Prime Minister Manmohan Singh has constituted a Trade and Economic Relations Committee that will function as a new institutional mechanism for evolving policies on economic relations with other countries.

The P.M. will chair the committee whose members will include the external affairs minister, finance minister, commerce and industries minister, deputy chairman, Planning Commission, chairman, National Manufacturing Competitiveness Council, National Security Advisor and the Principal Secretary to P.M., who will act as Convenor of the Committee.

The Secretaries of the Departments of Economic Affairs, Revenue, Commerce, Industrial Policy & Promotion, Planning and External Affairs would be permanent invitees. The P.M. may invite other ministers or officials from time to time.

The TERC will coordinate preparatory work on the strategy on economic relations with India's major economic partners, neighbours and regional economic groupings. The Committee may commission specialized studies, suggest mechanisms for promoting economic cooperation, suggest the scope and extent of economic engagement with identified countries and examine proposals for economic coordination between India and other countries.