Govt to announce comprehensive foreign trade policy in August

The government would announce a comprehensive foreign trade policy in August, which would emphasise stimulus to trade, besides granting sops to exporters to beat the global economic meltdown, Commerce and Industry Minister Anand Sharma said today.

The ministry is also looking as steps to boost export, which has been hit hard by the worst economic downturn overseas since the 1930s, even though India has not been affected to a  great extent, Sharma told reporters here.

Sounding optimistic, Sharma said by September this year there would be visible increase in export after the various proposes incentives are given to exports.

The Commerce Ministry is would also recommend some measures to the Finance Minister in this regard, he added.

Sharma said he has also advised officials of his ministry and the Director General of Foreign Trade to look for new avenues to boost the foreign trade in Latin American and African countries besides others.

Replying to questions, Sharma said he would soon convene a meeting of the industry ministers of all the states to discuss problems facing industrial sector and to encourage export and foreign trade.