Waiting for service? Progress in preferential market access for Asia-Pacific least developed countries’ services exports

Trade in services now accounts for more than a fifth of global trade volumes in gross terms and almost half of global trade in value-added terms. Services is the world's largest and fastest-growing sector, providing more than 60% of global output and an even larger share of employment in many countries (WTO, 2015). Two-thirds of all foreign direct investment flows are also into the services sectors. For the past two decades, trade in services has also grown faster than merchandise trade, reaching over $9 trillion for the first time in 2013 and constituting 11.9% of world GDP (ESCAP, 2015).

Related Subject(s): International Trade and Finance