Trade Leaders See Proof Of Concept In WTO Services Pact

By Alex Lawson (December 3, 2021, 8:00 PM GMT) -- World Trade Organization leaders are pointing to a recent deal to soften the regulation of service providers in foreign countries as evidence that the WTO's lagging negotiating can still deliver results.

Thursday saw 67 WTO delegations lock in new rules on domestic services regulation that the organization estimates could save up to $150 billion in annual trade costs. The agreement covers areas such as licensing requirements and technical standards that can create difficulty for banking, telecommunications and other service providers in foreign markets.

João Aguiar Machado, the European Union's WTO envoy, immediately held up the completion of the services regulation as...

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