India will make a presentation to World Trade Organisation (WTO) Director General Roberto Azevedo and India Inc. on New Delhi’s proposal for a global pact to boost services trade.
About Trade Facilitation in Services (TFS) Agreement
The proposed Trade Facilitation in Services (TFS) Agreement at the WTO-level aims to ease norms including those relating to movement of foreign skilled workers/professionals across borders for short-term work.
TFS vs TFA pact
They said the officials will stress that the TFS Agreement will be “meaningful only if it has comprehensive scope and covers measures across all modes of supply (for services delivery in cross-border trade), relating to entry into the market as well as those applied post-entry.”
The sources said the presentation, however, will specify that the proposed services pact is similar to the Trade Facilitation Agreement (TFA) in Goods adopted by the WTO Members in 2014 to ease customs norms for boosting global goods trade.
Need for TFS
World Bank data shows the growing share of services in the world economy, the sources said, adding, however, that global trade flows in services remain subject to numerous border and behind-the-border barriers.