Binding FTA commitments to lift Indian professional services: Commerce secy

Commerce Secretary Rajesh Agrawal says binding FTA commitments on professional services can open global opportunities, as India focuses on skills, mobility and digital delivery

Legally binding commitments on professional services like chartered accountants and architects — under various free trade agreements (FTAs) signed by India — can open global opportunities in these professions, commerce secretary Rajesh Agrawal has said.

 

India’s demographic dividend offers immense potential to meet the rising global demand for professional services, Agrawal said.

 

He added that in order to tap this potential, it is critical to adopt global best practices and equip professionals with upgraded skills aligned with evolving global market needs and technological developments. 

 

The secretary was speaking at the ‘Chintan Shivir’ organised by the department of commerce on ‘Expanding Global Horizons: Opportunities for Indian Professionals’ on Tuesday, the department said in a statement on Wednesday.

 

He further said that more openness in international trade in professional services would increase competitiveness in India.

 

Agrawal also encouraged professional bodies to organise and participate in international conferences to enable knowledge sharing and provide platforms for enhanced collaboration.

 

The ‘Chintan Shivir’ was organised into four sessions – Making Globally Ready Professionals, Strengthening International Mobility through mutual recognition agreements (MRAs) and memoranda of understanding (MoUs), Developing Networks – Formation and Expansion of Professional Chapters Abroad and Leveraging FTAs for Boosting Professional Services Exports.

 

The ‘shivir’ provided an opportunity for professional bodies to exchange ideas on global best practices as well as practices followed among peers in India. Areas were identified where professional bodies could re-examine existing rules and regulations governing professional practice and undertake appropriate changes in training and skills upgradation programmes. This would ensure alignment with evolving developments in artificial intelligence (AI) and technology, the department added.

 

On leveraging FTAs, the meeting saw discussions on ‘future-proofing the digital delivery of professional services’, in addition to mobility-related provisions and horizontal domestic regulations related to qualification requirements and procedures. Emphasis was placed on the need for greater openness within the Indian professional services landscape to foreign professionals practising in India to craft win-win outcomes. Issues related to data privacy and protection, as well as opportunities arising from foreign universities setting up branches in India, were also discussed.

 

“Based on the deliberations of the Chintan Shivir, the department of commerce, in collaboration with concerned stakeholders, will take forward the identified action points to provide the right impetus to Indian professional services to expand globally,” it said.