Strategy to Double Trade with USA.

Press Information Bureau

Government of India

Ministry of Commerce & Industry

19-March-2012 16:54 IST

Strategy to Double Trade with USA

The Department of Commerce has prepared a Strategy Paper for doubling India’s merchandise exports over the period 2011-12 to 2013-14 from US $ 246 billion in 2010-11 to US $ 500 billion in 2013-14. The paper is available on the Department’s website (www.commerce.nic.in).

An aggressive product promotion strategy for high value items that have a strong manufacturing base is the main focus of the overall growth strategy. The core of the market strategy is to retain presence and market share in traditional markets, move up the value chain in providing export products in the developed country markets; and open up new vistas, both in terms of markets and new products in these new markets. In the area of technology upgradation and R&D, the sectors of focus are pharmaceuticals, electronics, automobiles, computer and software based smart engineering, environmental products etc. Department of Commerce is working with the relevant stakeholders to effectively implement the Strategy.

Department of Commerce in its annual supplement to Foreign Trade Policy on 13.10.2011 announced certain sector specific and country specific measures under the schemes such as Special Bonus Benefit Scheme, Special Focus Market Scheme, Focus Product Scheme and Market Linked Focus Product Scheme. ‘Niryat Bandhu’ Scheme for international business mentoring to boost exports has also been introduced. In addition, to give boost to the apparel exports, it has been decided to extend Market Linked Focus Product Scheme to USA and EU. Firozabad, Bhubaneswar, and Agartala have been notified as towns of export excellence.

It is a constant endeavour of the Government to enhance trade with our trade partners for mutual benefit. In this context, India has been taking various initiatives like Comprehensive Economic Cooperation Agreements (CECA), Free Trade Agreements (FTA), Preferential Trade Agreements (PTA) etc. with different countries.

This information was given by Minister of State for Commerce and Industry, Shri Jyotiraditya M. Scindia in a written reply to a question raised in Lok Sabha today.

DS/GK