Remove imbalances in services trade: FICCI

New Delhi, Nov 12 (UNI) Concerned by the slow pace of negotiations in the area of services at WTO, industry chamber FICCI said the soon to be released text by the international trade organisation should ensure significant commitments on supply of services and movement of professionals to other countries.

FICCI in a statment said that the foremost objective of the text should be to remove the current imbalance in services trade which is concentrated in areas of interest to developed countries.

These countries allow commercial presence or supply of services through establishing base in another country and consists 57 per cent of the total world trade in services, the chamber said.

Indian business interest in the current negotiations lies in seeking effective market access for its professionals in IT, health, engineering and other business services from developed countries, the release added.

FICCI observed that a number of restrictions like non-recognition of Indian qualifications, burdensome entry procedures (like visa formalities), multiplicity of regulations and numerical quotas.

Citizenship or residency requirements, discriminatory tax treatment, wage parity, labour market tests etc have also thwarted the exports of services by developing countries' professionals in developed countries, and this is what needed to be corrected through current negotiations, the chamber added.

UNI