PERFORMANCE AND PROSPECTS OF INDO IRAQ ECONOMIC COOPERATION IN THE POST SADDAM ERA

Abstract

The concept of free market has been the buzzword of contemporary development scheme. The asymmetrical distribution of resources and factors of production has required the economists and social scientists for mutual interaction and trade cooperation for the development of the global economy. In the contemporary world, India has a strong multilateral trading system and uses its trade policy as an instrument to attain the objectives of growth, industrialization, development, self-sufficiency and controlling inflation. The main objective of India s International Trade Policy has been to protect its market from international competitiveness and encourage the exports. An important view of this shift is the change in India s economic cooperation with the global market. These changes in economic policy have taken place at a time when global economic and political dealings have also been restored significantly. In the post globalisation period, international trade policy has covered essential changes to correct the prior anti export unfairness. Exports and imports development has sprung up and the contribution of foreign trade to GDP has increased. Yet, during this stage import growth rate has been higher than export growth rate. Therefore, the Government s policy has been more positive to export promotion strategy. However, a lot of pro-export policies have been in progress after liberalization. But the export promotion measures and improving competitiveness could not be fully successful and adverse balance of payment continues till date... newline