Shri Kamal Nath, Minister of Commerce & Industry addressed at the release of Annual Supplement to the Foreign Trade Policy (FTP) 2004-09.
1. Introduction This Annual Supplement is the second in the series supplementing the Foreign Trade Policy 2004-09. In line with Government's promise of a stable Foreign Trade Policy regime, this year's supplement (in the same way as last year) does not alter the broad contours of the main Policy.
However, recognizing the dynamic nature of international trade and the consequent need for periodic realignment of our international trade strategies, contemporary issues have to be addressed from time to time, and this is what this initiative does.
The changes in the Annual Supplement resulted from the inputs received through interactive sessions with various Export Promotion Councils, Industry organizations, Apex Chambers of Commerce & Industry and sister Departments of Government.
The Board of Trade has emerged as an effective institutional mechanism and idea-generator for the FTP. A number of useful inputs have been obtained through the Working and Study Group reports and brain storming sessions of the Board of Trade.
2. Trade Performance When the Government launched the new Foreign Trade Policy in August 2004, it set out with the ambitious objective of doubling India's percentage share of global merchandize trade within five years. Merchandize trade in the very first year of the policy period grew at the rate of 26%. This year's export figures are unprecedented.
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