The Global Trading System needs to capture the dynamic changes resulting in faster growth rate of Services trade than merchandise, Minister of Commerce and Industry, Suresh Prabhu said at the recent ongoing summit- The 6th Growth Net Summit. The summit being held on 18-19 June, 2018 in New Delhi.
The Summit is organized by Ananta Center and Confederation of Indian Industry (CII) with Smadja&Smadja. Prabhu stated that India aims at a 5 trillion Dollar economy by the end of 2026-27 and exports of goods and services being targeted at 1 trillion Dollar. He also said that Services trade requires movement of people unlike merchandise trade. As compared to last year, the goods and services exports grew by over 12 per cent.
The Commerce Minister at the Summit said that the government is working on a comprehensive strategy to boost services exports and 1 billion Dollar 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.
Noting that the World Trade Organisation (WTO) 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 fostering growth and creating jobs. India is working with other countries to ensure that WTO remains relevant, he added.
– Apparel and Textile News, Apparel Talk, Indian Apparel
