A73/208 productivity of service-exporting firms than of non-service-exporting firms in low income countries. 4 Still restrictiveness continues to be relevant in the services trade especially in professional services and transport. while some countries are reducing restrictions, particularly in mode 3 of the WTo modes of supply, trade in servi through the temporary movement of people remains with tight restrictions, such as quotas, labour market tests and durations of stay, ' restrictive visa and work permit rules and no recognition of qualifications and licences. Considering that trade costs for services are high and declining more slowly than trade costs for goods, addressing such restrictions should be a critical component of trade policy 12. International trade both in goods and services is increasingly facilitated by e-commerce channels. Although most e-commerce involves business-to-business transactions, the diffusion of information and communications technologies (ICTs among consumers has increased the importance of business-to-consumer e-commerce ransactions UNCTAD valued the total business-to-consumer e-commerce at nearly $3 trillion. Most of those transactions remain within the national economy. Cross border business-to-consumer e-commerce is still relatively low. UNCTAD estimates that cross-border business-to-consumer e-commerce was worth about $189 billion in 2015, which corresponded to 7 per cent of total business-to-consumer e-commerce China, the United States and the European Union are the leaders in cross-border business-to-consumer e-commerce, accounting for about $40 billion each. Cross border business-to-consumer transactions are expected to grow substantially in the coming years, owing mainly to the further diffusion of ICTs. This is likely to have several implications for both trade and the development agenda, including, but not limited to, the development of infrastructure serving business-to-consumer transactions C. An elusive goal: the least developed countries export challenge 13. As a group, least developed countries moved further away from attaining target 17 11 in 2017. Since 2014, their share in global exports has declined, largely as a result of a drop in exports of natural resources. As of 2017, least developed countries represented 0.93 per cent of global exports. For least developed countries to achieve target 17.11, this share would need to increase by about 33 per cent per year (see figure Vi). A coherent policy approach is needed to foster structural ransformation and attain sustainable export growth 4 UNCTAD, Services and Structural Transformation for Development(New York and Geneva, 017) 5 International Monetary Fund, the World Bank and WTo, Making Trade an Engine of Growth for All: The Case for Trade and for Policies to Facilitate Adjustment(2017) Information Economy Report 2017: Digitalization, Trade and Development( United Nations publication, Sales No. E. 17. IL D 8). 18-12039 722A/73/208 18-12039 7/22 productivity of service-exporting firms than of non-service-exporting firms in low￾income countries.4 Still, restrictiveness continues to be relevant in the services trade, especially in professional services and transport. While some countries are reducing restrictions, particularly in mode 3 of the WTO modes of supply, trade in services through the temporary movement of people remains with tight restrictions, such as quotas, labour market tests and durations of stay, 5 restrictive visa and work permit rules and no recognition of qualifications and licences. Considering that trade costs for services are high and declining more slowly than trade costs for goods, addressing such restrictions should be a critical component of trade policy. 12. International trade both in goods and services is increasingly facilitated by e-commerce channels. Although most e-commerce involves business-to-business transactions, the diffusion of information and communications technologies (ICTs) among consumers has increased the importance of business-to-consumer e-commerce transactions. UNCTAD valued the total business-to-consumer e-commerce at nearly $3 trillion.6 Most of those transactions remain within the national economy. Cross￾border business-to-consumer e-commerce is still relatively low. UNCTAD estimates that cross-border business-to-consumer e-commerce was worth about $189 billion in 2015, which corresponded to 7 per cent of total business-to-consumer e-commerce. China, the United States and the European Union are the leaders in cross-border business-to-consumer e-commerce, accounting for about $40 billion each. Cross￾border business-to-consumer transactions are expected to grow substantially in the coming years, owing mainly to the further diffusion of ICTs. This is likely to have several implications for both trade and the development agenda, including, but not limited to, the development of infrastructure serving business-to-consumer transactions. C. An elusive goal: the least developed countries export challenge 13. As a group, least developed countries moved further away from attaining target 17.11 in 2017. Since 2014, their share in global exports has declined, largely as a result of a drop in exports of natural resources. As of 2017, least developed countries represented 0.93 per cent of global exports. For least developed countries to achieve target 17.11, this share would need to increase by about 33 per cent per year (see figure VI). A coherent policy approach is needed to foster structural transformation and attain sustainable export growth. __________________ 4 UNCTAD, Services and Structural Transformation for Development (New York and Geneva, 2017). 5 International Monetary Fund, the World Bank and WTO, Making Trade an Engine of Growth for All: The Case for Trade and for Policies to Facilitate Adjustment (2017). 6 Information Economy Report 2017: Digitalization, Trade and Development (United Nations publication, Sales No. E.17.II.D.8)