OECD Forum 2014: The Future of Trade
Tuesday 6 May
15:00 - 16:30
Blue Amphitheatre
Parallel session

The income created within Global Value Chains has doubled, on average, over the last 15 years; in China, income associated with GVCs has grown 6-fold. In the area of development aid, donors also increasingly recognise the importance of participation and upgrading in GVCs for private sector development.

Within GVCs the value created by the growing services sector is essential to our economy and society. Teachers, lawyers, architects and medical staff are all service providers, while businesses use the services of specialists in areas such as transportation, information technology and accounting. The services sector represents almost 50% of global trade in advanced economies and a growing share globally, employs the most workers in major economies and creates more new jobs than any other sector.

Through international trade, services can transcend national borders and compete in global markets. Trade in services drives the exchange of ideas, know-how and technology. It helps firms cut costs, increase productivity and boost competitiveness, while consumers benefit from lower costs and greater choice. But international trade in services remains restricted by many barriers, because of the importance of services to developing value and jobs for our economies, it is essential to identify and overcome these barriers.

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