FTAs to Open Overseas Offers for Indians: Commerce Secretary
Commerce Secretary Rajesh Agrawal commented that the inclusion of legally binding commitments for professional services like chartered accountants, doctors, and architects in the Free Trade Agreements signed by India will facilitate the expansion of opportunities for these professionals in foreign countries.
He has mentioned that India's young population presents a great opportunity to fulfill the increasing international need for skilled services.
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Agrawal emphasized the importance of embracing global best practices and providing professionals with updated skills that are in line with the changing global market demands and technological advancements in order to capitalize on this potential.
He also urged professional organizations, such as the Institute of Chartered Accountants of India (ICAI), to host and take part in global conferences to facilitate the exchange of knowledge and create opportunities for greater cooperation.
During a brainstorming session on 'Expanding Global Horizons: Opportunities for Indian Professionals', the secretary made this statement. Agrawal highlighted the significance of improved coordination among stakeholders, changes in the local environment, and binding commitments on professional services in different FTAs to access global markets for Indian professional services.
India has been promised benefits under different free trade agreements, such as the newly announced agreement with New Zealand, aimed at simplifying regulations and making it easier for Indian professionals to obtain visas.
Up to 5,000 Indian professionals, including yoga instructors, chefs, Ayush professionals, IT workers, teachers in education, nurses, and caregivers, will receive professional visas to work in New Zealand as part of an agreement aimed at benefitting the New Zealand economy.
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The sessions focused on four primary topics: preparing professionals for global markets, increasing international mobility through mutual recognition agreements and memorandums of understanding, creating and expanding professional networks and chapters overseas, and utilizing free trade agreements to enhance exports of professional services.
Discussions about MRAs focused on the main obstacles related to entering into these agreements and guaranteeing the efficient use of current agreements.
“Emphasis was placed on the need for clear outcome metrics to assess the effectiveness of MRAs. Discussions also focused on making India's sectoral regulatory frameworks more 'recognition-ready' for pursuing MRAs," the ministry says, adding emphasis was placed on the need for greater openness within the Indian professional services landscape to foreign professionals practising in India to craft win-win outcomes.
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The discussions also encompassed topics concerning data privacy and protection, as well as the potential advantages presented by the establishment of branches of foreign universities in India.