India's big win at WTO on service sector issue, doctor-engineer-nurse-CA will benefit

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India's biggest win comes just a day before the ministerial conference organized by the World Trade Organization (WTO). Ahead of the meeting, WTO member countries have agreed on a memorandum of understanding to facilitate business in the services sector. India and South Africa had stalled the agreement over some of the sector's regulations, but now both countries have agreed, allowing the agreement to be easily implemented.

New rules will be framed for the service sector

The WTO announced this evening that the remaining business-related issues in the services sector have been resolved. Following this decision, new rules will be formulated for the service sector and 71 countries of the world will also be part of the agreement. After the implementation of the new rules, India will benefit the most. Because the business of India's service sector is spread across many countries around the world. Apart from this many other countries will also benefit from it.

Doctor, engineer, nurse and CA will benefit

After 71 countries around the world agreed on the agreement, new rules will be drawn up in the service sector, which will benefit professionals like doctors, engineers, nurses and accountants. When new rules are made by the WTO in this regard, these traders will get relief from many types of restrictions and conditions in the countries implementing the agreement. Apart from this, service sector exports and business expenses will also save about 119 billion dollars per month.

India and South Africa stalled the agreement

India and South Africa resented many of the terms of the service sector agreement, which stalled it. However, now after solving the problems of both the countries, consensus has been reached. The road to implementation of the agreement has been eased after the WCT members agreed to include India's side. WTO President Ngoji Okonjo Iweala congratulated both countries after agreeing on the agreement. It will be a fresh start for the WTO after the implementation of the new service sector rules. The whole group has agreed on a compromise.

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