Domestic Reforms & FTAs Vital For Expanding India’s Professional Services Globally: Commerce Secy

ENA Economy 2025-12-24 16:05:23 New Delhi, Dec 24 (KNN) Commerce Secretary Rajesh Agrawal underscored the need for stronger stakeholder coordination, reforms in the domestic ecosystem, and legally binding commitments under free trade agreements (FTAs) to unlock global opportunities for Indian professional services. Speaking at the inauguration of a Chintan Shivir on Professional Services at Vanijya Bhawan on Tuesday, Agrawal highlighted the growing importance of services trade in Indias economic growth, noting its higher contribution to domestic value addition compared with merchandise exports. Leveraging Demographic Advantage The Commerce Secretary said Indias demographic dividend positions the country well to meet rising global demand for professional services. However, he stressed that realising this potential would require adoption of global best practices, continuous skill upgradation, and alignment with evolving market needs and technological developments, including artificial intelligence. Agrawal also emphasised that greater openness in international trade in professional services would enhance competitiveness across the economy and encouraged professional bodies to participate in international conferences to promote collaboration and knowledge sharing. Focus on Mobility, MRAs and FTAs The Chintan Shivir was organised by the Department of Commerce in collaboration with the Institute of Chartered Accountants of India (ICAI) and the Services Exports Promotion Council (SEPC) under the theme Expanding Global Horizons: Opportunities for Indian Professionals. Deliberations were organised across four thematic sessions, focusing on making Indian professionals globally competitive, strengthening international mobility through Mutual Recognition Agreements (MRAs) and memoranda of understanding, expanding overseas professional networks, and leveraging FTAs to boost exports of professional services. Best Practices and Regulatory Alignment Participants discussed the need for professional bodies to revisit domestic regulations, training frameworks, and skill development programmes to better align with global standards and technological change. The ICAIs institutional framework—including overseas chapters, an international directorate, and technology-focused certification programmes—was cited as a model that could be adapted by other professional bodies. Next Steps Discussions on MRAs focused on challenges in negotiation, effective utilisation of existing agreements, and the need for clear outcome metrics. The role of MRAs in supporting digitally delivered services and Global Capability Centres was also examined. On FTAs, participants emphasised the importance of provisions related to digital delivery, professional mobility, qualification requirements, data protection, and greater openness to foreign professionals operating in India. The Department of Commerce said it would work with stakeholders to take forward the action points identified during the Chintan Shivir to strengthen Indias professional services exports and global integration. (KNN Bureau) 44537 https://knnindia.co.in/news/newsdetails/economy/domestic-reforms-ftas-vital-for-expanding-indias-professional-services-globally-commerce-secy 2025-12-24 16:05:23 knnindia.co.in Domestic Reforms & FTAs Vital For Expanding India’s Professional Services Globally: Commerce Secy