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Explainer: Trade in services and its importance for global economies

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What exactly is trade in services and why does it matter? According to the World Trade Organization, trade in services encompasses the exchange and provision of intangible products. This includes services across diverse sectors such as transportation, tourism, telecommunications, advertising, and more. Trade in services operates in the following four modes: cross-border delivery, overseas consumption, commercial presence, presence of natural persons. Trade in services has been expanding rapidly, especially in China. 

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