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Group of 67 nations in WTO agree to cut red tape in services trade Updated: 2021-12-03 17:02:36 KST

Sixty-seven members of the World Trade Organization are rolling back regulations on a range of cross-border services.
On Thursday, these countries, including South Korea, the U.S. and China, agreed to reduce licensing requirements and other rules in sectors such as banking, IT, telecoms, architecture and engineering.
The move could reportedly save 150 billion U.S. dollars a year in trade costs.
It'll have little impact on South Korea, though, because it has FTAs with multiple countries and its regulations are already closely aligned with the deal's less stringent rules.
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