India Commerce Secretary: Services Trade could Improve Opportunities in South Asia
23 April 2016
A strong business agenda in services trade could improve opportunities in South Asia, increasing the level of prosperity and economic development in the region, emphasized India Commerce Secretary Rita Teaotia as she called for South Asian countries to work together to push services exports, at the Second Global Exhibition on Services on 23 April 2016.
India has been keen on pushing the services sector in its trade agreements. While it is a major services exporter, it can still maximize its share in global trade.
According to Commerce Secretary Teaotia, the Ministry of Commerce and Industry are undertaking steps to boost services exports, such as focusing on quality and standards. Issues of competitiveness across sectors in the form of reforms and liberalization and focusing on trade policy are being closely studied by the Ministry. It is also working closely with other ministries and sectoral agencies and regulators, with the aim of creating an enabling environment to facilitate growth of services through policy space and regulatory framework.
The Commerce Secretary also reported that India is looking at new geographies, including languages besides English, to tap other territories and markets.
At the same event, Commerce and Industry Minister Nirmala Sitharaman emphasized that the challenge is to provide high-quality services at an affordable price, since value for money is a key parameter for the services sector.