EXPANSION OF BILATERAL TRADE
Date : 10 Aug 2001
Location : New Delhi
The government has always endeavoured to expand bilateral trade with all the countries in the world except those with whom trade is banned and the government has entered into bilateral agreements with various countries to increase trade with them, Shri Digvijay Singh, Minister of State for Commerce & industry, said in a written reply in the Lok Sabha today.
The objectives of the bilateral trade are broadly to meet each other’s requirements and mutual benefits. Since expansion of bilateral trade is for mutual benefit, no adverse effect on the domestic market is apprehended. However, provisions like anti-dumping duty, customs tariffs etc. are available to prevent unfair practices. In order to expand trade with various countries, the government has initiated several measures which include regular review of trade issues with various countries through meetings of the Joint commissions, Working Groups and Joint Business Councils, broad-basing the basket of tradable goods, evolving mechanism for banking and trade institutions, participation in trade fairs, exhibitions and buyer-seller meets, exchange of delegations and sharing of economic and commercial information etc.