Trade policy to focus on new markets: Sharma

The government will give emphasis to incentivising export diversification to non-traditional areas while reviewing the country's foreign trade policy, commerce and industry minister Anand Sharma said today.

The move comes in the backdrop of a big dent in the country's exports to its traditional markets such as the United States, the European Union and Japan.

Speaking at an interactive meeting jointly organised by the Confederation of Indian Industry and the Federation of Indian Export Organisations (FIEO), Sharma said: "We will look at diversification so that other continents which have not been traditional destinations of Indian exports are also covered. This will help in boosting our exports."

While claiming that the measures adopted by the government so far have helped to arrest the declining trend in exports, he said the government would address all their "genuine concerns" while reviewing foreign trade policy.

The minister also said the government's stimulus measures have helped core sector industries achieve 6.5 per cent growth in June this year against a growth rate of 5.1 per cent in June 2008.

Sharma, who now heads the Board of Trade, also assured exporters and the industry in general that the government would consider the leads provided by them and soften procedural hassles to trade.