Breaking News
Investing Pro 0
NEW! Get Actionable Insights with InvestingPro+ Try 7 Days Free

Group of 67 nations in WTO agree to cut red tape in services trade

Economy Dec 03, 2021 02:40
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: A logo is pictured outside the World Trade Organisation (WTO) in Geneva, Switzerland, September 28, 2021. REUTERS/Denis Balibouse/File Photo

GENEVA (Reuters) - Sixty-seven World Trade Organization members agreed on Thursday to pare back regulations such as licensing requirements placed on service providers operating in foreign countries, a move that could save $150 billion in annual trade costs.

The group of developed and some developing countries from Peru to the Philippines committed to greater transparency, legal certainty and an easier regulatory process with electronic applications and clear and reasonable fees.

The signatories, also including the United States, China and EU members, are a minority of the WTO's 164 members, but represent 90% of all services trade.

The Organisation for Economic Co-operation and Development (OECD) has estimated that implementing looser regulations in the larger G20 countries could reduce trade costs by up to 6%, with annual savings rising to $150 billion.

Banking, information technology, telecoms, architecture and engineering would be among the service sectors benefiting most.

The deal aims to provide clarity to services companies that are often obliged to submit multiple paper documents to regulators and are left in the dark how their applications are processed.

The European Services Forum, whose members range from Apple (NASDAQ:AAPL) to Zurich Financial Services, warmly welcomed the conclusion of negotiations on a deal, saying the industry had been calling for something like this for more than 20 years.

The agreement included a provision against discriminating between men and women, a first of its kind in a WTO deal. It also provides for a seven-year transition period for developing countries to comply.

While a majority of WTO members have not signed up to the accord, they are free to do so and their businesses would still benefit from more transparent and efficient regulatory regimes of the 67 participating members.

Group of 67 nations in WTO agree to cut red tape in services trade
 

Related Articles

Sterling slips as dollar regains footing
Sterling slips as dollar regains footing By Reuters - Sep 29, 2022 5

By Kevin Buckland TOKYO (Reuters) - Sterling fell on Thursday and the U.S. dollar was clawing back a recent dip as relief at the Bank of England's intervention in bond markets...

Marketmind: U-turn sparks huge turn
Marketmind: U-turn sparks huge turn By Reuters - Sep 29, 2022

(Reuters) - A look at the day ahead in Asian markets from Jamie McGeever Investors might not often pay much heed to Vladimir Lenin, but they would surely agree with the Soviet...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email