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Service industries represent a huge potential growth market for trade transactions, but will need a rethink on the rules if that is to flourish.
The Bank of England states in its Mind the (current account) gap report, released in January, that both the UK and the US have suffered from restrictive rules in place around trade in services. It forecasts if services trade were as open as goods trade it could reduce global imbalances by up to 40%.
The level of trade in services is on the increase.
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