WTO issues annual global trade report.

CCTV News:On the 9th, the World Trade Organization released the 2019 Global Trade Report. The report points out that service trade has become the most dynamic trade form in global trade and will play an increasingly important role in the next few decades.

WTO Director-General Azevedo called on countries to strengthen international cooperation to cope with future trade trends.

Azevedo, Director General of the World Trade Organization:In developing countries, the service industry accounts for at least two-thirds of economic output, and more than two-thirds of jobs are provided by the service industry, while in developed countries, the proportion can reach four-fifths.

The report shows that since 2005, the average annual growth rate of global trade in goods has been 4.6%, while the growth rate of global trade in services has reached 5.4%— — In many developing economies, the growth rate of service trade can reach 10%, occupying an important position.

The report also emphasizes that due to the limitations of cross-border trade in services and the regulatory restrictions of many service industries, barriers to trade in services are still much higher than trade in goods.