What are the basic principles of General Agreement on Trade in Services (GATS) ?

Basic Principles of General Agreement on Trade in Services (GATS) are as follows: All services are covered by GATS Most-favoured-nation treatment applies to all services, except the one-off temporary exemptions National treatment applies in the areas where commitments are made Transparency in regulations, inquiry points Regulations have to be objective and reasonable International payments: normally unrestricted Individual countries' commitments: negotiated and bound Progressive liberalization: through further negotiations.