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Symposium on India’s New Foreign Trade Policy Held in Kolkata

Published: January 31, 2024

The Bharat Chamber of Commerce (BCC) in collaboration with the Indian Council of Arbitration organised a Symposium on ‘Unravelling India’s New Foreign Trade Policy for India’s Growth’ on Saturday at ‘The Oberoi Grand’ in Kolkata. The symposium aimed to shed light on the key aspects of India’s new Foreign Trade Policy (FTP) and its impact on the country’s economic development.

The Chief Guest at the Symposium was Sunil Barthwal, Commerce Secretary of the Ministry of Commerce and Industry, Government of India. During his address, Barthwal emphasised that the new FTP has been designed to enhance India’s competitiveness in exports, facilitate trade promotions, and tap into globally integrated supply chains. He highlighted the need for India to focus on manufacturing value-added products, particularly in processed food and marine sectors, instead of exporting them in raw form.

Barthwal also mentioned that the Commerce Ministry is actively exploring partnerships with Latin American countries like Peru and Chile to manufacture battery storage systems for electric vehicles. He emphasised the importance of free trade agreements (FTAs) in promoting the free movement of professionals across borders.

The Commerce Secretary urged the Bharat Chamber of Commerce to provide suggestions on improving the functioning of the Export Promotion Councils and resolving coordination constraints among stakeholders. He emphasised the need for institutional support for commercial dispute resolution and the participation of a large number of professionals.

In his opening remarks, NG Khaitan, President of the Chamber and Indian Council of Arbitration, highlighted the establishment of the Chamber’s Africa Desk and Bangladesh Desk to facilitate bilateral trade. He stressed the significance of commercial dispute resolution in fostering economic growth and development.

The Symposium concluded with Barthwal reaffirming India’s target of achieving $2 trillion in exports, with an equal contribution from merchandise and services exports. He expressed confidence in India’s current position in the global market and quoted the Prime Minister, “Ye samay hi, sahi samay hai!” (This is the right time!).

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