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<b>Letters:</b> Revamping foreign trade

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Business Standard New Delhi
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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First Published: Sep 01 2013 | 10:02 PM IST

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