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Commerce in India

==Commerce in India==

* India’s exports of merchandise goods during 2007-08 registered a growth rate of 26 per cent in dollar terms. At the same time, imports are increased by 29 per cent in rupee term.

* On 31st August 2004, the Govt. announced '''Foreign Trade Policy (2004-09)''' with a vision to double India’s percentage share of global merchandise trade within five years.

* '''Supplement to Foreign Trade Policy (FTP)''' announced in April 2008, focused on promoting employment- intensive export growth through initiatives like focus products, focus '''Market Schemes''' and '''Vishesh Krishi Upaj Yojana''' and setting up of '''SEZs''' under '''SEZ Act, 2005'''.

* Under the general export promotion schemes, the '''DEPB''' Scheme has been extended for another year up to 31.03.2009.

* The 5th India-EU relationship to the level of a '''“Strategic Partnership”'''. The '''6th India-EU Summit 2005 (New Delhi)''' adopted '''India-EU Joint Action Plan'''.

* '''India''' has similar agreements with '''Bosnia Herzegovina''', '''Bulgaria''', '''Croatia''', and '''Romania (among the non-EU countries)'''.

* The lack of consensus on '''SSM''' was not an issue affection only '''India'''. It affected more than 100 least developed and developing countries.

* The '''G33''' (which has 46 members), the '''African Group''' (with 53 members), the '''African-Caribbean – Pacific Group''', the '''Small Vulnerable Economies''', together having a membership of more then 100 countries, had expressed their strong views on the volume and price triggers.

* '''The North American Free Trade Agreement (NAFTA)''' was signed in 1994. It is free trade area with a custom union between '''USA''','''Canada''' and '''Mexico'''.

* This is the largest and most important trading block of the world. The important of '''NAFTA''' is about 25 per cent of world’s total imports and the exports constitutes about 19 per cent of world’s total exports.