ComMin calls meeting of Geneva officials to discuss WTO issues

The Commerce Ministry today said it has convened a meeting of senior Indian officials from Geneva to discuss all WTO related issues, including the proposed trade facilitation pact in services.
"I am having a review this month. Calling all WTO people from Geneva to talk about what is actually happening (in WTO) and where are we post-Nairobi," Commerce Minister Nirmala Sitharaman told reporters here.
She said that the proposal floated by India in WTO to start negotiations for a trade facilitation agreement in services will also be deliberated upon in the meeting, which is expected to be held by mid-January.

"Geneva team is called so that it becomes part of the Argentina Ministerial meeting in December this year," she added.
India is pushing for a trade agreement (TFA) on services as members of the global trade body WTO have concluded a similar pact for the goods sector.
The proposal aims at easing movement of professionals and cut transaction costs.

On the proposed mega trade deal RCEP, she said talks are progressing.
The 16-member bloc Regional Comprehensive Economic Partnership (RCEP) comprises 10 ASEAN members (Brunei, Cambodia, Indonesia, Malaysia, Myanmar, Singapore, Thailand, the Philippines, Laos and Vietnam) and their six free trade agreement partners -- India, China, Japan, Korea, Australia and New Zealand.

RCEP negotiations were launched in Phnom Penh in November 2012. The 16 countries account for over a quarter of the world's economy, estimated to be more than USD 75 trillion.
Asked whether the negotiations could be concluded this year, she said "All are keen but we have lot of work to do".
Talking about continuation of interest subsidy scheme for exporters in the forthcoming Budget, the minister said it is a successful programme and her ministry is telling the Finance Ministry that the "momentum has to be kept up".
"So even in the coming Budget, I do not see an issue about interest subvention," she said.

She also said that all export related issues will be discussed in the Board of Trade meeting on January 5 here.