MUMBAI: India's proposal in World Trade Organisation (WTO) on trade facilitation in services agreement is expected to boost global services trade, a Government official said here.
"India's proposal in WTO on trade facilitation in services is not about seeking additional market access but to make existing market access meaningful," Ministry of Commerce & Industry Joint Secretary Sudhanshu Pandey said here.
Speaking at a session on services organized by Confederation of Indian Industry (CII) Pandey said that it is expected to boost global services trade. It will also result in reduction of transaction costs associated with unnecessary regulatory and administrative burden on trade in services.
India tabled its proposal on trade facilitation in services at the WTO in October 2016, with the objective to briefly outline the concept of a TFS agreement.
"Services have never been given the due importance in trade negotiations despite the sectors' significant contribution in World GDP, Pandey emphasized.
Last week Indian industry raised this issue with the WTO Chief Roberto Azevedo, when he was in Delhi to interact with industry members.
Indian industry urged WTO members to help in garnering support for India's proposal on Trade Facilitation in Services.
Source: Dailyshippingtimes.com
