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Consider the following statements about India's New Foreign Trade Policy (FTP).
1. It is announced by ministry of External affairs.
2. It was earlier known as Export-Import policy.
3. As part of FTP, India has signed CEPA (Comprehensive Economic Partnership Agreement)
with South Korea.
1. It is announced by ministry of External affairs.
2. It was earlier known as Export-Import policy.
3. As part of FTP, India has signed CEPA (Comprehensive Economic Partnership Agreement)
with South Korea.
Q. Select the correct statements from above
- a)1 and 2
- b)2 and 3
- c)1 and 3
- d)All of the above
Correct answer is option 'B'. Can you explain this answer?
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Verified Answer
Consider the following statements about Indias New Foreign Trade Polic...
India’s Foreign Trade Policy
The Government of India, Ministry of Commerce and Industry announced New Foreign Trade
Policy on 01st April 2015 for the period 2015-2020, earlier this policy known as Export Import
(Exim) Policy.
• All export and import-related activities are governed by the Foreign Trade Policy (FTP), which
is aimed at enhancing the country's exports and use trade expansion as an effective instrument
of economic growth and employment generation.
• The Department of Commerce has announced increased support for export of various products
and included some additional items under the Merchandise Exports from India Scheme (MEIS)
in order to help exporters to overcome the challenges faced by them.
• The Central Board of Excise and Customs (CBEC) has developed an 'integrated declaration'
process leading to the creation of a single window which will provide the importers and
exporters a single point interface for customs clearance of import and export goods.
The Government of India, Ministry of Commerce and Industry announced New Foreign Trade
Policy on 01st April 2015 for the period 2015-2020, earlier this policy known as Export Import
(Exim) Policy.
• All export and import-related activities are governed by the Foreign Trade Policy (FTP), which
is aimed at enhancing the country's exports and use trade expansion as an effective instrument
of economic growth and employment generation.
• The Department of Commerce has announced increased support for export of various products
and included some additional items under the Merchandise Exports from India Scheme (MEIS)
in order to help exporters to overcome the challenges faced by them.
• The Central Board of Excise and Customs (CBEC) has developed an 'integrated declaration'
process leading to the creation of a single window which will provide the importers and
exporters a single point interface for customs clearance of import and export goods.
Most Upvoted Answer
Consider the following statements about Indias New Foreign Trade Polic...
Explanation:
Statement 1:
- The statement is incorrect. India's New Foreign Trade Policy (FTP) is announced by the Ministry of Commerce and Industry, not the Ministry of External Affairs.
Statement 2:
- The statement is correct. India's Foreign Trade Policy was earlier known as the Export-Import policy before it was renamed as the Foreign Trade Policy.
Statement 3:
- The statement is correct. As part of the Foreign Trade Policy, India has indeed signed a Comprehensive Economic Partnership Agreement (CEPA) with South Korea to promote trade and economic cooperation between the two countries.
Therefore, the correct statements from the given options are 2 and 3, making the answer option 'B'.
Statement 1:
- The statement is incorrect. India's New Foreign Trade Policy (FTP) is announced by the Ministry of Commerce and Industry, not the Ministry of External Affairs.
Statement 2:
- The statement is correct. India's Foreign Trade Policy was earlier known as the Export-Import policy before it was renamed as the Foreign Trade Policy.
Statement 3:
- The statement is correct. As part of the Foreign Trade Policy, India has indeed signed a Comprehensive Economic Partnership Agreement (CEPA) with South Korea to promote trade and economic cooperation between the two countries.
Therefore, the correct statements from the given options are 2 and 3, making the answer option 'B'.
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Consider the following statements about Indias New Foreign Trade Policy (FTP).1. It is announced by ministry of External affairs.2. It was earlier known as Export-Import policy.3. As part of FTP, India has signed CEPA (Comprehensive Economic Partnership Agreement)with South Korea.Q. Select the correct statements from abovea)1 and 2b)2 and 3c)1 and 3d)All of the aboveCorrect answer is option 'B'. Can you explain this answer?
Question Description
Consider the following statements about Indias New Foreign Trade Policy (FTP).1. It is announced by ministry of External affairs.2. It was earlier known as Export-Import policy.3. As part of FTP, India has signed CEPA (Comprehensive Economic Partnership Agreement)with South Korea.Q. Select the correct statements from abovea)1 and 2b)2 and 3c)1 and 3d)All of the aboveCorrect answer is option 'B'. Can you explain this answer? for Defence 2024 is part of Defence preparation. The Question and answers have been prepared according to the Defence exam syllabus. Information about Consider the following statements about Indias New Foreign Trade Policy (FTP).1. It is announced by ministry of External affairs.2. It was earlier known as Export-Import policy.3. As part of FTP, India has signed CEPA (Comprehensive Economic Partnership Agreement)with South Korea.Q. Select the correct statements from abovea)1 and 2b)2 and 3c)1 and 3d)All of the aboveCorrect answer is option 'B'. Can you explain this answer? covers all topics & solutions for Defence 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements about Indias New Foreign Trade Policy (FTP).1. It is announced by ministry of External affairs.2. It was earlier known as Export-Import policy.3. As part of FTP, India has signed CEPA (Comprehensive Economic Partnership Agreement)with South Korea.Q. Select the correct statements from abovea)1 and 2b)2 and 3c)1 and 3d)All of the aboveCorrect answer is option 'B'. Can you explain this answer?.
Consider the following statements about Indias New Foreign Trade Policy (FTP).1. It is announced by ministry of External affairs.2. It was earlier known as Export-Import policy.3. As part of FTP, India has signed CEPA (Comprehensive Economic Partnership Agreement)with South Korea.Q. Select the correct statements from abovea)1 and 2b)2 and 3c)1 and 3d)All of the aboveCorrect answer is option 'B'. Can you explain this answer? for Defence 2024 is part of Defence preparation. The Question and answers have been prepared according to the Defence exam syllabus. Information about Consider the following statements about Indias New Foreign Trade Policy (FTP).1. It is announced by ministry of External affairs.2. It was earlier known as Export-Import policy.3. As part of FTP, India has signed CEPA (Comprehensive Economic Partnership Agreement)with South Korea.Q. Select the correct statements from abovea)1 and 2b)2 and 3c)1 and 3d)All of the aboveCorrect answer is option 'B'. Can you explain this answer? covers all topics & solutions for Defence 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements about Indias New Foreign Trade Policy (FTP).1. It is announced by ministry of External affairs.2. It was earlier known as Export-Import policy.3. As part of FTP, India has signed CEPA (Comprehensive Economic Partnership Agreement)with South Korea.Q. Select the correct statements from abovea)1 and 2b)2 and 3c)1 and 3d)All of the aboveCorrect answer is option 'B'. Can you explain this answer?.
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