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Services sector agreement of WTO
March 5 , 2024
265 days
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- India would benefit from a move of over 70 nations like the U.K., U.A.E. and Australia that have agreed to take on additional obligations in the services sector under an agreement of the World Trade Organisation.
- These WTO members are taking the additional obligations under the General Agreement on Goods in Services (GATS).
- It aims to ease the non-goods trade among themselves and extend similar concessions to all other members of the WTO.
- These obligations under their schedules in GATS seek to
- Mitigate unintended trade restrictive effects or
- Measures relating to licensing requirements and procedures,
- Qualification requirements and procedures, and
- Technical standards among themselves
- The move will help reduce services trade costs by 10% for lower-middle-income economies and 14% for upper-middle-income economies, with overall savings of $127 billion.
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