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    Industry urges govt to leverage ongoing trade negotiations to seek better overseas market access

    Industry urges govt to leverage ongoing trade negotiations to seek better overseas market access

    Industry urges govt to leverage ongoing trade negotiations to seek better overseas market access
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    By Abhimanyu Sharma   IST (Published)

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    The ministry stressed on the importance of leveraging ongoing free-trade agreement (FTA) negotiations with the United Kingdom to seek better market access, branding of services sectors and promotions through road shows, robust mechanism for reporting of data related to services, skilling of manpower and redressal of regulatory bottlenecks.

    A brainstorming session on Services Exports was organised by the Union Commerce Ministry to discuss the challenges and opportunities to boost services exports from India.
    The ministry stressed on the importance of leveraging ongoing free-trade agreement (FTA) negotiations with the United Kingdom to seek better market access, branding of services sectors and promotions through road shows, robust mechanism for reporting of data related to services, skilling of manpower and redressal of regulatory bottlenecks.
    The session organized in partnership with Services Export Promotion Council (SEPC) was attended by around 100 participants from various service sectors including IT & IT enabled services, communication services, entertainment, audio-visual services, tourism & hospitality, medical value travel, education services, accounting and finance services, financial services, legal services, transport & logistics services, construction and related engineering services and environment services.
    SEPC Chairman Sunil Talati told CNBC-TV18 that the industry is looking for concessions for India's accounting, financial services and legal services in the upcoming FTA with the UK. He pointed out that the United States, Australia, Canada, United Kingdom and New Zealand are the top five destinations for India's service exporters; while the Philippines, Vietnam and South Africa are India's biggest competitors.
    He said that the SAARC nations and Europe are being targeted by India's medical services' exporters, who are also competing with Turkey for a pie of the Middle East and African markets. SEPC hasn't yet presented any plan to avert double taxation for Indian professionals working abroad.
    Commerce Secretary BVR Subrahmanyam underlined the importance of services sector as a key driver of country’s economic growth, assuring all stakeholders of full support in realising the full potential of service sectors by removing constraints.
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