The domestic regulation for services is the first issue to achieve major breakthrough under the negotiation model of Joint Statement Initiative since the establishment of the WTO. The achievement of the negotiation outcomes will help revitalize the negotiation function of the WTO and promote further liberalization and facilitation of global service trade.

The relevant rules of domestic regulation for services aim at streamlining the approval process of relevant service licenses, enhancing the transparency and convenience of government regulation, reducing the operating costs of companies and improving the global service trade business environment. At present, there are 67 participants to the negotiation, including China, the United States and the European Union. Their service trade accounts for more than 90% of the global total. According to the joint research report of WTO and OECD, the entry into force of the negotiation outcomes will save about USD150 billion of costs per year for global companies, especially small and medium-sized ones, in participating in international service trade. In addition, the relevant rules can also bridge the differences among relevant parties in the regulation system of service trade, reduce the barriers of service trade and promote the faster growth of global service trade.

China will, according to relevant requirements, speed up the domestic approval procedures, submit the schedule of specific commitments on time, and work with relevant parties to promote the early entry into force of the negotiation outcomes. Thank you.