[Source: BBC]

Members of the World Trade Organization (WTO) have agreed a landmark deal which could cut trade costs by £113bn a year.

Some 67 members agreed to cut red tape around licensing and qualifications.

The signatories, which include the UK, United States, EU and China, are a minority of the WTO’s 164 members, but represent 90% of all services trade.

Banking, information technology, telecoms, architecture and engineering are among the service sectors which could benefit most from the deal.

Anne-Marie Trevelyan, the UK’s International Trade Secretary, said the UK stands to gain as it is the world’s second largest services exporter.

She said the deal showed “exactly the kind of cooperation we want to see at the WTO and demonstrates it can deliver trade rules fit for the 21st Century”.