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He finds that, in spite of US comparative advantage in service activities, service firms' export participation lags manufacturing firms. Jensen evaluates the impediments to services trade and finds evidence that there is considerable room for liberalization-especially among the large, fast-growing developing economies. The policy recommendations coming out of this path-breaking study are quite clear. The United States should not fear trade in services. It should be pushing aggressively for services trade liberalization. Because other advanced economies have similar comparative advantage in service, the United States should make common cause with the European Union and other advanced economies to encourage the large, fast-growing developing economies to liberalize their service sectors through multilateral negotiations in the General Agreement on Trade in Services and the Government Procurement Agreement.
The services sector is key to economic growth, competitiveness, and poverty alleviation. Comprising more than two-thirds of the world economy, services are now commonly traded across borders, helped by technological progress and the increased mobility of persons. In recent years, a number of developing countries have looked at trade in services as a means to both respond to domestic supply shortages and to diversify and boost exports. Any country can tap into the trade potential of services, but not every country can become a services hub across sectors. The opening of the services sector potentially comes with large benefits, but also fears and costs that should not be overlooked. This book provides useful guidelines for the assessment of a country s trade potential, and a roadmap for successful opening and export promotion in select services sectors. It looks at both the effects of increased imports and exports, and provides concrete examples of developing country approaches that have either succeeded or failed to maximize the benefits and minimize the risks of opening. It focuses on sectors that have been rarely analyzed through the trade lens, and/or have a fast growing trade potential for developing countries. These sectors are: accounting, construction, distribution, engineering, environmental, health, information technology, and legal services. This book is designed for non-trade specialists to understand how trade can help improve access to key services in developing countries, and for trade specialists to understand the specific characteristics of each individual sector. It will be a useful tool for governments to design successful trade opening or promotion strategies, and for the private sector and consumers to advocate sound domestic policy reforms accompanying an offensive trade agenda.
This title provides a comprehensive introduction to the key issues in trade and liberalization of services. Providing a useful overview of the players involved, the barriers to trade, and case studies in a number of service industries, this is ideal for policymakers and students interested in trade.
The Manual sets out an internationally agreed framework for the compilation and reporting of statistics on international trade in services in the broad sense. It addresses the growing need, including in international trade negotiations and agreements, for more detailed, comparable, and comprehensive statistics on this type of trade in its various forms. The recommendations will enable countries to progressively expand and structure the information they compile in an internationally comparable way. The Manual conforms with and explicitly relates to the System of National Accounts 1993 and the fifth edition of the IMF’s Balance of Payments Manual. It is published jointly by the United Nations, European Union, IMF, OECD, UNCTAD, and World Trade Organization.
International Regulation of Trade in Services provides commentary and primary source materials on the concepts of international trade in services and the broad legal regime that governs it. This five-volume set is a compilation of global, regional, and European Union legislation that affects international trade in services.Updated approximately seven times per year.
The first comprehensive analysis of the applicability of international trade law to digital services at multilateral and regional levels.
Quantitative measures of international exchange have historically focused on trade in tangible products or capital. However, services have recently become a larger portion of developed economies and international trade, and will only increase in the future. In International Trade in Services and Intangibles in the Era of Globalization, Marshall Reinsdorf and Matthew J. Slaughter examine new and emerging patterns of trade, especially the growing importance of transactions involving services or intangible assets such as intellectual property. A distinguished team of contributors analyzes the challenges involved in measuring trade in intangibles, the comparative advantages enjoyed by United States service industries, and the heightened international competition for jobs, capital investment, economic growth, and tax revenue that results from trade in services. This comprehensive volume will be necessary reading for scholars seeking to understand the rapidly changing global economy.
This collection of essays takes stock of the key challenges that have arisen since the entry into force of the General Agreement on Trade in Services in the mid-1990s and situates them in the context of the WTO's Doha Development Agenda and the proliferation of preferential agreements addressing services today. The multidisciplinary approach provides an opportunity for many of the world's leading experts and a number of new analytical voices to exchange ideas on the future of services trade and regulation. Cosmopolitan approaches to the treatment of labour mobility, the shape of services trade disciplines in the digital age and pro-competitive regulation in air transport are explored with a view to helping readers gain a better understanding of the forces shaping the changes. An essential read for all those concerned with the evolution of the rules-based trading system and its impact on the service economy.
International trade and investment in services are an increasingly important part of global commerce. Advances in information and telecommunication technologies have expanded the scope of services that can be traded cross-border. Many countries now allow foreign investment in newly privatized and competitive markets for key infrastructure services, such as energy, telecommunications, and transport. More and more people are travelling abroad to consume tourism, education, and medical services, and to supply services ranging from construction to software development. In fact, services are the fastest growing components of the global economy, and trade and foreign direct investment (FDI) in services have grown faster than in goods over the past decade and a half. International transactions, however, continue to be impeded by policy barriers, especially to foreign investment and the movement of service-providing individuals. Developing countries in particular are likely to benefit significantly from further domestic liberalization and the elimination of barriers to their exports. In many instances, income gains from a reduction in protection to services may be far greater than from trade liberalization in goods. In light of the increasing importance of international trade in services and the inclusion of services issues on the agendas of the multilateral, regional and bilateral trade negotiations, there is an obvious need to understand the economic implications of services trade and liberalization. A Handbook of International Trade in Services provides a comprehensive introduction to the subject, making it an essential reference for trade officials, policy advisors, analysts, academics, and students. Beginning with an overview on the key issues in trade in services and discussion of the GATS, the book then looks at trade negotiations in the service sector, the barriers to trade in services, and concludes by looking at a number of specific service sectors, such as financial services, e-commerce, health services, and the temporary movement of workers.
"In 2012, U.S. and European firms accounted for the highest share of revenue generated by the top international architecture and engineering firms in Africa, at 27 and 31 percent, respectively," according to a U.S. International Trade Commission trade brief. These findings show that the growth of company revenues in an overseas market does not just have to depend on the sale of manufactured products or agricultural commodities. Opportunities also exist for service providers. International Trade in Services: Effective Practice and Policy addresses a reality that receives minimal attention in the current debate about international trade—how the export and import of services drive a significant portion of international trade. The United States has a US$269 billion surplus in trade in services with the world. On other hand, U.S. trade in goods with the world continues to experience a wide trade deficit of US$946 billion. Nevertheless, U.S. policy response focuses mainly on the manufacturing and agricultural sectors. In addition, as an international trade educator in business schools at different universities, many of the textbooks emphasize the various aspects of importing and exporting goods. Workshops aimed to educate and inform the business community also focus on the trade in goods. Consequently, business students and practitioners miss another important component of international trade that presents opportunities—trade in services. The book provides a simple, yet thorough, introduction on how to export a service to an overseas market. The book will guide its audience with a step-by-step process on exporting a service from research to strategy to implementation. Furthermore, the book will highlight the opportunities presented by the international-level General Agreement on Trade in Services (GATS) and bilateral and regional-level reciprocal trade agreements. Service providers will be able to use the book as a guide to start the export process successfully with the first step. Essentially, the book will provide results in the following areas: Time saving—The step-by-step process, which highlights various programs, and the list of key resources will save future exporters of a service the time that they would spend trying to just understand another market. Frustration reduction—The book’s outline of the formal mechanisms available to service exporters will save them from the frustration that may arise from encountering trade practices, some of which can also be very costly, in different markets that make it difficult to compete against local service providers. Money saving—Having substantive knowledge of formal mechanisms and key resources that help to reduce the risks associated with exporting to another market, such as not receiving payment, will help the services-based exporter to use its financial resources more efficiently while reducing its risk of nonpayment.