| Already, India has a free trade pact with Thailand. | | | | increase in the level of wages. The next Ministerial |
| There is further scope for economic diplomacy for | | | | level conference of the WTO is scheduled to take |
| India in this region which can result in a larger share | | | | place in Hong Kong where such agreements are |
| of the growing service pie. Viewed in this perspective | | | | bound to put pressure to ease immigration norms of |
| the Singapore agreement is just a beginning, though a | | | | developed nations. |
| significant one in the right direction. | | | | In the mean while Singapore has the potential to |
| Such bilateral pacts have assumed greater | | | | become the second 'Gulf' for thousands of Indians |
| importance precisely because the WTO has not been | | | | who excel as professionals and service providers. The |
| able to make any breakthrough in movement of | | | | Indian industry on it's part must prepare to fact |
| labour. The rich nations are opposed to GATS | | | | further shortages of skilled manpower at least in |
| (General Agreement on Trade in Services) in respect | | | | certain fields. As a result, the wage bill of the India |
| of allowing freer immigration of workers from third | | | | Inc. may see a rise. To stay competitive, Indian firms |
| world countries. There is some opposition to GATS in | | | | will have to innovate, reduce other costs and learn |
| India as well on the ground that it may lead to | | | | better management skills. |