WTO Members Issue New Certification Schedules for Domestic Regulation of Services
Countries participating in the Joint Initiative on Services Domestic Regulation submitted improved schedules of commitments to the World Trade Organization for certification of a set of disciplines meant to cut trade costs for service providers, the WTO said Dec. 20. The commitment schedules are the final step needed to give the disciplines legal effect. In all, 59 participants submitted new schedules of service commitments "accounting for" 87% "of world services trade." WTO members have 45 days to review the schedules.
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Negotiations on services domestic regulation wrapped up in December 2021, ending with a declaration by 69 WTO members agreeing to new disciplines to cut administrative costs for service procedures. “The launch of certification procedures for such a large number of participants is a real success,” said Jaime Coghi Arias, the initiative's coordinator. “It moves us one step closer to giving legal effect to a set of disciplines that will increase transparency and predictability in the regulation of services trade and remove red tape for our business communities. This will in particular help micro, small and medium-sized enterprises and women entrepreneurs.”