Frequent question: What is the main objective of foreign trade?

General trade policy objectives have focused on reduced protection, achieving a more outward- oriented trade regime, increased market access for exports, and greater global integration, aimed at increasing economic efficiency, competitiveness, and export-led growth.

What is the purpose of foreign trade policy?

The Foreign Trade Policy (FTP) was introduced by the Government to grow the Indian export of goods and services, generating employment and increasing value addition in the country. The Government, through the implementation of the policy, seeks to develop the manufacturing and service sectors.

What are the broad objectives of India’s foreign trade policy?

The main objective of the Foreign Trade (Development and Regulation) Act is to provide the development and regulation of foreign trade by facilitating imports into, and augmenting exports from India. Foreign Trade Act has replaced the earlier law known as the imports and Exports (Control) Act 1947.

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What are the objectives and features of the foreign trade policy of 2015 20?

FTP 2015-20 provides a framework for increasing exports of goods and services as well as generation of employment and increasing value addition in the country, in line with the ‘Make in India’ programme.

What is the primary objective of international trade development Regulations 1992?

The overall objective of this Act:

The primary goal of FTDR, 1992 is to improve the law of overseas exchange through facilitating imports into the country, as nicely as, taking measures to grow exports from India and other associated matters.

What are the main features of foreign trade in India?

Foreign Trade: 8 Salient Features of Foreign Trade of India – Explained!

  • Negative or Unfavourable Trade: …
  • Diversity in Exports: …
  • Worldwide Trade: …
  • Change in Imports: …
  • Maritime Trade: …
  • Trade through a few Selected Ports Only: …
  • Insignificant Place of India in the World Overseas Trade: …
  • State Trading:

What were the objectives of import substitution?

The main objective of the policy of import substitution is to encourage national production, to development the new products to stimulate demand and import restrictions. Actual directions: industrial restructuring, the balance of foreign trade, protection of the domestic market during the transition period.

What are the features of foreign trade?

Features of Foreign Trade

  • Negative Trade.
  • Changing Imports.
  • Diversity in Exports.
  • Trading through Selected Ports.
  • Trade during Maritime.
  • Worldwide Trade.
  • Place of India in Overseas Trade.

What are the objectives of Foreign Trade policy 2009 14 & 2015-20?

OBJECTIVES OF FOREIGN TRADE POLICY (2009-14)  To arrest and reverse declining trend of exports is the main aim of the policy.  To Double India’s exports of goods and services by 2014.  To double India’s share in global merchandise trade by 2020 as a long term aim of this policy.

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What are the important features of latest 2015-20 EXIM policy What were the objectives of this policy?

Highlights of the Foreign Trade Policy (Exim Policy) 2015-20

Service Exports from India Scheme (SEIS) Chapter -3 Incentives (MEIS & SEIS) to be available for SEZs. Duty credit scrips to be freely transferable and usable for payment of custom duty, excise duty and service tax. Boost to “MAKE IN INDIA”

What is meant by foreign or international trade?

Foreign trade is exchange of capital, goods, and services across international borders or territories. In most countries, it represents a significant share of gross domestic product (GDP). Production of goods and services requires resources. …

What is the subject matter of international economic law in the main?

In general, international economic law (IEL) is concerned with the governance of international economic relations between states as they affect individuals in a state, including in particular their relations inter se across national boundaries.

Who regulates the foreign trade in India?

Foreign trade in India includes all imports and exports to and from India. At the level of Central Government it is administered by the Ministry of Commerce and Industry.