Anand Sharma was handpicked by prime minister Manmohan Singh to take charge of the commerce and industry ministry. This was seen as a plum portfolio which other UPA coalition partners also coveted. But then, Singh was clearly impressed by Sharma’s skills in diplomacy and negotiation. These were precisely the skills required for a trade negotiator. Sharma on Thursday presented the foreign trade policy. He spoke to Nayanima Basu on the trade scenario worldwide. Excerpts: Excerpts:

What is the biggest selling point of your policy?

Biggest selling point of FTP is that labour intensive sectors have been given more support. The policy has to be understood in totality. It ensures stability and continuity. It ensures availability of dollar credit that will be seen over by a committee. The labour intensive sector has been fully covered and enhanced entitlement (for duty exemption) has been given to them. Interest subvention has been continued. Gold jewellery has been given support, incentives to promote handicrafts has also been taken care of.

What is the imperative vis-à-vis your specific markets and product schemes measures?

We have gone in for diversification of focus market scheme, as we cannot wait for revival of traditional markets in EU and US. Therefore, we have added 39 new markets under the focus market scheme.

It will take time, but the implementation will start immediately. Some new markets amongst these are big ones like Africa, Latin America, Brazil and Mexico, Pacific and Far East. So, these new markets with over 1,100 new products have huge potential. We have identified these

markets after careful consideration and followed a strategy. We were clear that we would identify those markets where the potential for Indian products exist.

Are protectionist policies being adopted by western economies a concern?

WWe have been urging major economies like EU & US to eschew protectionist tendencies because that will only deepen recession and delay revival. We have to double our share in global exports. This is a modest approach, a cautious one. We have doubled the allocation under market assistance scheme. We have had detailed consultations with export councils and industry. We are also conscious of the fact that there has been shrinkage of the developed economy. A return to pre-recession level does not appear to be possible in the foreseeable future. It will happen but when, we cannot say. Instead of a V-shaped recovery it looks like a U-shaped recovery, slow to come up. Therefore, we have given more incentives, increased entitlements, continued with earlier stimulus and incentives and we are looking at new markets.