Minister of State for Commerce and Industry D Purandeswari said that in order to enhance exports with other nations the Government is reviewing some of the existing Free Trade Agreements (FTA) with these nations and will try to address issues in those pacts accordingly.
The global economic slowdown impacted India’s exports which recorded $300.6 billion during 2012-13 and missed the target of $360 billion by a wide margin. This also pushed up the trade deficit during the fiscal to $190.91 billion from $183.4 billion in the previous financial year. The Government has also set the exports target to $325 billion for the FY14 which is less than the previous fiscal's exports target of $360 billion owing to the global crises.
However, worried over the declining India’s export, the Government announced a slew of measures in the annual Foreign Trade Policy (FTP) including sops for Special Economic Zones (SEZs) and extension of the popular EPCG scheme to all sectors to boost shipments.
