International Trade One Liner Questions & Answers


Questions Answers
1 Which Ministry of Government of India is related for India’s Foreign Trade Policy? Ministry of Commerce and Industry
2 The long-term vision of the Department of Commerce is to make India a major player in the world trade by – 2020
3 More than 50 percent of India’s import comes from – Asian countries
4 India has the maximum volume of foreign trade with – USA
5 The payment of foreign trade is related to – Balance of Payment
6 The Balance of Payments (BoP) of a country is a systematic record of –
All import and export transactions of a country during a given period of time, normally a year
7 India spends the maximum foreign exchange on the import of which item? Petroleum products
8 The two largest items of import in India in recent years are Super ‘301’ is related to – Capital goods and petroleum products
9 The biggest LNG supplier to India is – Qatar
10 The term ‘West Texas Intermediate’, sometimes found in news, refers to a grade of – Crude oil
11 A ‘Letter of Credit’ is produced by – An importer
12 The largest percentage share in India’s export trade is of – Gems and jewellery
13 The largest importer country of Indian textiles is – United States of America
14 The production of cultured pearl is an important cottage industry of – Japan
15 The New Exim Policy announced in 1992, is for period of – 5 years
16 The process of Globalization refers to – Dismantling barriers in international trade
17 Globalization of Indian Economy means –
Having minimum possible restrictions on economic relations with other countries
18 The first phase of liberalization was initiated in India under the regime of – P.V. Narsimha Rao
19 Free Trade Policy refers to a policy where there is – Absence of tariff
20 A free trade zone is one where –
Industries are free from excise duties and produce for exports
21 The policy for Special Economic Zone (SEZ) was introduced in the country for the first time in – 2000
22 The Special Economic Zone (SEZ) Act became effective in – 2006
23 India’s first Export Processing Zone (EPZ) was created in – Kandla
24 The first Export Processing Zone of the Private Sector was established at – Surat
25 In relation to the previous year, growth rate in exports from the functioning of Special Economic Zones was highest in which year? 2007-08
26 SEZ India mobile app has been launched in January, 2017 by – Ministry of Commerce and Industry
27 In which year the Export-Import (EXIM) Bank of India was set up? 1982
28 ECGC is related to – Export Financing and Insurance
29 India Brand Equity Fund was established in – 1996
30 India has recently signed a Comprehensive Economic Co-operation Agreement with – Malaysia