WHAT IS THE GENERAL AGREEMENT ON TRADE IN SERVICES (GATS)?
The General Agreement on Trade in Services (GATS) is the first and only multilateral agreement providing a framework of rules covering international trade in services. It is one of a set of agreements that comprise the World Trade Organization (WTO). WHY IS THE GATS IMPORTANT? Services trade is a centerpiece of U.S. economic growth. • According to the U.S. Trade Representative, the U.S. services sector provides more than 86 million private sector jobs and over $5.5 trillion worth of production. This accounts for more than 75% of America’s private sector economic production and more than one dollar in seven of world production. The U.S. is by far the world’s leader in services exports, with $246 billion worth of private sector services exports in 1998. This is in large part because of our commitment to services liberalization generally and the GATS in particular. Services trade is a centerpiece of global economic growth. • According to a recent study by Robert Stern and his colleagues a
