India to gain from over 70 nations backing WTO agreement to take up additional obligations in service sector

Government sources indicated that these additional obligations under the GATS schedules aim to mitigate unintended trade restrictive effects or measures pertaining to licensing requirements and procedures, qualification requirements and procedures, and technical standards among themselves. The sources added that these disciplines will benefit all WTO members.

As per WTO estimates, the development will help cut trade costs in services by 10% for lower-middle income economies and 14% for upper-middle income economies, with an overall savings of $127 billion.

India's commerce ministry clarified that the certification of updated GATS schedules of these WTO members won't create a precedent for incorporating outcomes in the WTO, including from the joint statement initiatives (JSIS). The ministry added that the additional commitments are without prejudice to the development of any necessary disciplines by the WTO members, that is, multilateral work, pursuant to GATS Article VI.4.