The Hindu : Business : Record growth in exports

Online edition of India's National Newspaper
Thursday, Dec 30, 2004

Business

Business

Record growth in exports

By Our Special Correspondent

NEW DELHI, DEC. 29. Exports have recorded the highest ever growth in a decade at 24 per cent in the first eight months of the current fiscal (April to November 2004-05). With this rate of growth, the country's exports appear set to touch $75 billion, much higher than the official target of 16 per cent.

The Union Commerce Ministry today said exports to all major destinations had shown a record growth in 2004. The provisional data for the April-October period show that exports to the European Union grew by 22.7 per cent, to the U.S. by 24 per cent and to Asia and Oceania by over 42 per cent.

Exports to Africa witnessed a growth rate of 25.6 per cent and by over 52 per cent to the United Arab Emirates (UAE). In addition, the country's bilateral trade with China in 2004 has crossed the $10 billion mark.

According to an official statement, a comprehensive foreign trade policy was announced earlier in the year with the aim of doubling the country's share of global merchandise trade and to act as an effective instrument of economic growth by giving a thrust to employment generation.

There was special emphasis on bringing down transaction costs and procedures were simplified and issue of import-export licences online promoted and various community partners like banks, customs and Directorate General of Foreign Trade connected electronically.

The Government also approved three new special economic zones during the year and legislation is on the anvil. On the multilateral trade front, the country took an active part in the revival of the Doha process by interacting with the developing and the developed countries.

As a result of these efforts, the framework agrement was adopted by World Trade Organisation member countries in the General Council meeting in Geneva on August 1 this year, ensuring that the negotiations were back on track.

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