THE SIGNIFICANCE OF THE SERVICE INDUSTRY IN INTERNATIONAL TRADE
Keywords:
Service industry, international trade, globalization, economic growth, trade agreements, cross-border services, digital economy, trade in services, service sector growth.Abstract
This research paper delves into the crucial role played by the service industry in international trade. Despite often taking a backseat to the manufacturing sector, services are a cornerstone of global commerce, contributing significantly to countries’ GDP and exports. Through an analysis of the growth of services trade, the impact of digital technologies on service exports, challenges and opportunities for service providers in international markets, and the role of services in economic development, this article sheds light on the importance of the service sector in driving international trade and fostering economic growth. With a focus on the evolving landscape of global trade, this article aims to provide a comprehensive understanding of the significance of the service industry in the interconnected world market.
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