FTAs to Open Overseas Opportunities for Indian Professionals | Commerce Secretary
FTAs to Open Overseas Opportunities for Indian Professionals | Commerce Secretary
India’s Demographic Dividend and Global Demand for Professional Services
Legally binding commitments on professional services such
as chartered accountants, doctors, and architects under various Free Trade
Agreements (FTAs) signed by India will help open up overseas opportunities for
these professionals, Commerce Secretary Rajesh Agrawal has said.
He has stated that India's demographic dividend offers
immense potential to meet the rising global demand for professional services.
To tap into this potential, Agrawal said, it is critical
to adopt global best practices and equip professionals with upgraded skills
aligned with evolving global market needs and technological developments.
Key Takeaways:
- FTAs are creating overseas opportunities for Indian
professionals
- India’s demographic strength can meet global
services demand
- Skill upgradation and global best practices are
essential
Role of Professional Bodies and International Collaboration
He also encouraged professional bodies like the Institute
of Chartered Accountants of India (ICAI) to organize and participate in
international conferences to enable knowledge sharing and provide platforms for
enhanced collaboration.
The secretary said this while addressing a brainstorming
session on 'Expanding Global Horizons: Opportunities for Indian Professionals'
on December 23 here.
Agrawal said, "Emphasized the importance of enhanced
stakeholder coordination, reforms in the domestic ecosystem, and legally
binding commitments on professional services under various FTAs to unlock
global markets for Indian professional services."
Key Takeaways:
- Professional bodies play a key role in global
exposure
- International conferences support collaboration and knowledge sharing
- Domestic reforms and coordination are crucial to unlock global markets
FTAs, Visa Facilitation, and the New Zealand Pact
India has received commitments under various free trade
agreements, including the recently announced pact with New Zealand, for easier
norms and visa facilitation for its professionals.
As many as 5,000 Indian professionals, such as yoga
instructors, chefs, AYUSH professionals, IT, education teachers, nurses, and caregivers,
will get professional visas for serving the New Zealand economy under the pact.
Key Takeaways:
- FTAs are improving visa access for Indian
professionals
- New Zealand pact enables easier professional
mobility
- Multiple service sectors benefit from professional
visas
Mutual Recognition Agreements (MRAs) and Regulatory Readiness
Discussions on MRAs centered on key challenges associated
with entering into these agreements, as well as ensuring the effective
utilization of existing pacts.
"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 said, adding emphasis was placed on the need for
greater openness within the Indian professional services landscape to foreign
professionals practicing in India to craft win-win outcomes.
Key Takeaways:
- MRAs face implementation and utilization challenges
- Outcome-based evaluation of MRAs is necessary
- Regulatory frameworks must support mutual recognition
- Openness to foreign professionals can create
balanced outcomes
Issues related to data privacy and protection, as well as
opportunities arising from foreign universities setting up branches in India,
were also discussed.
Key Focus Areas Discussed During the Session
Four main issues were deliberated upon in the sessions –
- Making Globally Ready Professionals
- Strengthening International Mobility through MRAs
(mutual recognition agreements) and MoUs
- Developing Networks, Formation and Expansion of
Professional Chapters Abroad: Leveraging FTAs for Boosting Professional
Services Exports
India's services exports totaled approximately USD 390 billion in 2024-25.
Frequently Asked Questions (FAQs)
Q.1 What is FTA and MRA?
- FTA stand for Free Trade Agreement. FTA are agreements between two or more countries to reduce or remove trade barriers like taxes, quotas, and restrictions. They make it easier for businesses and professionals to trade goods and services between those countries.
- MRA (Mutual Recognition Agreement) is an agreement between two countries where they recognize each other’s professional qualifications, licenses, or certifications, making it easier for professionals to work abroad without repeating exams or training.
Q.2 Do FTA only Focus on Goods and products?
Q.3 How many Countries have FTA with India That help Professionals?
Countries like the UK, Australia, UAE, and others have agreements that include services and professional mobility benefits.
Q.4 Can Fresher Apply Under FTA Benefits?
Yes, fresher’s can apply under FTA-related opportunities, but FTAs do not give automatic jobs or visas. You still need to meet the destination country’s visa requirements, such as qualifications, sponsorship, or skill criteria.
Q.5 How large is India’s Current service export market?
India's services exports reached approximately USD 390 billion in 2024-25, reflecting the massive potential and growing demand for Indian expertise worldwide
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