trade is growing faster than merchandise and such dynamic changes need to be
captured in the global trading system, stated Suresh Prabhu, Minister of
Commerce and Industry and Civil Aviation.
trade requires movement of people, unlike merchandise trade, said the Minister.
He stated that India is aiming at a $5 trillion economy by year 2026-27 and
goods and services exports are targeted at $1 trillion of this. Over the last
year, goods and services exports grew by over 12%, he noted.
is working on a comprehensive strategy to boost services exports and $1 billion
will be spent to promote 12 champion services sectors. For the first time, a
strategy of products in new markets is being developed. Exports are also being
promoted in regions like Africa, Latin America and Central Asia, added the
the World Trade Organisation was created as part of a rules-based,
multilateral, democratic and participatory institution for expanding global
trade, he said that countries have recognized the value of global trade for
fostering growth and creating jobs. India is working with other Countries to
ensure that WTO remains relevant, he said.