The joint work programme aims to address the challenges developing economies face in unlocking the benefits of services trade and harnessing the sector's export potential.
"For many developing countries, prospects for export-led growth now lie to a much greater extent in services," noted DDG Hill. "The ability to supply, access, and export efficient services has become central to the realization of development strategies."
"This session marks a key step in the WTO and the World Bank collaboration on services trade. Together, we are taking concrete actions to advance a 'Trade in Services for Development' initiative."
"Trade in Services for Development" highlighted the significant and multifaceted development impact of trade in services and the important opportunities it offers developing economies. The report emphasized that increased levels of Aid for Trade in services are required to help developing economies take fuller advantage of the growth and development opportunities presented by services trade.
The announcement was made during a session of the Global Review on the development promise of trade in services. Moderated by Mona Haddad, the World Bank's Global Director for Trade, Investment, and Competitiveness, the session also featured Kerrie D. Symmonds, Barbados' Minister of Foreign Affairs; Ambassador Simon Manley from the United Kingdom; Ambassador Mere Falemaka from the Pacific Island Forum Secretariat; and Bernard Hoekman, Professor at the European University Institute.
This initial work programme is composed of four related components. The first is preparing a user-friendly Competitiveness Diagnostic Tool to help developing economies assess their competitive strengths and weaknesses in services trade, define their overarching national services trade policy objectives, and identify and prioritize technical assistance needs.
The second and third components aim to overcome data constraints by providing assistance in mapping out core services trade measures and building capacity for developing economies to produce and use statistics on services trade while improving their quality. The fourth component seeks to identify best practices in exporting promotion of services to assist efforts by developing economies to expand and diversify their service exports.
"The proposed work programme contains ingredients that will allow us to make a real difference," said DDG Hill. "We need to help countries take advantage not only of today's growth opportunities but also those of tomorrow. And that's services trade. Aid for Trade will be pivotal in transforming the development promise of services trade into concrete benefits."
DDG Hill and Mona Haddad noted that success would depend not only on interest from developing economies but also on mobilizing support from donors as with other Aid-for-Trade initiatives.
The programme is based on initial feedback received from developing economies during regional events conducted in partnership with other international organizations. The World Bank and WTO will seek cooperation with other organizations – particularly regional economic commissions and development banks – in executing this work programme.
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