Switzerland-WTO Report/Services

Services become most dynamic component of int'l trade: WTO report

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Shotlist


Geneva, Switzerland - Oct 9, 2019 (CCTV - No access Chinese mainland)
1. Various of WTO Public Forum in progress; attendees
2. SOUNDBITE (English) Roberto Azevedo, Director-General of World Trade Organization:
"Services generate more than two thirds of economic output. They account for more than two thirds of jobs in developing countries and four fifths of employment in developed ones."
3. WTO Trade Report 2019
4. Various of WTO Public Forum in progress; attendees

Storyline


Services have become the most dynamic component of international trade and will continue to expand in the coming decades, if international cooperation is enhanced to support this expansion, according to the latest World Trade Report released by the World Trade Organization (WTO) on Wednesday.

The report, launched during the WTO Public Forum in Geneva, underlines that trade in services, ranging from distribution to financial services, can help countries boost economic growth, enhance domestic firms' competitiveness and promote inclusiveness.

On average, services today account for about half of GDP worldwide, and for developed economies, the ratio has been around three quarters of GDP, with a rapidly increasing proportion in developing economies, the report says.

Highlighting the contributions of services in developing and developed countries, WTO Director-General Roberto Azevedo called on countries to enhance international cooperation in order to deal with the future trade trends.

"Services generate more than two thirds of economic output. They account for more than two thirds of jobs in developing countries and four fifths of employment in developed ones," said Azevedo.

According to the report, services trade has grown 5.4 percent per year since 2005, while trade in goods has grown at 4.6 percent on average. Trade in computer services and research and development have recorded the most rapid annual growth over the past decade.

According to the WTO Global Trade Model, a new quantitative trade model used by the WTO to make projections about global trade, the share of services in global trade could increase by 50 percent by 2040, thanks to lower trade costs, reduced need for face-to-face interaction due to digitalization, and hopefully lower policy barriers to services trade.

The report finds that if developing countries are able to adopt digital technologies, their share in world services trade could increase by about 15 percent by 2040.

Meanwhile, despite their decline by 9 percent between 2000 and 2017, barriers to trade in services remain much higher than those in goods trade, largely due to limited possibilities to supply certain services across the border and the regulatory intensity of many service sectors.

For services trade to be a powerful engine of economic growth, development and poverty reduction, the report suggests that international cooperation will need to be intensified and new pathways will need to be found to advance global trade cooperation and make services a central element of trade policy.


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  • ID : 8123974
  • Published : 2019-10-10 09:51
  • Last Modified : 2019-10-10 19:17:35
  • Location : Switzerland
  • Category : economy, business and finance
  • Duration : 0'57
  • Audio Language : English/Nats
  • Source : China Central Television (CCTV)
  • Restrictions : No access Chinese mainland
  • Version : 3
  • ID : 8123974
  • Published : 2019-10-10 15:37
  • Last Modified : 2019-10-10 19:17:35
  • Location : Suisse
  • Category : economy, business and finance
  • Duration : 0'57
  • Audio Language : Anglais/Nats
  • Source : China Central Television (CCTV)
  • Restrictions : Pas d’accès dans la partie continentale de Chine
  • Version : 3
  • ID : 8123974
  • Published : 2019-10-10 16:04
  • Last Modified : 2019-10-10 19:17:35
  • Location : سويسرا
  • Category : economy, business and finance
  • Duration : 0'57
  • Audio Language : الانجليزية/الصوت الطبيعي
  • Source : China Central Television (CCTV)
  • Restrictions : No access Chinese mainland
  • Version : 3
  • ID : 8123974
  • Published : 2019-10-10 17:31
  • Last Modified : 2019-10-10 19:17:35
  • Location : Женева,Швейцария
  • Category : economy, business and finance
  • Duration : 0'57
  • Audio Language : Английский/Естественный звук
  • Source : China Central Television (CCTV)
  • Restrictions : Недоступно материковой части Китая
  • Version : 3
  • ID : 8123974
  • Published : 2019-10-10 16:53
  • Last Modified : 2019-10-10 19:17:35
  • Location : Suiza
  • Category : economy, business and finance
  • Duration : 0'57
  • Audio Language : Inglés/Nats
  • Source : China Central Television (CCTV)
  • Restrictions : No acceso a la parte continental de China
  • Version : 3
  • ID : 8123974
  • Published : 2019-10-10 15:39
  • Last Modified : 2019-10-10 19:17:35
  • Category : economy, business and finance
  • Duration : 0'57
  • Audio Language : Englisch/ Originalton
  • Source : China Central Television (CCTV)
  • Restrictions : Für das chinesische Festland nicht verfügbar
  • Version : 3

Switzerland-WTO Report/Services

Services become most dynamic component of int'l trade: WTO report

Dateline : Oct 9, 2019

Location : Switzerland

Duration : 0'57

  • English
  • Français
  • العربية
  • Pусский
  • Español
  • Deutsch


Geneva, Switzerland - Oct 9, 2019 (CCTV - No access Chinese mainland)
1. Various of WTO Public Forum in progress; attendees
2. SOUNDBITE (English) Roberto Azevedo, Director-General of World Trade Organization:
"Services generate more than two thirds of economic output. They account for more than two thirds of jobs in developing countries and four fifths of employment in developed ones."
3. WTO Trade Report 2019
4. Various of WTO Public Forum in progress; attendees


Services have become the most dynamic component of international trade and will continue to expand in the coming decades, if international cooperation is enhanced to support this expansion, according to the latest World Trade Report released by the World Trade Organization (WTO) on Wednesday.

The report, launched during the WTO Public Forum in Geneva, underlines that trade in services, ranging from distribution to financial services, can help countries boost economic growth, enhance domestic firms' competitiveness and promote inclusiveness.

On average, services today account for about half of GDP worldwide, and for developed economies, the ratio has been around three quarters of GDP, with a rapidly increasing proportion in developing economies, the report says.

Highlighting the contributions of services in developing and developed countries, WTO Director-General Roberto Azevedo called on countries to enhance international cooperation in order to deal with the future trade trends.

"Services generate more than two thirds of economic output. They account for more than two thirds of jobs in developing countries and four fifths of employment in developed ones," said Azevedo.

According to the report, services trade has grown 5.4 percent per year since 2005, while trade in goods has grown at 4.6 percent on average. Trade in computer services and research and development have recorded the most rapid annual growth over the past decade.

According to the WTO Global Trade Model, a new quantitative trade model used by the WTO to make projections about global trade, the share of services in global trade could increase by 50 percent by 2040, thanks to lower trade costs, reduced need for face-to-face interaction due to digitalization, and hopefully lower policy barriers to services trade.

The report finds that if developing countries are able to adopt digital technologies, their share in world services trade could increase by about 15 percent by 2040.

Meanwhile, despite their decline by 9 percent between 2000 and 2017, barriers to trade in services remain much higher than those in goods trade, largely due to limited possibilities to supply certain services across the border and the regulatory intensity of many service sectors.

For services trade to be a powerful engine of economic growth, development and poverty reduction, the report suggests that international cooperation will need to be intensified and new pathways will need to be found to advance global trade cooperation and make services a central element of trade policy.


ID : 8123974

Published : 2019-10-10 09:51

Last Modified : 2019-10-10 19:17:35

Source : China Central Television (CCTV)

Restrictions : No access Chinese mainland

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