Page 377 - DECO503_INTERNATIONAL_TRADE_AND_FINANCE_ENGLISH

Unit 31 : India’s Trade Policy : Recent Developments

31.5 Key-Words Notes

1. Foreign policy : A country's foreign policy, also called the foreign relations policy, consists of
self-interest strategies chosen by the state to safeguard its national interests
and to achieve its goals within international relations milieu. The approaches
are strategically employed to interact with other countries. In recent times,
due to the deepening level of globalization and transnational activities, the
states will also have to interact with non-state actors
2. Trade policy : Trade policy is a collection of rules and regulations which pertain to trade.
Every nation has some form of trade policy in place, with public officials
formulating the policy which they think would be most appropriate for their
country. The purpose of trade policy is to help a nation's international trade
run more smoothly, by setting clear standards and goals which can be
understood by potential trading partners. In many regions, groups of nations
work together to create mutually beneficial trade policies.
31.6 Review Questions

1. What do you mean by Trade Policy? Discuss the main features of India's trade policy.
2. Write a short note on the Export-Import policy.
3. Discuss foreign policy.
Answers: Self-Assessment

1. (i)(b) (ii)(c) (iii)(b) (iv)(b)
31.7 Further Readings

1. Krimawati, Wawat. (?) NAFTA: North America Free Trade Agreement. [Accessed
18 May 2009]
2. Vogel, David. (2009) North American Free Trade Agreement. [Accessed 18 May
2009] 2009. North American Free Trade Agreement (NAFTA).
3. United States Department of Agriculture, Foreign Agricultural Service. [Accessed
June 8, 2009]

LOVELY PROFESSIONAL UNIVERSITY 371