Let us take the example of the Republic of Poland, the largest country in this group. Poland has modelled its rapid transformation after the fall of communism in 1989 on the Asian tiger economics, and has taken quick steps to have Special Agreements Remembership with the European Union (EU) and Central European Free Trade Agreement (Cefta), and also the membership of the organisation of Economic Development & Co-operation (OECD). This gives the full benefits of global regulations including avoidance of double taxation.

If we build an organisation in the form of an Indo-Polish joint venture with minimum 60 per cent Indian participation, we have our organisation not only in Poland, but also in the EU. Thus a Indo-Polish joint venture in Poland not only give access to Europe's fastest-growing economy, but can be the means of setting up a low-cost highly productivemanufacturing base not only in Poland, but also in the EU and Cefta countries.

This is the best way for India Inc to be Europeanised. One joint venture in Poland can give you an organisation as good as any in any part of Europe, and you can have tariff-free access to the EU and Cefta markets. It is more economical to supply to Russia and the US from Poland owing to special bilateral agreements. As Indian financial institutions, banks and insurance organisations are interested in rapidly expanding their extensive network and also modernising the same, a Indo-Polish joint venture will be immensely helpful.

Here are a few proposals for Indo-Polish joint ventures, which will help in expanding our exports and serve as a new technique for export promotion.

Textiles and Garments: The polish clothing industry is incapable of competing with Indian companies in the production of cheap clothes, though it is good enough to attract the interest of Indian outward processing trade (OPT). A Indo-Polish jointventure can be a very good processing unit for our textiles.

Leather and shoe uppers: Shoes produced in Poland under the venture from Indian uppers can be sold not only in Poland, but also in the EU (without quota and tariff), Cefta, Russia and so on.

Electronics and computer software: The Indian software industry (with sales of $1.2 billion last year) is growing at over 40 per cent a year. Fortunately, it is highly competitive Internationally and it is possible to organise a joint venture with leading Polish companies like Optimus and others.

Pharmaceutical products: Our leading pharmaceutical giants like Ranbaxy, Cipla and Torrent can have successful joint ventures with polish pharmaceutical companies (popularly know as "Polfa") for marketing not only in Poland but also in neighbouring countries.

Tea-packing unit: Indian tea is quite popular in Poland. Being the second-largest importer of Indian tea (next only to the UK), if a packing unit is set up under a joint venture,it would be very useful in exporting to neighbouring East-West European countries.

Coffee-roasting plant: Indian coffee can be more popular if uniform quality, regular supply and international price STDs are achieved. An Indo-Polish roasting plant can be a very attractive proposal.

Jute bags-making unit: Jute cloth is to be exported from India to have jute bags under the joint venture. To get certificate of polish origin, once packed as "Made in Poland", Jute bags command a special premium and can be exported without quota or tariff to EU.

Automobile- and bicycle spare parts-making units: It is a question of selecting special automobile parts. The Polish people have been buying new cars of more than half a million per year, more than total production of cars in India. One can imagine the demand for spare parts.

Various types of hand tools: Indian hand tools have been found to be quite competitive. A joint venture will add prestige and quality to the production.

We canalso mention many engineering items. A small manufacturing-processing unit with the import of Indian basic material can be a very good proposal for Europeanisation of our production techniques and material developed in India. This is perhaps the best way to export and re-export our products in new forms under joint ventures for the European and global markets.

Another new technique for the globalisation of our foreign trade is to undertake counter-trade proposals.

Now, we cannot have cleaning payment or rupee-payment system owing to special agreements with the IMF, World Bank, WTO and such international organisations.

What is the new method for counter-trade?

One big transaction of counter-trade was undertaken by the Polish enterprise Elektrim SA Warsaw by offering a power plant to the Gujarat Electricity Board against exports from India. This type of counter-trade is arranged by "Evidence A/c" system, for which the RBI is granting special permission.

These proposals and suggestions will help inEuropeanising and globalising our trade, industry and export promotion.