Prime Minister Manmohan Singh has set up a high-powered inter-ministerial committee, under his chairmanship, to ease the process of taking decisions on formalising trade and economic initiatives with other countries.Besides the Prime Minister, the nine-member Trade and Economic Relations Committee (TERC) includes External Affairs Minister K. Natwar Singh, Finance Minister P. Chidambaram, Commerce Minister Kamal Nath, Planning Commission deputy chairman Montek Singh Ahluwalia, chairman of the PM’s Economic Advisory Council C. Rangarajan, chairman of National Manufacturing and Competitiveness Council V. Krishnamurthy, National Security Advisor M.K. Narayanan and PM’s Principal Secretary T.K. Nair.All major foreign economic initiatives by the government will now be put through this committee. According to PM’s media advisor Sanjaya Baru, the idea is to facilitate discussion between ministries and reach a decision that will flow from the highest level. This will help remove bureaucratic obstacles that tend to impede decision-making, he saidWith much of the foreign policy focus now on economic relations, the PMO is of the view that a committee of this nature will take on board the views of concerned ministries before arriving at a decision. The PM can invite any other minister to the TERC meeting, given the issue at hand, Bru said. The secretaries of the ministries in the TERC can also be present. Principal Secretary T.K. Nair will be the panel’s convenor.Baru said the committee will also it define the economic content in India’s foreign relations. ‘‘It will co-ordinate all economic and trade relations between India and other countries.” Before foreign visits, TERC will advise the PM. To begin with, the committee will be busy with the PM’s proposed visit to the US this July as well as the upcoming G-8 meet.
