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New bodies in commerce ministry to boost exports

Union Commerce Minister Ramakrishna Hegde today announced that two new bodies would be created in the commerce ministry to realise the objective of boosting exports under the new exim policy announced by him recently.

Addressing an interaction meet with representatives of 100 per cent export-oriented units, put together by the Confederation of Export Units in Madras, Hegde said an inter-trade advisory body comprising experts in economics, foreign trade, and legal affairs would be constituted to handle bilateral issues in international fora like the World Trade Organisation and other trade commissions.

The second body mooted by the commerce ministry was a committee on international trade. It would have representatives of export organisations, government servants, secretaries of ministries concerned and a few people with experience and knowledge in foreign trade, Hegde said.

Problems faced in implementing the exim policy could be discussed in this committee, he added.

Lamenting over the fact that the country's share in foreign trade, which was two per cent before Independence, had fallen to 0.6 per cent now, Hegde said he had urged Prime Minister A B Vajpayee to constitute a Cabinet subcommittee on international trade.

"There was such a committee in 1994-95, but I wonder why it was discontinued," Hegde said.

The new exim policy had helped in the positive growth of the country's exports, he added.