- Trade in services is important because123:
- Services generate more than two-thirds of economic output, attract over two-thirds of foreign direct investment, and provide almost two-thirds of jobs in developing countries and four-fifths in developed ones.
- Trade in services has been expanding rapidly, at a faster pace than trade in goods since 2011.
- Services currently account for around three quarters of GDP in developed economies, up from 40 per cent in 1950, and many developing economies are becoming increasingly services-based.
- International trade in services is conducted to a very large and increasing extent through electronic means.
- The revolution in communications technologies has made many services tradable across borders and has increased the importance of their contribution to international trade, economic growth and development.
Learn more:✕This summary was generated using AI based on multiple online sources. To view the original source information, use the "Learn more" links.Services generate more than two-thirds of economic output, attract over two-thirds of foreign direct investment, and provide almost two-thirds of jobs in developing countries and four-fifths in developed ones. Services now seem to be transforming international trade in similar ways.www.wto.org/english/res_e/booksp_e/02_wtr19_1_…Trade in services has been expanding rapidly, at a faster pace than trade in goods since 2011. Services currently account for around three quarters of GDP in developed economies, up from 40 per cent in 1950, and many developing economies are becoming increasingly services-based.www.wto.org/english/res_e/booksp_e/executive_su…Trade in services International trade in services is conducted to a very large and increasing extent through electronic means. The revolution in communications technologies has made many services tradable across borders and has increased the importance of their contribution to international trade, economic growth and development.www.wto.org/english/tratop_e/dtt_e/dtt-services_e.… - People also ask
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