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Rediff News  All News  » Business » Govt to unveil new foreign trade policy in Aug

Govt to unveil new foreign trade policy in Aug

July 05, 2004 16:41 IST

The government will announce a new foreign trade policy next month aimed at boosting exports especially from agriculture sector.

In a written reply to a question in Rajya Sabha, Minister of State for Commerce and Industry V K S Elangovan said, "A new foreign trade policy is under consideration of the government...the new policy would focus on thrust areas which include agriculture."

The new policy is expected to boost exports, including agricultural exports and to create additional employment.

To another query, he said the government had taken up the issue of ban on Indian marine products with Saudi Arabian authorities.

He said only Saudi Arabia had banned import of fresh marine products on the ground of cholera being present in India.

To another question, he said SAARC member countries had signed the agreement on South Asian Free Trade Area during the 12th Saarc Sumit held in Islamabad on January 06, 2004.

As per the provisions of the agreement, it will enter into force on January 01, 2006 upon completion of formalities, including ratification by all contracting states and issuance of a notification thereof by the SAARC Secretariat.

The sensitive items will be put in the negative list of India on which no tariff concession will be extended, the minister said.

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