security purposes. 

Specific measures will be taken to facilitate the entry of new entrepreneurs and manufacturers in global trade through extensive training programmes. 

  • A new institution—Centre for Research inInternational Trade—is being established not only to strengthen India's research capabilities in the area of international trade, but also to enable developing countries to articulate their views and concerns from a well-informed position of strength.

  • The policy also said that two institutional mechanisms are being put in place for regular communication with stakeholders—the Board of Trade and the Council for Trade Development (CTD) and Promotion

  • The Board of Trade will have an advisory role the CTD would have representation from State and UT governments. 

  • The CTD will be an institution between the Centre and the states with the objective of internalising the thinking and the processes and the participation of state government into central government policy making, implementation and monitoring.

 


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