Countries around the world need to lower barriers to the global trade in services, the OECD said yesterday as it released a new index highlighting the obstacles still in place, particularly in emerging economies.
At $4.6tn in 2013, global trade in services is still dwarfed by the $18.8tn trade in goods. But commerce in sectors ranging from accounting and banking to telecommunications and transport has been growing more rapidly than that in goods in recent years and is increasingly the focus of liberalisation efforts.
According to the OECD, services now account for more than two-thirds of global gross domestic product.
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