Trade in services is key for wealth and jobs
Posted, July 09, 2008 @ 00:00
Conservative MEP Syed Kamall is spearheading a new report which promotes the importance of trade in services for economies around the world, outlining its crucial role in boosting wealth and creating jobs.
Mr Kamall´s report stresses that services are not the preserve of richer countries but are an important and growing part of any economy. He points out the excellent example by the boom in African and South American telecoms, which has shown the progress that can be made through opening up competition, and paves the way for huge growth potential through services for poor countries.
Mr Kamall said: "Services provide vital support to the economy and industry as a whole, through, for example, finance, logistics, and communications.
"Today's level of globalisation and rapid technological advancement require more than ever that attention be given not only to trade in physical goods, but also trade in services. Studies repeatedly show that services make up an ever increasing percentage of GDP of nearly every economy, 75 per cent for the EU, 78 per cent for North America, 52 per cent for Africa and 60 per cent for Asia."
The report, Trade in services currently being debated in the International Trade committee and is likely to be voted on by the Parliament as a whole, in September.