Services Trade: Approaches for the 21st Century

Employment in the services sector in the Asia and the Pacific has increased significantly over the past 20 years, yet exports of goods from members of Asia-Pacific Cooperation (APEC) are still five times larger than exports of services. A new booklet explains why the services sector has been the neglected component of international trade, and focuses on three broad explanations for this: (i) lack of awareness of the contribution of services to the economy, (ii) concerns over the impact of services openness; and (iii) inadequacies in negotiating modalities. The task force that prepared the report makes two specific proposals to increase trade in services. First, governments should establish regulatory principles for services, taking into account the distinctive character of the sector. Second, governments should consider whether services negotiations should be pursued on a stand-alone basis, i.e., independently of negotiations on agricultural and manufactured goods. The booklet arises from a conference held in Hong Kong, China, in June 2011, jointly organized by ADBI and the Pacific Economic Cooperation Council.

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