Services

• Overview: Services encompass non-tangible goods and can range from sectors like healthcare to banking.

  • Examples: Medical services, financial advisory, online education, and software development.
• Significance:

  • Countries like the UK, the US, and India have robust services sectors, contributing significantly to their GDP.
  • The rise of digital platforms has further boosted the global trade in services.
• Trade dynamics:

  • Services require different trade regulations compared to tangible goods.
  • With advancements in technology, especially the internet, services can now be provided to global clients without the necessity for physical presence.