This refers to the editorial "Restoring credibility" (August 29). It rightly suggests that the time has come to revamp our Foreign Trade Policy. Our major imports being oil, gas, coal, phospate etc. are mainly sourced from West Asia and Africa. Iran recently agreed to trade in rupees. Similar efforts need to be made with other countries. Secondly, Africa needs infrastructure projects such as rail, road, airports and agricultural equipment, besides other consumer items, but does not have the money to pay. It is time we resort to the old ways of trading viz. the barter system which would prove beneficial. We had similar trading arrangements with erstwhile USSR, under the Escrow account management.
N Balasubramanian Gurgaon
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N Balasubramanian Gurgaon
Letters can be mailed, faxed or e-mailed to:
The Editor, Business Standard
Nehru House, 4 Bahadur Shah Zafar Marg
New Delhi 110 002
Fax: (011) 23720201
E-mail: letters@bsmail.in
All letters must have a postal address and telephone number