INTRODUCTION TO SERVICES

Services represent one of the most important and fastest growing components of international trade today. There is global recognition of the pivotal role that services play in driving economic growth and development. This has been  further enhanced by technological advances in the last few decades, which have opened up new mechanisms to increased trade in services. According to the World Bank, services account for approximately 45% of GDP in Least Developed Countries (LDCs) and up to 75% of GDP in the developed economies[1].