News Details

( 16 May 2018)
India pitches for TFS in services at WTO: Min

Commerce and Industry Minister Suresh Prabhu has said that he has pitched for inclusion of the trade facilitation pact on services in the World Trade Organisation (WTO) saying it would help promote growth of the global economy.

"We are working on trade facilitation in services sector at WTO. We feel WTO will not be doing full justice to the economic development of the world unless services sectors are taken on board, so we are trying to work on that," he said.

He said that the proposed agreement would help professionals move smoothly from one place to another.

As per reports, on the lines of the trade facilitation pact in goods, India has submitted a detailed proposal to the WTO to negotiate a trade facilitation agreement in services (TFS). The TFS proposal aims at liberalising rules for movement of professionals and other steps to reduce transaction costs with a view to boost growth of the services sector.