New Delhi, July 28 (KNN) Seeking suggestions and inputs with regard to the Indian Foreign Trade Policy (FTP),  that is due to be released in September later this year, Commerce and Industry Minister Nirmala Sitharaman asked the students of Indian Institute of Foreign Trade (IIFT) to contribute.

The Minister emphasized the need to critically study the phenomena of globalization. Different economies of the world were impacted differently due to globalization. There has been practice of protectionism in different forms due to the gap between rich and poor economies which needs to be addressed.

Commenting upon the rise in service sector across the globe, the Minister said that over 70 per cent of the global GDP comes from the service sector, therefore it is important to explore the same in the country and help it expand. Sitharaman also informed that India has presented a paper to the World trade organization (WTO) and emphasized the need to have a trade facilitation agreement for the service sector among the WTO member countries.

The Minister was speaking at the convocation ceremony of the Indian Institute of Foreign Trade (IIFT) in New Delhi earlier today. (KNN/ DA)