Weekly Current Affairs


Industry seeks foreign partners for trade pact

  • India’s top industry bodies are attempting to build a coalition with counterparts in other nations with similar interests to give a fillip to country’s proposal for a Trade Facilitation in Services (TFS) Agreement at WTO level.
  • The proposed TFS pact aims to make it easier for professionals and skilled workers to move across borders for short-term work, as well as ensure portability of their social security contributions.
  • While services occupy growing share of domestic and international transactions, trade flows in services still remain subject to numerous border and behind-theborder barriers as well as procedural bottlenecks.
  • TFS Agreement is aimed at ensuring that the market access arising out of existing as well as future liberalisation commitments is effective & meaningful.