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Supporting U.S. Jobs Through Services Exports
Launched in April 2013, the Trade in Services Agreement (TiSA) is a trade initiative focused exclusively on service industries. Drawing on best practices from around the world, TiSA will encompass state-of-the-art trade rules aimed at promoting fair and open trade across the full spectrum of service sectors – from telecommunications and technology to distribution and delivery services. TiSA will also take on new issues confronting the global marketplace, like restrictions on cross-border data flows that can disrupt the supply of services over the Internet – a rapidly expanding market for U.S. small businesses and entrepreneurs. And TiSA will support the development of strong, transparent, and effective regulatory policies, which are so important to enabling international commerce.
Twenty-three economies are presently participating in TiSA, representing nearly 70 percent of the world’s $55 trillion services market. TiSA is part of the Obama Administration’s ongoing effort to create economic opportunity for U.S. workers and businesses by expanding trade opportunities. Further opening services trade will help grow U.S. services exports and support more American jobs in a sector where we are the world’s leader.
Services account for three-quarters of U.S. GDP and 4 out of 5 jobs in the United States. Thanks to our vibrant and open domestic market, the United States is highly competitive in services trade, routinely recording a surplus on the order of $200 billion per year. With every $1 billion in U.S. services exports supporting an estimated 7,300 jobs, expanding services trade globally will unlock new opportunities for Americans.