Tamás Vattai, First Secretary at our Permanent Representation chaired the WTO’s Services Trade Committee in the past one year.
After the successful revitalization of the work of the Committee, Members discussed the measurement of digital trade, a proposal of the United States on conditional GATS commitments in telecom and financial services and the transparency of services commitments related to the movement of individuals. All the best for the next chair: Japan!
Trade in services has expanded more dynamically than trade in goods in the las two decades. Services in providing inputs for other economic activities, including connecting supply chains and facilitating trade in goods. Services value-added accounts for close to half of the value of international goods and services trade. The COVID-19 crisis is further underscoring the importance of services that enable online supply, such as telecommunications and computer services, as well as the broader infrastructural role of financial, transport, distribution and logistics services in facilitating merchandise trade and economic growth.