WTO approves services trade rules, overcoming objections

WTO approves services trade rules, overcoming objections

The World Trade Organization Tuesday enshrined new rules facilitating trade in services between more than 70 member states, the European Union's trade commissioner said, despite initial objections from India and South Africa.

The set of rules will streamline authorisation requirements and ease procedural hurdles faced by businesses, according to a press release.

It will help reduce the costs of global services trade by more than $119 billion every year, it added.

Its integration into the WTO implies all 164 members have approved as per the body's rules which require full consensus.

"Reaching this outcome...and integrating it into the WTO has not been an easy pass," EU trade commissioner Valdis Dombrovskis said during the WTO's 13th ministerial conference in Abu Dhabi.

"We faced opposition from two WTO members" but a "spirit of compromise" eventually cleared hurdles, he said without naming any country.

Read also

Argentina authorizes Starlink, rival Amazon Kuiper

WTO chief Ngozi Okonjo-Iweala, meanwhile, thanked "India and South Africa for finding a way forward," calling services the "future of trade."

Global services exports are valued at more than $6.5 trillion, representing 23 percent of total world trade, according to the EU.

The latest WTO agreement applies to 71 member states who signed the initiative but businesses from other member states can also benefit.

China, the United States and the EU are among the 71 signatories. India and South America have not signed.

Costa Rica, which led the negotiations on the initiative, called it "a significant milestone" for member states and the WTO.

This "is the first WTO result in the field of services in more than 25 years. A real success story for this organization," said Costa Rica's foreign trade minister Manuel Tovar.

Read also

Polish farmers keep German border crossing blocked

apo/ho/rl

© Agence France-Presse

Source: AFP

Authors:
AFP avatar

AFP AFP text, photo, graphic, audio or video material shall not be published, broadcast, rewritten for broadcast or publication or redistributed directly or indirectly in any medium. AFP news material may not be stored in whole or in part in a computer or otherwise except for personal and non-commercial use. AFP will not be held liable for any delays, inaccuracies, errors or omissions in any AFP news material or in transmission or delivery of all or any part thereof or for any damages whatsoever. As a newswire service, AFP does not obtain releases from subjects, individuals, groups or entities contained in its photographs, videos, graphics or quoted in its texts. Further, no clearance is obtained from the owners of any trademarks or copyrighted materials whose marks and materials are included in AFP material. Therefore you will be solely responsible for obtaining any and all necessary releases from whatever individuals and/or entities necessary for any uses of AFP material.