Last year Shropshire Council set up a company to trade services such as legal, finance and IT support, primarily to other public bodies.

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India is reluctant to cut its own farm tariffs but has a big interest in liberalising trade in services, wanting more freedom in everything from finance to health care to entertainment.

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She gutted British trade unions, deregulated finance and presided over an epochal shift from manufacturing to services.

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The development of the concept of public debt also allowed cities and nations to finance their commercial expansion and to develop trade, magnifying the need for competitive financial services.

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Citigroup (C) CEO Vikram Pandit said at a recent Goldman Sachs Financial Services conference that there were opportunities for the bank to pick up share in trade finance, where French banks have traditionally been active and are now pulling out.

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The firm overall is keen to sell more services to its big base of corporate customers, for example in cash management and trade finance.

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