wpid-world-bank.jpgThe World Trade Organisation (WTO) have agreed to jointly develop and maintain a database on trade in services.

Services trade is said to be an area that is becoming increasingly important but little information is publicly available.

In a joint statement August 6, 2013, the two institutions said the joint database will cover various sectors in more than 100 countries, such as financial, transportation, tourism, retail, telecommunications, and business services, including law and accounting.

They explain that the data is presented in four modules covering: members? commitments under the WTO?s General Agreement on Trade in Services (GATS); commitments on trade in services in regional trade agreements; members? applied measures affecting trade in services; and services statistics.

Among other things, the joint database combines WTO data, including those on legal commitments, trade policy reviews (TPRs) or trade monitoring reports with World Bank data on applied policies from the Services Trade Restrictions Database, which went public last year.

?Both institutions will work hard to make sure the joint database stays up to date and expands to cover more sectors and countries,? said the statement.

By Ekow Quandzie/ghanabusinessnews.com

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