To familiarize everyone with key socioeconomic terms and concepts, we have this new social media series.
For this week, our buzzword is “trade in services”.
It refers to the exchange of services between countries.
It can occur when services are delivered remotely, are consumed abroad, when a foreign firm establishes a branch or subsidiary in another country, or when a person from one country is temporarily present in another country to provide service.
Source: World Trade Organization
A PIDS study examined the Philippines’ participation in services trade. Under the Philippines-Japan Economic Partnership Agreement, the Philippines committed 74 service subsectors while Japan committed 139. The greatest number of subsectors they agreed to trade are in business, communication, and transport services.
Know more about the Philippines’ services trade by reading “A Review of the Philippines’ Participation in Trade in Services Agreements” at https://www.pids.gov.ph/publication/research-paper-series/a-review-of-the-philippines-participation-in-trade-in-services-agreements.
