Localization technologies have advanced rapidly in recent years. Within 3GPP, support for localization started in 3G and early 4G to meet coarse outdoor emergency response requirements and evolved in LTE-Advanced to accommodate the burgeoning commercial applications. 5G localization aims to satisfy very tight accuracy, latency and reliability requirements of multiple verticals like Industry IoT and V2X, covering both indoor and outdoor scenarios. Presently in the research domain, much work is done to include AI/ML techniques for improving the accuracy and reliability of localization. There is also huge interest in passive localization or sensing as a beyond 5G or 6G technology - using the radar like properties of the higher frequency mm-wave and THz bands. While these developments open up opportunities for novel services and applications, they also raise ethical questions about handling of sensitive data and user privacy. 3GPP is also responding to these research developments, with 5G- Advanced study items and use case/requirements definitions on these topics included in the current Release 18. At this critical juncture, where rapid progress made within the last few years can be outpaced by the new challenges and opportunities, we propose this Industry panel on localization and sensing. We will have 3GPP subject matter experts from key industry players and leading research professors to share their views on this intriguing topic.