Financial Services Secretary Vivek Joshi on Wednesday said increasing Free Trade Agreements (FTAs) would be a key strategy for enhancing India’s financial services exports. Inaugurating a workshop on financial services in FTAs here, Joshi highlighted the pivotal role of financial services in India’s export strategy. The workshop organised jointly by Department of Financial Services (DFS) and Exim Bank brought together key stakeholders from the government bodies and academia to delve into the intricate dynamics of FTAs and the pivotal role of financial services in the new-age FTAs. 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, Export-Import Bank of India (Exim Bank) said in a statement. “In 2022-23, financial services exports reached USD 7.8 billion, recording a CAGR of 12.6 per cent during 2018-19 to 2022-23. The upward trend continued in 2023-24, with financial services exports recording an increase of 12.7 per cent in the first three quarters, to reach USD 6.5 billion,” Exim Bank Managing Director Harsha Bangari said. The workshop aimed 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.
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