definitions General Agreement on Trade in Services

General Agreement on Trade in Services

The agreement, negotiated in the Uruguay Round that brings international trade in services into the WTO. It provides for countries to provide national treatment to the Foreign Service providers and for them to select and negotiate the service sectors to be covered under GATS. General equilibrium Equality of supply and demand in all markets of an economy simultaneously. The number of markets does not have to be large. The simplest Ricardian model has markets only for two goods and one factor, labor, but this is a general equilibrium model. It contrasts with partial equilibrium.