Director-General Pascal Lamy, in a speech at the European Services Forum and the London School of Economics conference on 15 October 2007, said that the challenge in services is “to shift the negotiations into a higher gear”. He noted that a broad range of studies indicates that “the gains from further opening of trade in services far exceed those from opening trade in goods”. This is what he said:
It is a great pleasure for me to be with you this evening. Allow me to begin by thanking the European Services Forum — and in particular Lord Vallance of Tummel for his kind words — as well as the London School of Economics for hosting this event which gives me an opportunity to address a key issue in international trade relations — trade in services. Thanks also to Peter Sutherland for his presence among us.
A lot has been said about the role of technology in fostering globalization. Technology is important, sure, but it us just a means to perform all types of activities — and to render services.
We live in the age of the services revolution. It is a revolution that has transformed the way we live and work. Rapid advances in digital and communications technologies have rendered the obstacles of time and space less relevant and opened the way for a new global services economy.
A 3-minute telephone call from London to New York back in 1930 cost about $250. Today it is just a few cents. Aided by technology, millions of financial, banking, insurance, accountancy, retail, media and travel transactions are conducted daily across borders. Even consulting a doctor can be done over the internet.
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