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The 2019 global trade report was released on Wednesday at the headquarters of the World Trade Organization.The report indicated that trade in services has become the most dynamic form of global trade and will play an increasingly important role in the coming decades.The head of the World Trade Organization, Eduardo Azevedo, has called for greater international cooperation to tackle future trade trends.

Mr. Azevedo started by pointing out that trade in services, from logistics to finance to information technology, has become an indispensable pillar of the global economy. Services account for at least two-thirds of economic output. More than two-thirds of jobs in developing countries come from services, even reach four-fifths in developed ones. And thanks to digitisation, services that once required face-to-face delivery, such as education, can now be offered remotely. However, trade in services is often ignored in discussions of global trade, and its contribution to global trade is not fully valued.

According to the report, global trade in goods has grown at an average annual rate of 4.6% since 2005, while trade in services has grown at a rate of 5.4%. Moreover, trade in services is growing at a rate of 10%, which is very important in many developing countries.

While trade in services can fuel economic growth, improve business competitiveness and promote inclusiveness, technology factors, climate change and population mobility will all greatly affect trade in services.

The report also stresses that barriers to trade in services remain significantly higher than trade in goods because of the limitations of cross-border trade in services and the intensity of regulation in many service sectors.