Indias proposal on services trade gets mixed response at WTO
The Dollar Business Bureau India’s proposal on Trade Facilitation Agreement (TFA) in Services at the World Trade Organisation (WTO) has got mixed response from the member nations, Commerce and Industry Minister Nirmala Sitharaman has informed the Parliament. India had circulated the proposed draft text on the TFA in Services at WTO in February this year. The draft has been discussed at relevant bodies of the WTO, said Sitharaman said in a written response to the Rajya Sabha. The proposal offers an outline for addressing various barriers to trade in services in a holistic and comprehensive manner, she said. “India’s proposal received a mixed response from the WTO members. Some members appreciated India’s proposal as being comprehensive in scope and well balanced,” the Minister said. “However, various developing and developed ...
Global services trade is far less than merchandise trade: President
Aamir H Kaki & Kanchi Batra “The global services trade is far less than the global merchandise trade; however, it has an equal potential given that most economies today are dominated by services sectors in terms of output and employment,” the President said while inaugurating the 3rd Global Exhibition on Services (GES) 2017 at Rashtrapati Bhawan, New Delhi. “At a time when global merchandise trade is slowing down, trade in services can bring new benefits to the global economy even as technology, connectivity and knowledge drive its growth,” Mukherjee said. However, global services trade is challenged by multiple issues relating to economic, legal and political spheres, he added. In order to encourage greater services trade globally, Mukherjee said that it requires us to address policy ...
India to ratify WTO trade facilitation pact: Commerce Secretary
Trade Facilitation Agreement (TFA), which was concluded by the WTO in Bali in 2013, aims at easing customs procedures to boost global commerce. Sources: PTI Teaotia also said that WTO members should move forward on liberalising the services sector as the segment assumes key importance for developing countries like India.India has completed most of the consultation process related with the WTOs trade facilitation agreement and the government is expected to ratify it at the earliest. Trade Facilitation Agreement (TFA), which was concluded by the WTO in Bali in 2013, aims at easing customs procedures to boost global commerce. Commerce Secretary Rita Teaotia said the agreement is important for boosting trade, simplifying customs rules and reducing the cost of trading. We are fully committed to ...
