Services Trade Needs to be Taken as Seriously as Goods Trade Introduction

It is time to change the services narrative, to show that this is real and growing trade, and likely to increase in importance in the future. [...] O R G / N E W - G L O B A L I Z A T I O N N E W G L O B A L I Z A T I O N P R O J E C T Defining services trade There is no comprehensive definition of a service, except insofar as that which is not goods trade, to mean that no tangible product is transferred in ownership. [...] O R G / N E W - G L O B A L I Z A T I O N N E W G L O B A L I Z A T I O N P R O J E C T It is probably time to move on from modes of supply. [...] O R G / N E W - G L O B A L I Z A T I O N N E W G L O B A L I Z A T I O N P R O J E C T One potential source of under-counting is ‘Servitization’, where products are sold as a service. [...] In the EU the trade of such services is estimated to be over €300bn, roughly a third of total goods exports.