67 WTO member delegates participated in the Joint Initiative on Services Domestic Regulation, which aims to reduce administrative costs and create a more transparent environment for services providers to operate in when conducting business in foreign markets.

This initiative marks the first set of rules governing service regulation in nearly 25 years. The trade agreement covers licensing, qualification requirements, procedures and technical standards. The move has been welcomed by The Law Society of England and Wales, amongst a number of other professional bodies.

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