This document discusses three transformational trends in global trade and foreign direct investment: trade in tasks, the internationalization of services, and the rise of the global South. It notes that trade and FDI have become more interactive and extended into new economic sectors like services. It also highlights the growing role of emerging markets in global trade and investment. The document argues that these trends present both new opportunities and challenges for developing countries regarding trade, growth, and competitiveness. It emphasizes that services trade will be increasingly important and that regulations need to facilitate both services exports and imports to boost productivity.