WTO members on track to conclude trade in services talks

World Trade Organization talks on facilitating trade in services are on course to reach a successful conclusion at the WTO ministerial conference starting later this month, reporters were told Thursday.

The negotiations, launched at the end of 2017, aim to facilitate trade in services by simplifying administrative regulations and technical standards.

"Participating members are on the right track to adopt a ministerial declaration that will announce the successful conclusion of the negotiations," said Jaime Coghi, chair of the talks on services domestic regulation.

The WTO's 12th ministerial conference takes place at the global trade body's headquarters in Geneva from November 30 to December 3.

The 66 WTO members negotiating on services domestic regulation are still finalising their schedules of commitments ahead of the conference.

"Implementation among the G20 economies can potentially reduce trade costs of up to six percent over three to five years," said Costa Rican diplomat Coghi.

"The effects would be greater in highly-regulated sectors... such as commercial banking, telecommunications and insurance, as well as computer and professional services.

"The savings could amount to more than $140 billion in the medium term."

Trade in services has grown significantly over the past decade and the WTO now estimates that it accounts for around half of world trade.

However, trade in services costs are about twice that of trade in goods.

A significant portion of the costs is attributable to regulatory differences as well as opaque regulations and burdensome procedures.