Prior to mid-1991, foreign trade of India suffered from strict bureaucratic and discretionary controls. To reduce controls, simplify procedures and to create a congenial environment for trade, the Government made a Statement on Trade Policy in Parliament on August 13, 1991, ushering a new era in the foreign trade policy of India. Instead of controls and regulations, the focus shifted to promotion and development of foreign trade. In early 2002, the Government announced a Medium-Term Export Strategy (MTES) for 2002-07, providing a vision for creating a stable policy environment with indicative sector-wise targets for achieving 1 per cent share for India in world trade by 2007. The new EXIM policy 2002-07 also seeks to usher in an environment free of restrictions and controls. Synergy between these policies and strategies is expected to realise India’s strong export potential and enhance the overall competitiveness of exports. This book covers the past, the present and the future of India’s foreign trade, with focus on developments since 1991. More importantly, it discusses the interface between India’s foreign trade policy and rules and regulations of WTO. It also looks to the future of India’s foreign trade in the context of WTO-related current issues.
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