What is the WTO Agreement on Trade in Services?
The WTO Agreement on Trade in Services (also known as the General Agreement on Trade in Services or GATS) is an international trade agreement that was established in 1994. It is part of the World Trade Organization, and is aimed at liberalizing the international trade in services. The Agreement sets out a framework of key rules and regulations which provide governments with the ability to allow foreign service providers to compete fairly with domestic providers, while allowing for countries to retain the right to regulate the supply of services within their own jurisdiction. The Agreement covers a wide range of services including transportation, communication, construction, financial services, energy, education, tourism, environment and health services. It also covers issues such as access to markets, national treatment, most favoured nation treatment and the temporary movement of people. In Florida, the Agreement on Trade in Services is being used to promote international trade and investment through the liberalization of the trade in services. This is helping to create jobs, and spur economic growth. The Agreement also provides for the protection of intellectual property rights, which is important in a state like Florida that is home to a number of invention-based companies.
Related FAQs
What are the key benefits of the Generalized System of Preferences (GSP)?How does the GATT Agreement affect international trade?
What is the purpose of the International Trade Law Commission (ITLC)?
What is the WTO Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPs)?
What is the Customs Valuation Agreement?
What is the difference between a boycott and a trade embargo?
What is the difference between an import quota and a tariff?
What is the Trans-Pacific Partnership (TPP)?
What is the International Monetary Fund (IMF) and what role does it play in international trade?
What are the key principles of the WTO's Agreement on Safeguards?
Related Blog Posts
Introduction to International Trade Law & Its Benefits - Key Considerations for Businesses - July 31, 2023A Comprehensive Overview of WTO Rules and Regulations - August 7, 2023
Navigating the Tangled Web of International Trade Regulation - August 14, 2023
The Different Types of International Trade Agreements - August 21, 2023
Using Investment Treaties to Facilitate Cross-Border Transactions - August 28, 2023