Corp Affairs Min wants competition norms in FTP.

New Delhi : The Corporate Affairs Ministry has asked its Commerce counterpart to incorporate provisions of Competition Act in the proposed foreign trade policy to ensure fair and healthy competition in Indian markets.

The Foreign Trade Policy (FTP) for 2008-14 would come to an end in March next year. The Commerce Ministry has sought views of various departments and ministries, including the Corporate Affairs Ministry, on FTP.

In its comments, the Corporate Affairs Ministry asked for ensuring healthy competitive practices in trade, an official said.

The Corporate Affairs Ministry has said FTP should keep in view the “provisions of Competition Act 2002 so that anti-competitive activities do not affect the healthy competition in Indian markets and protects the interest of consumers and ensure freedom of trade carried on by other participants in markets in India”.

“The next policy (FTP) would include a long and medium term strategy so as to enhance trade competitiveness. The policy may also include measures which make our exports more competitive by boosting productivity and generate exportable surplus,” another official said.

In view of the increasing current account deficit (CAD), the Department of Commerce is working out ways to enhance exports and take measures for import substitution.

The CAD, the difference between inflow and outflow of foreign exchange, touched a record high of USD 88.2 billion or 4.8 per cent of GDP in 2012-13 on account of higher gold and oil import.

The government has taken several steps, including hike in gold import duty to 10 per cent and restrictions on import of gold bars and medallions, to restrict CAD.

Source : freepressjournal.in