WTO and World Bank launched co-publication on trade in services for development

Geneva, 3 July 2023 – WTO Director-General Dr. Ngozi Okonjo-Iweala and World Bank Group President Mr. Ajay Banga opened the launch event of the World Trade Organization and World Bank co-publication on ‘Trade in Services for Development’.

In her opening speech, the Director General of the WTO noted that the services sector today generates more jobs (50% worldwide) and accounts for more than two thirds of global GDP.

At the same time, digital services are growing at the fastest pace, far outpacing the growth of trade in goods. According to the latest WTO estimates, global exports of digital services have more than tripled, growing by an average of 8.1% annually from 2005 to 2022, outpacing growth in exports of goods.

Boosted during the pandemic by remote working, learning and telemedicine, the year-on-year growth of digitally delivered services exports was 14 per cent in 2020 and 15 per cent in 2021. Digitally delivered services exports in 2022 were recorded 37 per cent above 2019.

Permanent Representative of the Republic of Kazakhstan to the WTO and other economic organizations Zhanar Aitzhan moderated a panel discussion with representatives from the private sector.

In her speech, Permanent Representative Zh. Aitzhan noted that services are shaping the future of the world trade. She noted that services have a positive gender dimension and play an important role in women’s empowerment. In 2021, 59 per cent of employed women globally worked in the services sector, compared to only 44 per cent in 2000. Women-led firms have more success in the services sector – in particular for services delivered remotely over digital platforms.

Panel discussion speakers were Hilda Kabushenga Kraga, CEO of African Talent Company, Dr. Barbara Kotshwar, Executive Director of Visa Economic Empowerment Institute, and Dr. Kati Suominen, Founder and CEO of Nextrade Group.

Speakers shared their experiences on how various companies use trade in services to grow their business, how ICTs enable individuals and small companies to provide their services remotely across borders and thereby expand business opportunities, as well as opportunities to build capacity to export services and overcome emerging challenges.

WTO Deputy Director General Ms. Anabel Gonzalez summed up the event by noting that developing countries have already made significant strides in exploiting trade in services, but much remains to be done. The WTO Secretariat and the World Bank Group stand ready to help governments realize the full potential of developing trade in services in developing and least developed countries.