Trade is becoming the engine of global economic growth — and developing countries must be equipped to benefit
The World Trade Organization and the World Bank opened the Trade in Services for Development (TS4D) Conference this week with a clear message: services trade is becoming the engine of global economic growth — and developing countries must be equipped to benefit.
Speaking at the opening session on 3 December, WTO Director-General Ngozi Okonjo-Iweala noted that services have been the fastest-growing component of international trade for two decades. Digitalization has accelerated the trend, with digitally delivered services projected to expand at more than 6% next year. “Services are now central to economic transformation in developing countries,” she said. “Mainstreaming services into national development strategies is no longer optional.”
The TS4D initiative, launched in 2024, aims to provide exactly that support. During the conference, the WTO and World Bank unveiled new analytical tools — including a Services Trade Competitiveness Dashboard and a handbook on regulatory best practices — designed to help governments identify obstacles and shape reforms.
Government officials from Nigeria, Saudi Arabia and Cambodia offered firsthand accounts of how services sectors are reshaping their economies, from tourism and logistics to finance and creative industries. The World Bank’s incoming Director for Trade, Denis Medvedev, stressed that services already account for nearly three-quarters of global foreign direct investment, highlighting the scale of the opportunity.
Saudi Arabia detailed sweeping regulatory changes to attract investment across 20 priority services sectors, while Cambodia underscored the role of services in women’s employment and inclusive growth. The United Kingdom urged developing countries to fully engage with the TS4D tools to assess their strengths and position themselves competitively.
As sessions continue on 4 December, partner organizations will showcase initiatives ranging from export promotion to regional integration. For the WTO and World Bank, the goal is clear: to ensure developing economies are not left behind in a world where services — increasingly digital, mobile and high-value — are transforming global trade.
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