Lok Sabha passes bill to regulate foreign trade

New Delhi, Aug 12 (IANS) The Lok Sabha Thursday passed a bill aimed at promoting foreign trade and enabling the government to take swift action in trade disputes.

The bill, which was passed by the Rajya Sabha on Aug 9, makes changes in the Foreign Trade (Development and Regulation) Act, 1992.

Minister of Commerce and Industry Anand Sharma said the government would take all necessary measures to boost foreign trade, especially exports.

Sharma assured the lower house of the Parliament that India would accept any deal at the WTO under pressure from the developed countries. ‘India’s national interests have to be protected fully. There is no question of any compromise or accepting anything under any pressure,’ he added.

Sharma said the European Union had proposed some measures to reach a deal on the Doha round of the WTO trade negotiations. ‘But this is not enough. It does not fully protect our national interest,’ Sharma added.

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