India to seek foodgrain stockpiling solutions at WTO

TIL Desk/Business/New Delhi-India will send an expert team to World Trade Organization headquarters in Geneva next month to place its demands for a permanent solution to stockpiling foodgrains and the proposed trade facilitation agreement on services. Commerce and Industry Minister Nirmala Sitharaman on Thursday said the move was aimed at ensuring that member nations of WTO discussed them before the next ministerial conference in Argentina in December.

A legally vetted proposal on TFA on services would be submitted by India within the next few days, the minister said. The proposal is being pushed by India since the services sector accounted for more than 60 per cent of GDP and 28 per cent of employment. In the concept note circulated at WTO in September, India said the agreement could be based on TFA in goods, with suitable modification and adaptation for services.

Among other things, the proposal will suggest liberalising rules to facilitate the movement of professionals as well as reducing transaction costs. Earlier in the day, WTO Director-General Roberto Azevedo, who is on a two-day visit to India, had said that while discussions on the services trade were under way, more details were needed by member nations to fast-track talks.