India's big victory in WTO, doing business will become easier for service sector - Newztezz Online

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Wednesday, February 28, 2024

India's big victory in WTO, doing business will become easier for service sector

India has got a big victory in the World Trade Organization (WTO). It is because of India that in the ministerial conference of WTO countries, an agreement has been reached among all the countries on making the business of service sector easier. And, what happened on the first day, know in this report by Money9 editor Anshuman Tiwari...

India has achieved a big victory on the very first day of the World Trade Organization (WTO) Ministerial Conference. On the very first day of talks, an agreement has been reached among WTO member countries to ease business in the service sector. WTO made a big announcement at 5 pm local time saying that the complex issues related to service sector trade have now been resolved. Because of this, new rules will start being made in the service sector and 71 countries of the world will be part of this new agreement.

India will get the biggest benefit from this deal. India's service sector business is spread in many countries of the world. Many other countries doing so will also benefit from this treaty.

Doctors, Engineers, Nurses and CAs will get benefit

People associated with professions like doctors, engineers, nursing and accountants will get special benefits from this. When new rules of WTO are made in this regard, then people and businesses associated with these professions in the countries implementing the agreement will get relief from many types of restrictions and conditions. There will be savings of about 119 billion dollars every year in the cost of export and business of service sector in the world.

Concerns of India and South Africa resolved

The path of this treaty was stopped due to India's objections. Besides, South Africa also did not agree with many of its conditions. Now that an agreement has been reached to address the concerns of India and South Africa and WTO members have agreed to include India's side, then the way has been cleared for the implementation of this treaty. WTO chief Ngozi Okonjo-Iweala has especially thanked India and South Africa for reaching the consensus.

This is a new beginning for the world

This consensus is being considered as a new kind of beginning for WTO. In this a whole group of member countries are agreeing to some agreement. India's objection was that it was different from the multilateral system. India had placed a condition that such an agreement should be approved by the multilateral committee of WTO. Also, its benefits should be available to all those who want to join it.

India withdrew its objections only after receiving indications from the Indian side that these conditions would be accepted. However, sources say that India has not signed this agreement. America, Europe and China are part of this treaty. The agenda of difficult and controversial WTO negotiations is opening from today. But despite fierce conflicts of trade interests, war fronts and many elections, this agreement has brought relief to WTO managers.

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