India will soon place a formal proposal on trade facilitation agreement (TFA) in services before the World Trade Organization (WTO) for the first time, commerce and industry minister Nirmala Sitharaman said on Tuesday.
The move is aimed at developing a broader framework governing global services trade, just like a TFA in goods. A TFA in services would focus on issues like liberalised visa regime, long-term visas for business community and freer movement of professionals for the greater benefit of both India and the world, among others. It could also focus on all issues concerning the services sector within the WTO framework, which could also include dispute settlement mechanism in such trade.
Although India has been seeking the TFA in services since the December 2015 WTO ministerial conference in Nairobi, this will be for the first time that the country will formally put up such a proposal at the multilateral trade body. FE