WORLD BANK, WTO TO DEVELOP DATABASE ON TRADE IN SERVICES
15/08/2013 74
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The World Bank and the World Trade Organisation are embarking on a joint initiative to develop and maintain a database on trade in services, in a bid to promote policy transparency.
Transparency plays a key role in the dynamic area of trade in services because the regulatory framework is complex and little information is publicly available. Cross-border trade in services makes up one-fifth of all world trade, even without considering international transactions through foreign affiliates and the temporary movement of people.
The database will cover various sectors in more than 100 countries, such as financial, transportation, tourism, retail, telecommunications, and business services, including law and accounting.
The data are presented in four modules covering: members’ commitments under the WTO’s General Agreement on Trade in Services (GATS); commitments on trade in services in regional trade agreements; members’ applied measures affecting trade in services; and services statistics. The first version of the database has just been launched, as part of the WTO’s Integrated Trade Intelligence Portal (I-TIP) Services portal.
According to an official statement, both institutions will make commit to make sure information in the database is relevant, up to date and expands to cover more sectors and countries.
August 13, 2013
Source: Futuregov.asia
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