The Trade in Services Agreement (TiSA) is the most promising opportunity in two decades to improve and expand trade in services. Initiated by the United States and Australia, the TiSA is currently being negotiated in Geneva, Switzerland with 50 participants that represent 70% of the world's trade in services.*
The last major services agreement, the General Agreement on Trade in Services (GATS), was established by the World Trade Organization (WTO) in 1995. Since then, the world has evolved dramatically from the result of technological advances, changing business practices, and deeper global integration. The TiSA can establish new market access commitments and universal rules that reflect 21st century trade.
An international services agreement has the potential to create trading conditions that enable services industries to achieve their full potential. The TiSA can be one of the most important economic contributions of this century-for the United States and the globe.
*As of July 2015, participants in the TiSA include Australia, Canada, Chile, Chinese Taipei (Taiwan), Colombia, Costa Rica, European Union, Hong Kong, Iceland, Israel, Japan, Liechtenstein, Mauritius, Mexico, New Zealand, Norway, Pakistan, Panama, Peru, Republic of Korea, Switzerland, Turkey, the United States, and Uruguay.
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