New Delhi, June 19 (KNN) The government of India is working on a comprehensive strategy to boost services exports and has planned to spend $1 billion to promote 12 champion services sector, said Commerce and Industry Minister Suresh Prabhu.

He was speaking at the 6^th Growth Net Summit organized by CII.

In his keynote address, Prabhu said that for the first time, a strategy of products in new markets is being developed and exports are also being promoted in regions like Africa, Latin America and Central Asia.

Unlike merchandise trade, the services trade requires movement of people as services trade is growing faster than merchandise trade and such dynamic changes need to be captured in the global trading system, he added.

Prabhu said that India is aiming at a $5 trillion economy by the 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 per cent, he said.

Noting that the World Trade Organization (WTO) was created as part of a rules-based, multilateral, democratic and participatory institution for expanding global trade, he said that countries recognize the value of global trade for fostering growth and creating jobs.

Questioning the benefits of international trade and challenging the institutions that facilitate global trade, especially at a time when some countries led by US are raising their tariff, Prabhu said "India is working with other countries to ensure that WTO remains relevant."