It was "India Shining" on the trade front with exports growing at about 24 per cent against rupee appreciation and soaring crude oil prices while New Delhi put up a stupendous performance at the WTO to sew a deal aimed at pushing forward the Doha Round.
Exports maintained a growth momentum looking all set to clock the targeted $75 billion in the fiscal as the previous NDA Government rolled out a mini-EXIM policy in February and the new UPA Government unveiled National Foreign Trade Policy, a rechristened EXIM Policy.
Imports during April-November 2004 also showed a robust growth of 34.4 per cent to $64.2 billion, thus increasing the trade deficit to $17.8 billion from $10.3 billion in the same period last fiscal mainly on account of rising oil prices.
While multilateral trade received a big boost with the July Framework deal, the UPA Government after some initial dithering, sought to forge bilateral and regional trading agreements with a view to increase south-south cooperation and trade.