(Ecofin Agency) - The World Trade Organization (WTO) and the World Bank introduced a new initiative called the "Trade in Services for Development" during the 2024 Public Forum. Supported by a $1 million donation from the United Kingdom, this program is part of the broader "Aid for Trade" effort. It aims to help developing countries maximize the economic benefits of service trade.

The initiative includes a comprehensive work program to enhance the competitiveness of developing nations in service trade. It is also expected to improve data collection and increase transparency about policies affecting this sector. Another is the development of a "competitiveness checklist" to help the beneficiaries set clear goals and priorities in service trade.

The launch of this new program comes as service trade has been growing steadily in international markets over the past few years. According to WTO Director-General Ngozi Okonjo-Iweala, service trade now represents about $12 trillion of the $32 trillion total global trade. She highlighted that digital services are experiencing the fastest growth, increasing by 8% annually. This growth offers new opportunities for less developed countries, particularly in Africa, to boost their participation and earnings in global trade.

"Developing economies' growth and employment generation prospects lie in services. Services will be at the center of future economic growth and trade," Okonjo-Iweala said during the initiative’s launch on September 11.

The WTO also announced that it will host a global conference on services every two years, in partnership with the World Bank, to share best practices and explore new developments in this important area.

Moutiou Adjibi Nourou