Suresh Prabhu bats for inclusion of services trade in global trading system
18 Jun 2018
Services trade that requires movement of people, unlike merchandise trade, should also be included in the global trading system as the current procedures of visa system is used to distort trade in services, minister of commerce and industry Suresh Prabhu has said.
Services trade is growing faster than merchandise trade and such dynamic changes need to be captured in the global trading system, stated Suresh Prabhu while delivering the keynote address at 6th Growth Net Summit in New Delhi today.
The 6th Growth Net Summit, being organised by AnantaCenter and the Confederation of Indian Industry (CII) with Smadja & Smadja, is being held in New Delhi on 18 and 19 June.
Services trade requires movement of people, unlike merchandise trade, the minister said.
India, he said, is aiming at a $5-trillion economy by year 2026-27 with goods and services exports contributing an estimated $1 trillion of this. Over the last year, goods and services exports grew by over 12 per cent, he noted.
He said the government is working on a comprehensive strategy to boost services exports and $1 billion will be spent to promote 12 champion services sectors. For the first time, a strategy of products in new markets is being developed. Exports are also being promoted in regions like Africa, Latin America and Central Asia, the minister added.
He said the World Trade Organisation was created as part of a rules-based, multilateral, democratic and participatory institution for expanding global trade, adding that countries have recognised the value of global trade in fostering growth and creating jobs. India is working with other countries to ensure that WTO remains relevant, he said.