Trade facilitation pact in services at WTO to push global economy: Suresh Prabhu

Posted by Daily Shipping Times on 16-05-2018        Tweet

MUMBAI: Commerce and Industry Minister Suresh Prabhu 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.

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).

India is pitching for this pact as the sector contributes over 60 per cent to the GDP and 28 per cent to total employment.

Prabhu also said that the Commerce Ministry is working on State-wise plan to promote the services sector. He said the Country's economy would reach USD 5 trillion in the coming years and out of this services segment would contribute about USD 3 trillion.