DEEP Centre launches new project on global services economy

If the late 20th Century economy was marked by an explosion in goods trade following the elimination of barriers, both real and imagined, between East and West, then the early 21st Century could well be positioned to give rise to an equally explosion rate of trade in knowledge-intensive services across national borders. Services already represent the largest share of the global economy, accounting for nearly 71 per cent of global GDP, and the global services sector is growing faster than manufacturing. The current growth trajectory in services however may pale in comparison to future potential as thriving commercial enterprises, significant public infrastructure investments and a rapidly growing population of middle class consumers in emerging nations create significant new pockets of demand. The potential conclusion of a Trade in Services Agreement (TISA) at the World Trade Organization (WTO) would only add further momentum to the potential growth in this realm.