India And The International Trade

3292 Words Nov 10th, 2014 14 Pages
1.1Background
Since gaining liberalization, India has been active in international trade, and is today one of the major trading nations in the world. The Indian economy has been highly dependent on external trade; presently, India’s major trading partners were China, United Arab Emirates, United States, Saudi Arabia Switzerland, Singapore and Germany.
As a shining, modern, and well developing country, India has been actively promoting trade expansion and enhancement with all the European countries especially with Germany. In view of this, India has been actively promoting bilateral trade to achieve this target by implementing different strategy. One of them is by expanding trade relation with the European countries.
Within the European Union region Germany considered as prosperous country which has been an active trading partner for India since 19th century (Rediscover Trading, n.d.). In the mean time, both India and Germany represent modern, dynamic, and become an example as developed country in the world. It is also now national policy to increase India’s exports to the European markets. Normally, India’s trade has grown at a faster rate compared to the growth of GDP over the past two decades, with the liberalization since 1991 in particular, the importance of international trade in India’s economy has grown significantly (Kumar, 2001). India is now executing the new approach to its international trade strategy by shifting from dependency on traditional exports products…
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