World Trade Organization (WTO) members convened to discuss the impact of the COVID-19 pandemic on digital and remittance services during events held on March 25 and 27. These discussions were organized under the Committee on Trade in Financial Services and the Council for Trade in Services.
At a meeting on March 27, members reviewed outcomes from the 13th Ministerial Conference (MC13) held in February 2024. They emphasized ongoing work related to trade in services, reaffirming commitments to organizational reform and supporting least-developed countries (LDCs). Ministers encouraged WTO bodies to continue efforts in resilience building against global crises, including natural disasters.
The role of information and communication technology (ICT) services was highlighted as crucial during the pandemic. ICT services facilitated economic activity through digital trade, especially when physical proximity was restricted. Data indicated that digitally delivered services grew rapidly during this period, with exports of telecommunication, computer, and information services increasing by 39% between 2019 and 2022.
Despite growth in digital services, disparities in technology access were noted. Strengthening ICT infrastructure is essential for LDCs where internet access remains low. Electronic payments were also discussed as vital for expanding financial service reach.
The seminar addressed cross-border remittance costs under the Committee on Trade in Financial Services on March 25. With current costs averaging 6.2% globally and higher rates observed in Africa, participants stressed reducing these expenses per United Nations Sustainable Development Goals.
Deputy Director-General Johanna Hill remarked: “The opening of markets and competition between different operators for the benefit of economic development are at the heart of the GATS objectives.” She added that digitalization could further enhance remittance flows.
Members also reviewed exemptions from Most-Favoured-Nation principles within their service schedules. Concerns regarding cybersecurity measures involving China, Viet Nam, Australia, India, Japan, and the United States were revisited.
Several members condemned Russia's actions concerning Ukraine; however, Russia stated that such discussions were not suitable for WTO forums.