Trade Facilitation in Services Current Affairs
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India will make a presentation on the proposed Trade Facilitation in Services (TFS) Agreement to World Trade Organisation (WTO) Director General Roberto Azevedo and India Inc.
The global pact proposed by India to boost services trade at the WTO-level aims to ease norms including those relating to movement of foreign skilled workers and professionals across borders for short-term work.
The proposed services pact is similar to the Trade Facilitation Agreement (TFA) in Goods adopted by the WTO Members in 2014 at Bali Summit to ease customs norms for boosting global goods trade.
Some proposed features TFS Agreement
- Covers measures across all modes of supply for services delivery in cross-border trade, related to entry into the market as well as those applied post-entry.
- Seeks to ensure portability of social security contributions, as well as make sure charges or fees for immigration or visas transparent, reasonable and non-restrictive in nature.
- Pave the way for a single window mechanism for foreign investment approvals. Ensure cross-border insurance coverage to boost medical tourism.
- Ensure publication of measures impacting services trade and timely availability of relevant information in all the WTO official languages as well as free flow of data and information for cross-border supply of services.