question_answer

Do you think such a lengthy import and export is a hurdle in foreign trade? Explain.

Answer:

Ans.     Yes, a lengthy import and export procedure is certainly a hurdle in foreign trade. There are many paper formalities related to shipment, payment, delivery and insurance etc. which are legally compulsory and some are practically unavoidable. It demotivates a business man to engage in import and export trade. No doubt, fast modes of communication and transportation have reduced the hurdles but it is much more difficult than domestic trade still. Therefore, simplifying procedures can really promote international trade leaps and bounds.