The commerce ministry on Tuesday proposed to develop a long term vision document regarding the country's trade policy.
"There is a need to strengthen institutional structures at federal, state and local-levels of government for formulating a coherent long term vision of India's trade policy," Commerce Secretary SR Rao said at a function here. He was inaugurating a two-day round table on future contours of India's trade policy, organised by the Indian Institute of Foreign Trade (IIFT).
Rao said that the long term vision document should be based on inputs on different variables that could affect trade policy. "It is crucial to identify relevant variables, establish a mechanism for monitoring developments in respect of each variable and inputing the variables in the process of trade policy formulation," he said.