Services trade involves the international exchange of intangible products, a vital component of the global economy. This includes diverse sectors such as...
Services trade involves the cross-border exchange of intangible products, such as tourism, financial services, IT, healthcare, education, and consulting, rather than physical goods.
It drives economic growth, fosters innovation, creates jobs, enhances competitiveness, and facilitates deeper global economic integration, often through digital means.
Major examples include travel and tourism, transportation, financial services, telecommunications, computer and information services, business and professional services, and intellectual property.
Unlike goods, services are often intangible, non-storable, and their production and consumption can occur simultaneously, sometimes requiring proximity between provider and consumer, or enabled digitally.