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Bush's Wirtschaftsberater: outsourcing is win win...
-->'Outsourcing is win-win for India and US'
TV PARASURAM
PTI[ TUESDAY, FEBRUARY 10, 2004 10:37:53 AM ]
WASHINGTON: US President George W Bush has been told by his key Economic Advisers that outsourcing of services to India and other countries in which they have a comparative advantage is a win-win for both exporter and importer and that export and import of services is as logical as the export and import of goods.
N Gregory Mankiw, Chairman of Bush's Council of Economic Advisers, told a press conference here that the Council in a report to Bush made it clear that it makes no difference whether outsourcing in India, for example, is in comparatively low-skilled jobs or high-skilled jobs, say radiology.
If India has a comparative advantage in radiology and the services of radiologists can be transferred over Internet or fiber optics, fewer radiologists would be employed in the US but American health care services will become cheaper and doctors will specialize in other skills.
The Council consists of besides Mankiw of Harvard, Kristin J. Forbes of MIT and Harvey S. Rosen of Princeton. They are all on leave from their respective institutions while serving the President.
One facet of increased services trade, says the Council, is the increased use of offshore outsourcing in which a company relocates labour-intensive service industry functions in another country. For example, a US firm might use a call-centre in India to handle customer service-related questions. The principal novelty of outsourcing services is the means by which foreign purchases are delivered
"Whereas imported goods might arrive by ship (or by air), says the Council,"outsourced services are often delivered using telephone lines on the Internet. The basic economic forces behind the transactions are the same, however.
When a good or service is produced more cheaply abroad, it makes more sense to import it than to make or provide it domestically," Bush was told by his advisors.
Mankiw pointed out that many of the jobs at which people are employed now were nonexistent a generation ago. For example, one-third of the people of the United States used to be employed in agriculture while today only 2 per cent are employed in that sector. But food production has increased. By contrast, the services sector has grown enormously and many jobs of today were unheard of a generation ago.
The Council points out that the services trade is growing in importance to the world economy. The services sector, for trade purposes, includes travel and transportation-related services, royalties and licence fees and other private services, such as finance, insurance and telecommunications.
The service-providing sector is the largest component of the private economy in the United States, providing more than 86 million jobs in 2003 and accounting for over half of the total Gross Domestic Product, it says.
In 2002, the United States exported services worth almost 300 billion dollars, about 30 per cent of total exports of goods and services.
Worldwide services trade totalled 1.5 trillion dollars in 2002, compared to goods trade of over 6 trillion dollars but services trade has been growing faster unlike goods trade, in which a product can be loaded on a ship in one port and off-loaded anywhere in the world with little need for the exporter and importer to interact, services trade generally requires interaction.
Some services can be provided at a distance, such as software services. For others, such as tourism, the customer must come to the location of the service provider.
For others, such as some consulting work, the service provider must come to the customer. The liberalization of services trade involves the movement of individuals as well as the regulation of investment and other business activity.
For American banks to sell many of their services, they must open branches in their target markets.
As a result, negotiations to liberalize trade in services have moved beyond broader measures such as tariffs (taxes on imports) to deal with subjects that have traditionally been the domain of domestic regulation.
<ul> ~ Outsourcing...</ul>
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