PM`s trade panel reviews India`s global economic ties

Prime Minister`s TERC, which includes senior ministers, met today against the backdrop of protectionist build-up in several developed countries as well as India`s concluding talks on free trade pact with Japan.

Last Updated: Sep 14, 2010, 23:46 PM IST

New Delhi: Prime Minister`s Trade and
Economic Relations Committee (TERC), which includes senior
ministers, met today against the backdrop of protectionist
build-up in several developed countries as well as India`s
concluding talks on free trade pact with Japan.

Prime Minister Manmohan Singh is understood to have
reviewed state of India`s trade and economic relations with
key partners like the US, European Union, Japan and South East
Asian nations.

Finance Minister Pranab Mukherjee, External Affairs
Minister S M Krishna, Commerce and Industry Minister Anand
Sharma and Deputy Chairman Planning Commission Montek Singh
Ahluwalia are members of the TERC.

Sources said the ban on offshore outsourcing by the
government departments in the Ohio state of the US and
increasing American political campaign on the subject, figured
in the discussions.

Protectionist steps are also visible in the UK in the
form of tougher visa regime for emigrants and are affecting
Indian students and professionals.

The meeting also reviewed India`s economic engagement in
the South East Asian and East Asian nations, sources said.

Meanwhile, the country is likely to sign a free trade
agreement with Japan next month.

After operationalising the Free Trade Agreement with
ASEAN for trade inputs, India is keen on getting into similar
arrangement for services and investment with the 10-member
trading bloc.

PTI