what is the factor the Indian foreign trade policy was based on
Answers
factors influence the Foreign Policy of India:-
India’s key diplomatic engagements, at bilateral, plurilateral or even multilateral levels, are defined by such targets.
There are many ways to judge the relationship between two countries, including cultural exchanges, defence cooperation, people-to-people interaction and historical ties. But trade and investment targets set concrete milestones against which progress can be gauged.
The target-driven approach is now spreading to bilateral ties even with smaller nations: for example, India and Vietnam agreed to a bilateral trade target of $15 billion, to be met by 2020.
There are delays in making policies into actions - India’s free trade agreement (FTA) with the Association of Southeast Asian Nations (ASEAN) is a good example.
India signed the FTA for goods in 2009, but the one on services and investment, arguably India’s strong point, is yet to come into force.
Now, India has done the next best thing: it has stretched out both the physical target as well the end-date to include more trading partners and to purchase some more time before the targets are to be met.
During Prime Minister Narendra Modi’s first state visit to the US in September of 2015, the joint statement he issued with President Barack Obama stated that two-way trade has increased five-fold since 2001 to nearly $100 billion, and that US President Obama and Prime Minister Modi committed to facilitate the actions necessary to increase trade another five-fold.