_________ was set up with prime objective of professionalizing the country’s foreign trade management by providing training, research and data dissemination.
Indian Institute of Foreign Trade (IIFT)
Understanding India's Foreign Trade Management
The question asks about the institution established with the primary goal of professionalizing the management of India's foreign trade sector. This involves providing specialized training, conducting research, and disseminating crucial data related to international trade.
Analyzing Options for Foreign Trade Management
Let's look at the roles of the organizations mentioned in the options:
- Export Promotion Council (EPC): EPCs are bodies specifically focused on promoting exports of particular products or sectors. They provide market information, assist exporters, and represent their respective industries. While important for trade, their main objective is not overall professionalization through broad training and research across the entire foreign trade domain.
- Indian Trade Promotion Organization (ITPO): ITPO's main function is to promote trade through organizing trade fairs and exhibitions, both within India and abroad. It acts as a nodal agency for trade promotion events. Its role is more focused on facilitating business interactions rather than providing academic or professional training and research in foreign trade management principles.
- Indian Institute of Foreign Trade (IIFT): IIFT is a premier institution in India dedicated to international business education, research, and training. It was established specifically to professionalize India's foreign trade sector by developing human resources, conducting in-depth research on trade-related issues, and disseminating information to stakeholders. Its programs and activities align directly with the objective mentioned in the question: professionalizing foreign trade management through training, research, and data dissemination.
Indian Institute of Foreign Trade's Role
The Indian Institute of Foreign Trade (IIFT) was indeed set up with the explicit mandate to professionalize the country's foreign trade management. It achieves this through:
- Offering academic programs (like MBA in International Business) to train future foreign trade professionals.
- Conducting research on various aspects of international trade and policy.
- Disseminating trade data, market intelligence, and research findings to government, industry, and academia.
Therefore, IIFT's core objectives perfectly match the description provided in the question.
Important Questions from International Trade
Consider the following statements about the international financial sources :
I. A Global Depository Receipt (GDR) is a bank certificate issued in more than one country for shares in a foreign country.
II. A GDR is very similar to American Depository Receipt (ADR).
Select the correct option.
Which of the following documents is not required for obtaining export license?
Which one of the following does not fall within the ambit of WTO operations ?
The following statements relate to Restrictive Trade Practices (RTP). Choose the correct code for the statements being correct or incorrect.
Statement I: Often the low price is the result of the predatory pricing strategy; prompting selling at prices below cost.
Statement II: This is done with an aim to drive out existing competitors because predatory pricing is a restrictive trade practice.
Given below are two statements, one labelled as Assertion (A) and the other labelled as Reason (R). Read the statements and choose the correct answer using the code given below.
Assertion (A): Growing proportion of the world output is traded internationally, causing faster growth of trade among nations.
Reason (R): This situation is bringing world economic integration, which is reinforced by cross-border capital flows and regional blocs.
