Services will play key role in economic recovery - WTO Chief Pascal Lamy
THE WTO Chief comments:-
Opening new trade opportunities in services makes sense for growth and it makes sense for job creation.
In the US, the service sector accounts for more than 75 per cent of the economy. According to the US Bureau of Labour Statistics, in 2009, 90 million people were employed in service sector industry, compared to 19 million in the goods sector.
In terms of the recovery, trade in services will continue to play a key role.
“Trade in services” is not “trade” in the conventional sense of a product being transacted across a border. It represents the whole range of international economic transactions, including those involving the movement of companies and people, both as suppliers and consumers of services.
When you look at the latest personal computer, laptop or mobile phone, you are looking at a wealth of services. Services underpin every part of the production process, from research and development, design, engineering, financing, transportation, distribution and marketing. Without services, there would be little value-added and innovation.