Explain the changes initiated in foreign trade policy after 1991.
Dear Student,
Foreign trade policy initiated the following changes in the economy:
1. Reduction in tariffs: For globalisation and in order to benefit the economy internationally,custom duties and tariffs on imports and exports which were very high earlier were started reducing gradually.
2. Withdrawal of quantitative reduction: The restrictions on the imports related to the the quantity of the imports allowed in the country were totally removed. There was no restriction on the quantity of the goods imported from other countries from thereon.
3. Removal of restrictions: Foreign trade policy removed all the restrictions and barriers which were present before. There was an open market operation and open competition within the country and with the foreign countries was encouraged. Facilities relating to promote foreign trade was provided for its easy operation.
Regards
Foreign trade policy initiated the following changes in the economy:
1. Reduction in tariffs: For globalisation and in order to benefit the economy internationally,custom duties and tariffs on imports and exports which were very high earlier were started reducing gradually.
2. Withdrawal of quantitative reduction: The restrictions on the imports related to the the quantity of the imports allowed in the country were totally removed. There was no restriction on the quantity of the goods imported from other countries from thereon.
3. Removal of restrictions: Foreign trade policy removed all the restrictions and barriers which were present before. There was an open market operation and open competition within the country and with the foreign countries was encouraged. Facilities relating to promote foreign trade was provided for its easy operation.
Regards