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Exchange of Services way forward to global trade: President

By TIOL News Service

NEW DELHI, APR 18, 2017: "AT a time when global merchandise trade is slowing down, trade in services can bring new benefits to the global economy,"stressed Mr Pranab Mukherjee, President of India. He was addressing the inaugural ceremony of the 3rd Global Exhibition on Services (GES) organized by the Department of Commerce, Ministry of Commerce and Industry, in association with the Confederation of Indian Industry (CII) and the Services Export Promotion Council (SEPC) at Rashtrapati Bhavan yesterday.

President of India added that India’s services exports help global businesses build their productivity and support jobs across the world, noting that India is also a growing market for the world in the sector. Make in India, Digital India, Startup India and Skill India will further drive services growth as manufacturing is increasingly embedded with services, said the President.

Pointing to legal, economic and politicall issues in international trade in services, he called for addressing policy matters such as access, transparency, and capacity building. In this regard, he said that India has submitted the Trade Facilitation in Services note to the WTO. “Exchange of services represents the way forward for global trade,” he concluded.

Ms Nirmala Sitharaman, Hon’ble Minister of Commerce and Industry, observed that 6 overseas ministers and 73 countries are participating in the GES. While manufacturing contributes 16.6 per cent of India’s gross value added, the services contribution stands at 53 per cent, and hence, the Government of India is according high priority to it. India’s share in global services exports is at 3.3 per cent and there is scope for more exports, she noted.

The previous two editions of the GES have resulted in concrete outcomes and agreements with other nations, said the Minister.

Mr Manoj Sinha, Hon’ble Minister of Communication, released a special stamp on the occasion of GES. He said that ‘My stamp’ is a customized issue of well-known places and interesting animals and plants and is increasingly being used for branding.


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