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The service sector accounts for more than 70 percent of the gross domestic product (GDP) of advanced industrial economies. Though trade in services is difficult to calculate and many transactions still go uncounted, current estimates place the worth of such trade as at least $2.5 trillion, or about a third of total world trade. For the United States, the world’s most advanced industrial economy, the service sector looms even larger. Services account for almost 80 percent of U.S. production and U.S. employment (while manufacturing accounts for 19 percent of U.S. GDP and 18 percent of U.S. employment). The surplus in U.S. services trade also partially offsets persistent U.S. merchandise trade deficits. In. | Reducing the Barriers to International Trade in Accounting Services AEI STUDIES ON SERVICES TRADE NEGOTIATIONS Claude E. Barfield series editor Reducing the Barriers to International Trade in Accounting Services Lawrence J. White Insurance in the General Agreement on Trade in Services Harold D. Skipper Jr. Reducing the Barriers to International Trade in Accounting Services Lawrence J. White The AEI Press Publisher for the American Enterprise Institute WASHINGTON D.C. .
