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Trade is an indispensable means for sustaining the economic growth and development of a nation. In India, the main legislation governing foreign trade is the Foreign Trade (Development and Regulation) Act, 1992. As per the provisions of the Act, the Government of India formulates and announces a foreign trade policy and amends it from time to time. The new Foreign Trade Policy (FTP) announced in August, 2004, covering a five year period of 2004-2009 is a comprehensive policy for the overall development of India's foreign trade sector. It is built around two major objectives:- (i) to double India's percentage share of global merchandise trade within the next five years; and (ii) trade to act as an effective instrument of economic growth by giving a thrust to employment generation.
India is engaged in trade negotiations and agreements at multilateral, regional and bilateral levels. It is interacting with international agencies such as the World Trade Organisation (WTO), the United National Conference on Trade & Development (UNCTAD), the Economic and Social Commission for Asia and Pacific (ESCAP), etc as well as with individual countries or group of countries on a wide range of issues including tariff and non-tariff barriers, international commodity agreements, preferential/free trade arrangements, investment matters, etc. Some of the major regional trading arrangements that India has entered into include:- Agreement on South Asian Free Trade Area (SAFTA); Asia-Pacific Trade Agreement (APTA); Framework Agreement on Comprehensive Economic Cooperation between ASEAN and India; etc.
Import:
Importing goods and materials can be quite complex. You will need to give some thought to how the various elements of the operation will fit together.
Points to consider include:
Drawing up contracts with your overseas suppliers. You might have to seek legal advice for this.
when and how you'll make payments for the goods or materials - bearing in mind that the exchange rate might change after you've placed your order
transport arrangements and who pays for it, storage, documentation and insurance
the trading terms that you'll have in place with your suppliers - which again might require legal advice
whether you'll be affected by the principle of product liability - meaning that your business is responsible for damage caused by defective products that you've imported
whether the goods or materials are subject to import quotas
whether you'll need a licence to import your goods
Export:
Before you commit to exporting you need to honestly assess your export potential - both in terms of the readiness of your business and of your product or service.
It's mandatory to carry out detailed market research to identify and evaluate the target market. Examine the following:
the industry structure
the predicted demand for your product or service
how you plan to tackle competition, and fit into that marketplace
modifications that are required to make your product or service saleable
Consider whether you have:
a marketing strategy that incorporates international trade development
the necessary financial resources
the right people to develop the new export markets
adequate knowledge of the requirements of your chosen market - for example, modifying packaging to meet local regulations and standards
an understanding of export payment mechanisms and export finance
Then assess whether your product is suitable for export. Consider:
product standards and regulations in the overseas market
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