A socially oriented non-financial development institution and a major organizer of international conventions, congress, exhibitions, business, social and sporting, public, and cultural events.

The Roscongress Foundation – a socially oriented non-financial development institution and a major organizer of international conventions, congress, exhibitions, business, social and sporting, public, and cultural events.

The Foundation was established in 2007 with the aim of facilitating the development of Russia’s economic potential, promoting its national interests, and strengthening the country’s image. One of the roles of the Foundation is to comprehensively evaluate, analyse, and cover issues on the Russian and global economic agendas. It also offers administrative services, provides promotional support for business projects and attracting investment, and helps foster social entrepreneurship and charitable initiatives.

Each year, the Foundation’s events draw participants from 208 countries and territories, with more than 15,000 media representatives working on-site at Roscongress’ various venues. The Foundation benefits from analytical and professional expertise provided by 5000 people working in Russia and abroad. In addition, it works in close cooperation with 130 economic partners; industrialists’ and entrepreneurs’ unions; and financial, trade, and business associations from 70 countries worldwide.

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Research
02.07.2020

Trade in services in the context of COVID-19

The World Trade Organization’s study offers information about the early consequences of the pandemic, as it affects trade in services across various sectors, as well as shipment methods. The authors state that services account for over two-thirds of economic output and attract over two-thirds of foreign direct investment, providing the majority of jobs globally and representing over 40% of all global trade. Logistics and the tourism and travel sector have been the hardest hit as a result of the COVID-19 pandemic and the resulting crisis. Restrictions on movement and enforced social distancing have had the greatest impact on suppliers and consumers. Interruptions to the supply of services are having a wide-ranging impact on the economy and trade, given the sector’s important role in other areas of economic activity. Reduced trade in goods contributes to reduced trade in services, resulting in an economic slowdown. Labour productivity and trade performance, including in the services sector, will be key to economic recovery at all levels. This underlines the importance of injecting new momentum into developing trade in services, and especially infrastructure services such as finance, telecommunications, supply chains, transportation and logistics.

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