TRADE means selling or buying something from others. A mechanism that allows trade is called a market. The original form of trade was barter (the direct exchange of goods and services). Modern traders instead generally negotiate through a medium of exchange such as money. Trade between two traders is called bilateral trade while trade between more than two traders is called multilateral trade.
For India to become a major player in world of trade an all comprehensive view needs to be taken for the overall development of the foreign country's trade. While increase in exports is of vital importance that we have also to facilitate those importswhich are required to stimulate our economy. Coherence and consistency among trade andother economic policies is important for maximizing the contribution of such policies to development. While incorporating the existing practice of enunciating an annual EximPolicy, it is necessary to go much beyond and take an integrated approach to thedevelopmental requirements of India's foreign trade. This is the context of the new ForeignTrade Policy..
Trade is not an end in itself, but a means to economic growth and national development.The primary purpose is not the mere earning of foreign exchange but thestimulation of greater economic activity. The Foreign Trade Policy is rooted in this belief andbuilt around two major objectives. These are:
The new Policy envisages merchant exporters and manufacturer exporters businessand industry as partners of Government in the achievement of its stated objectives and goals.Prolonged and unnecessary litigation vitiates the premise of partnership. In order to obviatethe need for litigation and nurture a constructive and conducive atmosphere,, a suitableGrievance Redressal Mechanism will be established which, it is hoped, would substantially
The dynamics of a liberalized trading system sometimes results in injury caused todomestic industry on account of dumping. When this happens, effective measures to redresssuch injury will be taken..
An Act to provide for the development andregulation of foreign trade by facilitating imports into, and augmenting (increase) exports from India and for mattersconnected therewith or incidental thereto.
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