At the “multi-year expert meeting” on services, development and trade: the regulatory and institutional dimension, organized by UNCTAD in Geneva, there was rich discussion on the increasing importance of regulation in an environment in which services trade is assuming greater importance. As attention shifts to services trade (for example, the most important element of the proposed Comprehensive Economic Partnership Agreement between India and Sri Lanka, is the services chapter), there is of necessity a need to start looking at regulatory restrictions on services trade. Tariffs do not apply to services, so the only barriers are opaque, arbitrary and discriminatory regulatory provisions. This has been well recognized in telecom, with the reference paper on regulation being one of the key contributions to liberalization made by the GATS. The issue being raised at the UNCTAD meeting was whether there was value in exploring the regulatory aspects of trade in other infrastructure services.