INDIA TO DOUBLE ITS SHARE OF GLOBAL TRADE
BILATERAL TRADE WITH NORWAY UP BY 100%
NORWEGIAN MINISTER MEETS KAMAL NATH
Date : 04 Feb 2005
Location : New Delhi
Shri Kamal Nath, Union Minister for Commerce & Industry, has said that India is poised to double its share of foreign trade to reach 1.5% of world trade by 2009. Speaking at a meeting with the visiting Norwegian Minister for Trade and Industry, Mr. Borge Brende, here today, he said that India was committed to pursuing the economic reforms in an ‘inclusive manner’ so that the benefits percolated to all sections of the society. "The National Foreign Trade Policy of 2004-09 has taken an integrated approach to serve as a generator of economic growth and employment to help achieve our development objectives", the Minister said.
Norway has been a major investor in India especially in electrical equipments including software and electronics, metallurgy, transportation, telecommunication and industrial machinery. The bilateral trade with Norway had registered a growth rate of over 100% last year touching US $ 340 million. Indian exports to Norway in the last year amounted to about US $ 76 million and included commodities like RMG (ready-made garments) cotton including accessories, cotton yarn and fabrics, handicrafts, leather & leather goods and cashew.
"In respect of non-agricultural market access, India advocates a formula that focusses on addressing the issues of tariff peaks, high tariffs and tariff escalation of products of export interest to developing countries. This is the only way to get equitable result in the multilateral trade negotiations", the Minister said.