Question:
Identify various organizations that have been set up in the country by the government for promoting country's foreign trade.
Answer:
In order to promote foreign trade, the Government has set up the following institutions:
- Indian Institute of Foreign Trade (IIFT): Established in 1963 under the Societies Registration Act, the IIFT is an autonomous body responsible for the management of the country's foreign trade. It is also a deemed university that provides training
in international trade, conducts research in areas of international business and disseminates data related to international trade.
- Export Inspection Council (EIC): The EIC was established by the Government of India under Section 3 of the Export Quality Control and Inspection Act, 1963, with the objective of promoting exports through quality control and pre-shipment inspections. According to this act, all goods that are meant for exports (except some commodities) must pass through the EIC for quality inspection.
- Indian Institute of Packaging (IIP): The IIP is a training and research institute established in 1966 by the joint efforts of the Ministry of Commerce of the Government of India, Indian Packaging Industry and Allied Industries. The institute caters to the packaging needs of domestic manufacturers and exporters.
- Indian Trade Promotion Organisation (ITPO): The ITPO was formed on January 1, 1992, under the Companies Act, 1956. Its main objective is to maintain close interactions among traders, industry and the government. In order to fulfill this objective, the ITPO organizes trade fairs and exhibitions within and outside the country, thereby helping export firms to interact with international trade bodies.
- Department of Commerce: The Department of Commerce is the apex body in the Ministry of Commerce of the Government of India and is responsible for formulating policies related to foreign trade as well as evolving import and export policies for the country. It is responsible for all matters related to the country's external trade.
- Export Promotion Councils (EPCs): Registered under the Companies Act or the Societies Registration Act, EPCs are non-profit organizations that are responsible for promoting the exports of particular products. However, the product promoted by a particular EPC must fall under its jurisdiction.
International Business II
Q 1.
List various affiliated bodies of World Bank.
Q 2.
Name any two WTO Agreements.
Q 3.
Explain the meaning of the following documents used in connection with import transactions
- Trade enquiry,
- Import license,
- Shipment of advice,
- Import general manifest,
- Bill of entry.
Q 4.
What is Advance License Scheme?
Q 5.
Discuss the process involved in securing for exports.
Q 6.
What is Shipping Bill?
Q 7.
Name the most important document of export.
Q 8.
What was the objective of MIGA?
Q 9.
List out major affiliated bodies of the World Bank.
Q 10.
Write short notes on the following:
- UNCTAD
- MIGA
- World Bank
- ITPO
- IMF
Q 11.
Write a detailed note on features, structure, objectives and functioning of WTO.
Q 12.
What is the main objective of WTO?
Q 13.
How many Export Promotion Councils are there in India?
Q 14.
Why is export promotion necessary?
Q 15.
Define Export Processing Zones.
Q 16.
Name the most important document used in import.
Q 17.
What is pre-shipment finance?
Q 18.
Why is it necessary for an export firm to go in for pre-shipment inspection?
Q 19.
When was State Trading Corporation established?
Q 20.
Discuss the principal documents used in exporting.
Q 21.
Santa Cruz is famous for which exclusive items?
Q 22.
Explain briefly the process of customs clearance of export goods.
Q 23.
How many regional and international offices does ITPO have?
Q 24.
Give full form of EPZ and SEZ.
Q 25.
Explain the term FOB.
Q 26.
Your firm is planning to import textile machinery from Canada. Describe the procedure involved in importing.
Q 27.
Write the full form of ICSID.
Q 28.
Write short note on Indent House and Dock Challan.
Q 29.
Explain different organizations involved in export promotion or facilitating foreign trade.
Q 30.
What is IMF? Discuss its .various objectives and functions.
Q 31.
Who is a clearing agent?
Q 32.
Why is it necessary to get registered with an Export Promotion Council?
Q 33.
Name the certificate which is used for ensuring timely payment.
Q 34.
How many Commodity Boards are there in India?
Q 35.
Discuss the formalities involved in getting an export license.
Q 36.
Which agency of World Bank provides loan to private sector of developing countries?
Q 37.
When was IIFT formed?
Q 38.
What is Performa Invoice?
Q 39.
What is IEC number?
Q 40.
List and explain various incentives and schemes that the government has evolved for promoting the country's foreign trade.
Q 41.
Explain the meaning of Mate's Receipt.
Q 42.
Explain the steps of export procedure.
Q 43.
Define Mate's Receipt.
Q 44.
What is Bill of Lading? How does it differ from bill of entry?
Q 45.
Explain the term FOB.
Q 46.
What is the purpose of pre-shipment finance?
Q 47.
Write the full form of DTA.
Q 48.
Why did WTO establish? What are its objectives?
Q 49.
Discuss the process involved in securing for exports.
Q 50.
Rekha Garments has received an order to export 2000 men's trousers to Swift Imports Ltd. located in Australia. Discuss the procedure that Rekha Garments would need to go through for executing the export order.
