Industry urges government to leverage ongoing trade talks to seek better access to overseas markets

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The department stressed the importance of leveraging the ongoing Free Trade Agreement (FTA) negotiations with the UK to seek better market access, branding of service sectors and promotions by through roadshows, a robust service-related data reporting mechanism, workforce qualification, and addressing regulatory bottlenecks.

A brainstorming session on services exports was organized by the Union Ministry of Commerce to discuss the challenges and opportunities for boosting India’s services exports.

The department stressed the importance of leveraging the ongoing Free Trade Agreement (FTA) negotiations with the UK to seek better market access, branding of service sectors and promotions by through roadshows, a robust service-related data reporting mechanism, workforce qualification, and addressing regulatory bottlenecks.

The session organized in partnership with the Services Export Promotion Council (SEPC) brought together around 100 participants from various service sectors, including computer and IT services, communication services, entertainment, audiovisual services, tourism and hospitality, medical value travel, education services. , accounting and financial services, financial services, legal services, transportation and logistics services, construction and related engineering services and environmental services.

UPCE President Sunil Talati said CNBC-TV18 that the industry is seeking concessions for accounting, financial services and legal services from India under the upcoming FTA with the UK. He pointed out that the United States, Australia, Canada, United Kingdom and New Zealand were the top five destinations for Indian service exporters; while the Philippines, Vietnam and South Africa are India’s main competitors.

He said SAARC countries and Europe are being targeted by Indian exporters of medical services, which are also competing with Turkey for a pie of Middle Eastern and African markets. SEPC has yet to come up with a plan to avoid double taxation of Indian professionals working overseas.

Commerce Secretary BVR Subrahmanyam underscored the importance of the service sector as a key driver of the country’s economic growth, assuring all stakeholders of full support in realizing the full potential of the service sectors by removing constraints.

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