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Synopsis Trade, being an engine of growth, has a significant role to play in the economic development of a nation. India’s trade links with all the regions of the world have increased over the years. In view of the current wave of world-wide globalisation, India has taken major initiatives to diversify its export base as also their destinations. Exports cover over 7500 commodities to about 190 countries while imports from 140 countries account for over 6000 commodities. Recently, electronics hardware and software exports have increased in a significant way and these are mainly to the advanced countries. Export promotion is now a continuous and sustained effort and specific steps in the direction have been taken and achievements have been made in recent years. Trade policy reforms like simplification and streamlining of procedures and addition of items in the Special Import Licence (SIL) to improve premium and incentive to exports have created a free environment for trade, strengthened export production base and removed procedural irritants. Imports are being gradually liberalised to facilitate flow of raw-materials and inputs to the exports sector, beside widening and modernising the indigenous production base. This book discusses the emerging issues, challenges and perspectives of international trade and business in the 21 century.