Rajya Sabha passes bill to regulate foreign trade

New Delhi, Aug 9 (IANS) The Rajya Sabha Monday passed a bill to regulate foreign trade in certain goods and sensitive technologies and enable swift action in trade disputes.

Minister of Commerce and Industry Anand Sharma had moved the bill amending the Foreign Trade (Development and Regulation) Act, 1992.

The bill would bring in tighter export or trade control in the case of dual-use goods and related technologies and provide enabling provisions for establishing controls as in the weapons of mass destruction and their delivery systems (Prohibition of Unlawful Activities) Act, 2005.

It also brings technology and services, including financial services, within the ambit of the Act for the purpose of administering incentive schemes and other provision of the foreign trade policy.

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