India
GLOBAL TRADE CHANGES OFFER NEW OPPORTUNITIES
FOREIGN TRADE POLICY HAS TO BE INNOVATIVE
2014-09-03 12:39
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As the Modi Government is set to unveil the five-year foreign trade policy (2014-19) soon, all eyes are fixated on what would be the broad contours and contents of it, particularly in the context of India’s dominant part in the defeat of the trade facilitation policy (TFP) piloted by the World Trade Organization (WTO). India played a crucial role in the Bali Ministerial in agreeing to the launch of the TFP as its concerns over food security issues had been taken on board by giving it the reprieve till a permanent solution to the latter is hammered out in four years time from 2013. But the BJP-led NDA government that came to power in May 2014 did not find any merit in the short-term solution but instead sought a swift settling of the food security issue before it consented to ratify the TFP. Hence the WTO could not open the trade facilitation policy for ratification on the deadline of July 31, 2014 owing to New Delhi’s dudgeon on immediate permanent solution to food security since any decision in the WTO is arrived at by consensus.