Earlier on, The World Trade Organization proposed a plan to increase better collaboration with developing nations in services trade.
According to a report titled "Trade in Services for Development," sponsored by the World Trade Organization and the World Bank, it stated that the growth of developing economy's services exports has surpassed the global average over the last two decades, but there is still more to be completed to realize the importance of services trade to development.
Dr. Ngozi Okonjo-Iweala, Director-General of the World Trade Organisation, and Ajay Banga, President of the World Bank, launched the report on Monday during a virtual event.
In her remarks, Okonjo-Iweala said, “The future of trade is services, digital and green and it must be inclusive. This new publication translates that conviction into a call for action. It documents how services trade has become a key ingredient in our members’ growth and development strategies, including by helping countries diversify and expand their export baskets, making them more resilient to external shocks.”
“The single best way to drive a nail into the coffin of poverty, give people a job. In today’s world and tomorrow’s economy, delivering jobs means a very sharp focus on services. We need to build the tracks for the service train to run on, to run smoothly, quickly, and at scale,” Banga also noted.
Read more: https://www.investingport.com/wto-a...llaboration-on-trade-in-developing-countries/