‘Tap services potential to aid world economy'

Asia, Europe must drive services trade, says Suresh Prabhu

BENGALURU - KARNATAKA - 02/07/2017 : Union Minister of Railways Suresh Prabhu, during the launch of a lift at the Yesvantpur Railway station, two road over bridges at Rajanukunte and Muthyalnagar, and a renovated food plaza at the Hubbali station, along with flaging up off a rake procured from JSW Steel under the Liberalised Wagon Investment Scheme, and release of a booklet on the role of Indian Railways in Karnataka, at Krantivira Sangolli Rayanna (KSR) Bengaluru Railway station, in Bengaluru on July 02, 2017. Photo K Murali Kumar

India, which has proposed a global pact on ‘Trade Facilitation in Services’ (TFS) has called for tapping the full potential of the services sector to boost the world economy.

Commerce Minister Suresh Prabhu, representing India at the ‘Asia-Europe Meeting’ (ASEM) Economic Ministers’ meeting in Seoul, said on Friday Asia and Europe must look at ways to boost services trade, which has a multiplier effect on job creation. India had submitted to the World Trade Organisation (WTO) a proposal for the TFS, aimed at easing norms, including those related to the movement of skilled workers across borders for short-term work, to boost global services trade growth. India is keen that the TFS proposal gains traction before the WTO’s Ministerial Conference in December in Argentina.