• Investment World
• eWorld
• Catalyst
• Mentor
• Life
• Canvas
• Praxis
• Urban Pulse
• Brand Quest

K.R. Srivats

NEW DELHI, April 15

THE Government-appointed working group to help prepare a `Request List' in the accountancy sector has identified 32 countries to whom India could make requests for supply of accountancy services under the General Agreement on Trade in Services (GATS) framework.

A `Request List' aims at seeking the opening up of the service sector in other countries. Based on the `Request List', the country concerned responds, indicating its agreement or disagreement. A `Request List' forms the basis for negotiations on market access for services in the World Trade Organisation (WTO).

Sources said that India would have to submit its `Request List' in the accountancy sector to the WTO by June 30.

The countries of interest for making requests in supply in the accountancy sector include the US, the UK, the UAE, Australia, Canada, China, Japan, France, Germany, Hong Kong, Italy, Malaysia, the Netherlands, Russia, Saudi Arabia, Singapore, South Africa, Switzerland, New Zealand, Indonesia, Sri Lanka, Thailand, Bangladesh and Nepal.

The group has also recommended that the `Request List' should be made along with Entry of Reservation. "This would facilitate listing of various alternative options to be considered at negotiation stage when it comes to `Give and Take'," sources said.

Besides stressing the need for countervailing duty mechanism for Trade in Services on the lines of Trade in Goods, the working group has also suggested that the Government should link the `Request List' with the expeditious consideration of recognition of Indian qualification by other member countries.

Further, the group has recommended that the issue of definition of accountancy sector be raised as an issue for Entry of Reservation and be taken up before and during GATS negotiations.

Currently, the United Nation's Central Product Classification (CPC) of accountancy service sector does not cover the services provided by accounting firms. "This may not only lead to circumvention of the framework with which the sector may be opened up but also make regulation of foreign service provider difficult to the detriment of the service provider, to the extent that it will not afford a level playing field," sources said.

Send this article to Friends by E-Mail

Stories in this Section
Aurobindo Pharma to allot 1 m shares to Templeton

Copyright © 2002, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line