1. United Nations’ projection for India’s exports to do well in coming times is quite encouraging for the country. According to Asia-Pacific Trade and Investment Report 2015 recently released by United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP) exports from India are expected to relatively do well in 2016 as their shipments are largely directed to advanced economies in Europe and North America that are expected to expand in the coming year.
2. Presently, India’s exports have registered a negative growth at (-) 24.3% for a consecutive tenth month. In light of the major challenges being faced by Indian exporters in the backdrop of the global economic slowdown Ministry of Commerce and Industry recently announced increased support for export of various products and included some additional items under the Merchandise Exports from India Scheme (MEIS).
3. Pertaining to global trade growth, WTO lowered forecast for world trade growth to 2.8% in 2015 from 3.3% in April. These revisions reflect a number of factors that weighed on the global economy in the first half of 2015, including falling import demand in China, Brazil and other emerging economies; falling prices for oil and other primary commodities and significant exchange rate fluctuations.
4. However, World Trade Organisation (WTO) in its recent flagship report World Trade Report 2015 highlighted that full implementation of the Trade Facilitation Agreement (TFA) reached in December 2013 has the potential to increase global merchandise exports by US$1 trillion per annum, with developing countries expected to capture more than half of these gains.
5. In the direction of strengthening international economic relations India has signed 18 MOUs/ Agreements with Germany during the visit of Chancellor of Federal Republic of Germany to India in the month of October.
6. Signing of Trans-Pacific Partnership (TPP) Agreement by Ministers of the 12 Trans-Pacific Partnership (TPP) countries, Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, United States, and Vietnam is also a major development at the international level.