Essay About Critical Element Of Country And Trade Facilitation

Trade Facilitation
Having achieved the ambitious export target of 155 billions of export and 1.5% share in world
trade, ministry of commerce has given s shift to new paradigm of export optimism by targeting
an ambitious 5% share in world trade by 2020. The annual supplement as released on April
2008 has envisaged an 8 fold increase in Indian foreign trade in next 12 years. Achieving such a
target is tough but achievable provided the government, industry, trade community,
bureaucracy and TPO shall act in tandem to achieve it. However the government responsibility
and initiatives shall be of paramount importance in promotion & facilitations of foreign trade by
creating congenial environment for business, convenient re ulatory procedure and most
importantly to prop up the trade logistical infrastructure to reduce the transactional cost in
Indian foreign trade which is one among the highest in world at 12 % of GDP.
Putting India in league of global export champions require international norms of efficiency,
productivity and cost reduction in Indian foreign trade. The cost of moving cargo to and from the
country is critical element of country logistical efficiency and competitiveness. A Study of
Organization for Economic Cooperation and Development entitled “Logistics and Time as a
Trade Berrier! ” tells that cost of poor border procedures and subsequent time consumption in
moving carriers/ viechels could vary between