Wednesday, Apr 24 2024 | Time 16:02 Hrs(IST)
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Business Economy


Sitharaman emphasises on international trade in services

Sitharaman emphasises on international trade in services

New Delhi, Mar 23 (UNI) Minister of State for Commerce and Industry Nirmala Sitharaman today emphasised need for efficient and fair flow of services to promote international trade in services. Terming market access is not facilitation but an issue, the minister said knowledge has become a factor of production and it is important to know how to handle it. She said this while inaugurating a workshop facilitating trade in services here. The World Bank Group in partnership with the Department of Commerce, Ministry of Commerce and Industry, is organizing a two day workshop on issues which need to be addressed to facilitate Trade in Services. With a view to promote and facilitate international trade in services, India has taken the initiative of floating a draft Legal Text for an Agreement on Trade Facilitation in Services (TFS) at the WTO in February 2017, which proposes a way forward on comprehensively addressing the numerous border and behind-the-border barriers, across all modes of supply, which are experienced as impediments by the industry to the realization of the full potential of services trade, the Commerce and Industry Ministry said in a statement. Preceding the legal text, India tabled a 'Concept Note for an Initiative on Trade Facilitation in Services' in October 2016 followed by an ‘Elements Paper’ proposing the possible elements of the TFS Agreement in November 2016. The proposals by India have generated a lot of interest, both within and outside the WTO. Many members have welcomed the novel idea and approach of India in bringing forth this proposal. Some members have also raised concerns on certain issues. India looks forward to engaging in constructive discussion with all stakeholders to take this initiative forward, it added. UNI ASH SW 1924

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