A conference marking progress in the Trade in Services for Development (TS4D) initiative took place, highlighting efforts to support services trade in developing economies. The event brought together officials from the World Trade Organization (WTO), the World Bank, and government representatives from several countries.
In her opening remarks, WTO Director-General Ngozi Okonjo-Iweala emphasized the rapid growth of services trade: "Services have been the fastest growing component of world trade over the last two decades. And the digital revolution has super-charged this trend. According to the WTO's latest forecast, global commercial services trade is expected to grow by 4.6% in 2025 and 4.4% in 2026, in volume terms - far outpacing merchandise trade, which is expected to expand by only 2.4% this year and 0.5% next year. Within this broader story, digitally delivered services stand out as the most dynamic segment, with projected growth rates of 6.1% in 2025 and 5.6% in 2026."
Okonjo-Iweala noted that while developing countries are increasingly participating in services trade, they still face barriers such as complex regulations and fragmented policy responsibilities across ministries. She stated: "Services are now central to economic transformation in developing countries." She also stressed that integrating services into national development strategies is essential for diversification and resilience: "That is why mainstreaming services into national development strategies is no longer optional. Services are a necessity for diversification, productivity and resilience . The WTO also has an important role to play in providing targeted capacity building and technical assistance to help developing countries overcome challenges in leveraging services trade for growth."
The TS4D initiative combines expertise from both the WTO and World Bank to help countries identify regulatory obstacles and design policies that can foster growth in their service sectors.
New tools developed under TS4D were introduced at the conference, including a Services Trade Competitiveness Diagnostic Dashboard and a Handbook on Good Regulatory Practices to Facilitate Trade in Services. These resources aim to support capacity building efforts by sharing best practices on export promotion among regional organizations and development banks.
Okonjo-Iweala called for greater collaboration among members and partners: "To our donor partners here today: we count on you to be engaged and ambitious. Let us remember that services are not an abstract category of trade. Services connect talent, and they help every country, no matter the size or income level, to participate meaningfully in the global economy," she said.
Nigeria’s Minister of Industry, Trade and Investment Jumoke Oduwole highlighted Nigeria’s commitment: "Nigeria is a champion of intra-regional and international trade in traditional and digital services, and the services sector is the lifeblood of Nigeria's economy. They represent 58% of GDP and over 45% of formal employment globally. Nigeria is well known for financial, creative and professional services, with technology services amongst others."
Denis Medvedev from the World Bank pointed out that most foreign direct investment worldwide goes into services sectors: "Seventy-two per cent of the stock of global FDI is in services," he said. He added that fully implementing agreements like Africa Continental Free Trade Agreement could significantly increase inter-regional exports by 2035.
Eiman Al-Mutairi from Saudi Arabia described her country’s strategy for diversifying its economy through focus on sectors such as logistics, tourism, financials, digital industries—supported by reforms aimed at removing regulatory barriers.
Cambodia’s Secretary of State Tekreth Kamrang shared how integrating service sectors into national strategy helps attract foreign investment while supporting women’s employment—especially within tourism.
UK Ambassador Kumar Iyer reaffirmed his country's backing for TS4D tools so more nations can benefit from global markets: "The UK definitely wants as many countries as possible to be part of that global market..."
Panelists representing ASEAN Business Advisory Council; International Chamber of Commerce; Inter-American Development Bank all echoed calls for enhanced support around service sector growth opportunities.
Partner organizations will hold additional sessions showcasing their work related to facilitating service trades on December 4th.
The TS4D initiative was launched at a WTO Public Forum following recommendations made jointly by WTO-World Bank research published earlier; it received initial support from the United Kingdom government.