Web Services Abstract This paper presents Web Services and their relations to pragmatic present day and near future business networking applications. One of the most intensive research areas in academia is the emerging next generation web. This research studies the ways to add intelligence to the present day web by introducing new ways of describing the data and services residing on the web with data of data so-called metadata. This data can be used to describe the content, purpose and means of use of both data and services. These descriptions could then be used by artificial intelligence solutions, such as autonomous agents, to produce search engines with better hit rates through application of semantics and to enable automatic location and usage of services. The part of research and applications that is related to services is often referred as Web Services. This paper gives an introduction to the topic and relates it to electronic business networking which is of the top research fields in business economics. Then we will move on and introduce the eBusiness standards briefly and sketch out the development trends in business networking and it's information technology support. Next we will cover the application areas for the web services followed by some introductory examples of the existing technologies such as Simple Object Access Protocol (SOAP), Web Services Description Language (WSDL), and Universal Description, Discovery and Integration (UDDI). Finally we will cover some proposed future visions and draw conclusions of our study.