Key Points
Over 1,000 km away from Kuwait, at the World Trade Organisations ministerial conference (MC13) in Abu Dhabi, New Delhi took up the issue of Talukdar, his cook and millions of othersexorbitant fees for crossborder remittances...
We highlight that global average cost of sending remittances, though has declined over time, remains high at 6.18% more than twice the SDG (Sustainable Development Goal) target, and the experience varies across countries and regions, says a draft ministerial declaration, on facilitation of crossborder remittances, submitted by India to the 164-member world trade body..
If the cost of sending remittances comes down, several countries in Latin America, Southeast Asia and our own neighbours like Nepal and Bangladesh will be major beneficiaries, says an Indian officer who negotiated in WTO..
Notwithstanding headwinds of Covid-19, Indias inward remittances have proven to be a resilient source of current account receipts, says the RBI survey, adding that remittances are the second major source of external financing for lowand middle-income countries..
In fact, remittances have exceeded foreign direct inflows in several countries, including India, Philippines, Pakistan and Bangladesh, accounting for about 3% of GDP in low-income and 1.6% of GDP in middle-income countries, the report says.. ET Bureau..
