India Exim Bank Hosts Workshop on Financial Services in FTAs

India Exim Bank in collaboration with Department of Financial Services, Ministry of Finance, Government of India, organized a Workshop on Financial Services in Free Trade Agreements in New Delhi on May 15, 2024. The event brought together key stakeholders from the government bodies and academia to delve into the intricate dynamics of Free Trade Agreements (FTAs) and the pivotal role of financial services in the new-age FTAs.

While inaugurating the Workshop Dr. Vivek Joshi, Secretary, Department of Financial Services, Ministry of Finance, Government of India, highlighted the pivotal role of financial services in India's export strategy. Emphasizing the importance of FTAs in economic partnerships, Dr. Joshi reiterated that increasing engagements in FTAs would be a key strategy for enhancing India’s financial services exports. 

India has significant potential to capitalise on the growing demand for financial services globally, particularly with the emergence of GIFT City as a major hub for financial services. "In 2022-23, financial services exports reached USD 7.8 billion, recording a CAGR of 12.6% during 2018-19 to 2022-23. The upward trend continued in FY 2023-24, with financial services exports recording a y-o-y increase of 12.7% in the first three quarters, to reach US$ 6.5 billion," added Ms. Harsha Bangari, Managing Director, India Exim Bank. 

The Workshop aims to foster a deeper understanding of the role of financial services within the context of FTA negotiation and their implications for global trade and economic development. Participants engaged in lively discussions, and interactive sessions led by renowned experts and policymakers.

The event also witnessed release of India Exim Bank’s publication titled ‘Unlocking Opportunities: A Guide to Negotiating Financial Services in Free Trade Agreements’. The publication covers basics of an FTA deal with a focus on negotiations under financial services text. The aim is to shed light on the journey from the General Agreement on Trade in Services (GATS) to the nuanced dynamics of new-age FTAs, which are reshaping the landscape of liberalisation and globalisation.

The workshop concluded with a commitment to continued engagement and collaboration among participants to further explore the multifaceted dimensions of financial services within the realm of FTAs.