|SERVICES TRADE INFORMATION PAPER|
|WHAT IS THE GATS|
|4.0 GATS V - DEPARTURE FOR ECONOMIC INTEGRATION|
Services trade is considered as the new frontier for economic development. A vast body of research demonstrates that services play an important facilitation role and contributes significantly to enhance the productivity and competitiveness of the entire economy. Services are enablers of development and growth as fundamental inputs to all economic activities and processes, both goods and other services.
Services account for 60% of economic activity worldwide - contributing to economic growth and job creation than any other sector. The services sector is currently the largest contributor to the national economy of Uganda, estimated at 50.2% to GDP in 2013/14. Services exports have been relatively steady especially during 2000 to 2012, where they registered an annual average trade growth of 18%. She service exports grew significantly from shs 5,385 billion in FY 2012/13 to shs 6,694 billion in FY 2013/14.
The Ministry of Trade, Industry and Cooperatives, with the assistance from the Regional Integration Implementation Programme (RIIP), is in the process of drafting a National Policy on Services Trade and Implementation Plan. The Ministry therefore undertakes to sensitize the public on ‘Services Trade’ through Information Series.
This first edition is meant to give a background of services trade within the multilateral Agreements, which among others sets the rules for trading between nations.