GATS: An Introduction
Synopsis
The General Agreement in Trade and Services (GATS), a multilateral trade agreement on services came into effect from January, 2000. Unlike other WTO agreements, GATS offers much more freedom to the Member States by allowing 'progressive liberalization' of their service sectors through 'request' and 'offer' approach. GATS architecture is complex and definitions are sometimes ambiguous. It has been observed during the last few years, that the scope of its coverage has increased, keeping in line with the increasing importance of service sector in the global economy. According to the World Band data, the service sector GDP is the fastest growing component of total GDP in both low and middle income economies. Moreover, service sector GDP in such economies is growing at a faster rate than the world average. In 2000, service sector accounted for 54 percent and 44 percent respectively of the middle income and the low income economies' total GDP and a recent research finding claims that elimination of service barriers to trade would yield an income gain of $1.4 trillion for the world. Most of the developing countries were against the inclusion of service sector under WTO trade negotiations. However, they could not succeed in their endeavor and GATS become an integral part of the new trading system under WTO. The complexities and ambiguities associated with GATS demand an impassionate analysis of this very important agreement. Keeping this in mind, this volume has attempted to unveil different clauses of GATS and its possible impact on global trade in services.
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