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Trajan Shipley
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3rd December 2021
External Relations & Trade

EU and WTO members reach deal to simplify trade in services

Despite the postponement of the 12th World Trade Organization (WTO) Ministerial Conference due to the new omicron variant, 67 WTO members, including the EU, have concluded negotiations on a Joint Initiative on Services Domestic Regulation, which is intended to simplify trade in services worldwide.

According to the European Commission, the deal will simplify regulations and ease procedural hurdles faced by SMEs in particular, and help reduce the costs of global services trade by more than 150 billion dollars every year. The Commission also stresses that this agreement is key for the EU’s digital agenda since sectors such as telecommunications, computer services, engineering, and commercial banking stand to benefit from it.

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