Centre should form committee to study export-import trends: FIEO

CHENNAI: In the wake of increasing trade deficit, industry body FIEO today asked the Centre to form a committee to prepare a study on the export-import trends.

"The growing trade deficit of USD 185 Billion is a cause of concern and it will further increase our current account deficit," Federation of Indian Exports Organisation (FIEO) President M Rafeeque Ahmed said in a statement.

"The government should form a committee to evaluate import trends and augment domestic production to ease pressure on imports," he added.

Ahmed said the downward revision of world trade to 3.7 per cent by World Trade Organisation points to 'challenging times' ahead.

Meanwhile, the industry body complemented the Commerce and Industry Ministry on achieving $ 300 billion export target for the 2011-12 fiscal.

"Achieving such stupendous target has been the outcome of market diversification strategy of the Commerce Ministry and deeper penetration through various Free Trade and Comprehensive Economic Partnership Agreements", Ahmed said.