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.
Write a detailed note on features, structure, objectives and functioning of WTO.
Q 4.
What is Advance License Scheme?
Q 5.
Discuss the process involved in securing for exports.
Q 6.
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 7.
When was State Trading Corporation established?
Q 8.
What is Shipping Bill?
Q 9.
Name the most important document of export.
Q 10.
What was the objective of MIGA?
Q 11.
What is the main objective of WTO?
Q 12.
Name the most important document used in import.
Q 13.
How many Export Promotion Councils are there in India?
Q 14.
Define Mate's Receipt.
Q 15.
Why is it necessary for an export firm to go in for pre-shipment inspection?
Q 16.
Why is export promotion necessary?
Q 17.
List out major affiliated bodies of the World Bank.
Q 18.
Which certificate is necessary to prove that goods are produced in the home country itself ?
Q 19.
Write the full form of ICSID.
Q 20.
Define Export Processing Zones.
Q 21.
When was IIFT formed?
Q 22.
Write short notes on the following:
- UNCTAD
- MIGA
- World Bank
- ITPO
- IMF
Q 23.
Give full form of EPZ and SEZ.
Q 24.
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.
Q 25.
Santa Cruz is famous for which exclusive items?
Q 26.
What is pre-shipment finance?
Q 27.
List and explain various incentives and schemes that the government has evolved for promoting the country's foreign trade.
Q 28.
Write the full form of DTA.
Q 29.
What is IEC number?
Q 30.
Identify various organizations that have been set up in the country by the government for promoting country's foreign trade.
Q 31.
How many regional and international offices does ITPO have?
Q 32.
What is World Bank? Discuss its various objectives and role of its affiliated agencies.
Q 33.
Name the certificate which is used for ensuring timely payment.
Q 34.
Explain the steps of export procedure.
Q 35.
Explain briefly the process of customs clearance of export goods.
Q 36.
How many Commodity Boards are there in India?
Q 37.
Explain the term FOB.
Q 38.
What is a Letter of Credit? Why does an exporter need this document?
Q 39.
Explain the term FOB.
Q 40.
Why is it necessary to get registered with an Export Promotion Council?
Q 41.
What is IMF? Discuss its .various objectives and functions.
Q 42.
Who is a clearing agent?
Q 43.
Which agency of World Bank provides loan to private sector of developing countries?
Q 44.
Who is a clearing agent?
Q 45.
Discuss the procedure related to excise clearance of goods.
Q 46.
What is the purpose of pre-shipment finance?
Q 47.
Discuss the formalities involved in getting an export license.
Q 48.
Discuss the process involved in securing for exports.
Q 49.
What is Performa Invoice?
Q 50.
Your firm is planning to import textile machinery from Canada. Describe the procedure involved in importing.
