Service sector to get boost from India-UK trade deal: SEPC

New Delhi, Aug 26 (KNN) Britain holds a lot of potential for our services exports and the proposed India-UK free trade agreement will help boost the country's exports from the services sector, said Services Export Promotion Council (SEPC) Chairman Sunil H Talati on Friday.

“SEPC is hopeful of achieving the USD 300 billion exports target for 2022-23 on account of healthy growth in the outbound shipments so far. In 2021-22, it achieved USD 254 billion,” Talati told PTI.

According the latest data released by SEPC, the services exports have increased to USD 71 billion during April-June this fiscal against USD 56.22 billion in the same quarter last year.

“The implementation of the free trade agreement will prove most beneficial for the legal, accounting and auditing sectors. The council is taking all necessary steps to promote exports of medical tourism, education and hospitality sectors,” he added.

The trade agreement between these two nations will help significantly cut or eliminate customs duties on the maximum number of goods traded between them. Besides, norms would be relaxed to promote trade in services.

Currently, the negotiations for the trade pact between the countries have reached the final stage and is expected to conclude by the end of this month.  (KNN Bureau)