foreign workers. Value of Trade in Services In 2014, global trade in services totaled some $3.8 trillion, with Mode 3 (commercial presence) accounting for 55% of the total, followed by Mode 1 (cross-border trade) at 30%, then Mode 2 ( consumption abroad) at 10%, and Mode 4 (presence of natural persons) the lowest share, at less than 5%. In wealthy developed economies, services comprise a significant share of GDP and employment. For example, services account for 70% of economic output in the United States and 75% in the European Union. Trade Agreements and Law During the Uruguay Round of the General Agreement on Tariffs and Trade (GATT), the General Agreement on Trade in Services was drafted, and became enshrined as one of the four pillars of the international treaty comprising the World Trade Organization Agreement in 1995. Regional trade in services agreements are also negotiated and signed between regional economic groupings such as CARICOM, North American Free Trade Agreement (NAFTA) and ASEAN. Beginning in February 2012, 50 countries (28 of which are represented by the European Union) around the world began negotiating the Trade in Services Agreement (TISA). TISA negotiations primarily comprised high- and upper-middle income countries who were members of the WTO and hoped to further liberalize trade in financial services, healthcare, and transportation between themselves. The agreement has not progressed since early 2016 due to uncertainty surrounding negotiations in the aftermath of many elections that occurred that year. Examples Some of the most common examples of trade in service would be: Business and professional services, including: See also Trade in Services Agreement (TiSA) Trade in services statistics References Department for International Development, Background Briefing - Service and Developing Countries, March 2003. https://web.archive.org/web/20050214211614/http://www.dfid.gov.uk/pubs/files/tradebrief-services.pdf The World Trade Organisation, The General Agreement on Trade in Services (GATS): objectives, coverage and disciplines, http://www.wto.org/english/tratop_e/serv_e/gatsqa_e.htm Last accessed 13 February 2005. WTO Secretariat, AN INTRODUCTION TO THE GATS, http://www.wto.org/english/tratop_e/serv_e/gsintr_e.doc 13 February 2005. International trade Services sector of the economy