The report released here on Thursday also pointed out that sharp depreciation in the currencies of the the South East Asian countries, has not only affected India's competitiveness in items of common interest with such countries but has also resulted in considerable slowdown in export to these nations.

It further added that internally, the slow growth of industrial output coupled with infrastructural bottlenecks and high-cost of export finance has also hampered the growth of exports.

India's export during 1997-98 were valued at $33,980 million over the exports valued at $33,106 million in 1996-97 indicating a growth of 2.64 per cent. Imports during the same period totalled $40,779 million as against $38,548 million representing an increase of 5.8 per cent. The trade deficit during the year worked out tobe $6799 million up from $ 5442 million in the previous fiscal.

Commenting on the multilateral initiatives during 1997-98, the report added that India actively participated in the meeting of the Council for Trade Related Aspects of Intellectual Property Rights (TRIPs) to review IPR laws of developed countries and their enforcement. The report also pointed out that India was in the process of examining the need for updating or amending its intellectual property rights laws to meet its obligations under the agreements.

The WTO agreement on technical barriers to trade held its first triennial review of the implementation of the agreement during 1997. The review recommended that the provisions relating to technical assistance and special and differential treatment for developing countries should be more effectively implemented and has drawn up a plan for this purpose. The plan would be implemented in the next three years and the progress reviewed in the next triennial review in 2000, the report said.

Thereport pointed out that major changes were effected in the Export and Import (Exim) Policy 1997-2002 under the EPCG scheme, gem and jewellery scheme, deemed exports, software, agro-sector, and incentives available to export houses, trading houses and star trading houses under the scheme. Considerable procedural simplification has been made under the duty exemption scheme, advance licence scheme and other export promotion schemes.

After announcement of the policy, the report added, further promotion measures have been taken based on detailed discussions with various export promotion agencies. These include extension of deemed export benefit to oil and gas sector including refineries; relaxation granted in criterion for recognition of export house/trading house/star trading house/super star trading house as desired by the industry among others.