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Global Trading System Must Include Services Trade: Suresh Prabhu

New Delhi :18/6/18;Services trade is growing faster than merchandise and such dynamic changes need to be captured in the global trading system, stated Suresh Prabhu, Minister of Commerce and Industry and Civil Aviation. He was speaking at the 6th Growth Net Summit, being held in New Delhi on 18-19 June 2018, organized by AnantaCenter and Confederation of Indian Industry (CII) with Smadja&Smadja.

Services trade requires movement of people, unlike merchandise trade, said the Minister. He stated that India is aiming at a $5 trillion economy by year 2026-27 and goods and services exports are targeted at $1 trillion of this. Over the last year, goods and services exports grew by over 12%, he noted.

The government is working on a comprehensive strategy to boost services exports and $1 billion will be spent to promote 12 champion services sectors. For the first time, a strategy of products in new markets is being developed. Exports are also being promoted in regions like Africa, Latin America and Central Asia, added the Minister.

Noting that the World Trade Organisation was created as part of a rules-based, multilateral, democratic and participatory institution for expanding global trade, he said that countries have recognized the value of global trade for fosteringgrowth and creating jobs. India is working with other countries to ensure that WTO remains relevant, he said.

About Editor in chief

Ashok Palit has completed his graduation from Upendranath College Soro, Balasore and post graduation from Utkal University in Odia Language and literture.. He has also carved out a niche for himself as a scribe of eminence after joining the profession in 1988. He is also an independent media production professional. He brings loads of experience to Advanced Media, Ashok Palit as a cineaste has been active in film criticism for over three decades. As a film society activist, he soared to eminence for his profound commitment to the art film appreciation and aesthetics of cinema. His mode of discourse is often erudite but always lucid and comprehensible marked by a perfect acumen so rare in the field. A film aesthete with an immense fond of critical sensibilities, he wrote about growth and development of odia cinema in New Indian Express, The Times of India, The Hindustan Times, The Asian Age and Screen. He has been working as an Editor for Cine Samaya from 2002-2004.. He had made solid contribution on cinema in many odia Dailies and weekly such as Samaj, Prajatantra, Dharatri, Samaya, Satabadi, and weekly Samaya.

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