Asia-Pacific groups form services coalition to tap huge market

CEBU CITY, Philippines — An Asia Pacific Services Coalition has been formed after services organizations agreed to form a coalition at the sidelines of the Asia Pacific Economic Cooperation (Apec) meeting here.

“We will form an Asia Pacific Services Coalition,” said Anthony Nightingale, member of the Apec business advisory council (Abac), in a press briefing.

Nightingale said Apec member-economies were fortunate that the Philippines decided to make services a priority.

“Services account for 70 percent of global GDP and when taken from a value added perspective, contribute nearly 50 percent of world trade experts,” he said.

He said these figures showed the need for Apec economies to “have a consistent, higher priority and attention” on the services sector.

He said the service sector was the largest sector of economic activity.

“If we are serious about delivering inclusive growth in the region, discussions need to be anchored on rational economic arguments about how services can help promote the services sector in the region,” Nightingale said.

The Asia Pacific Services Coalition was formed after a Regional Conference of Services Coalition was held at the sidelines of the Apec meetings here in Cebu.

The conference brought together “service-related enterprises, small enterprises, users of services, and other relevant service-focused groups from Apec economies.”

The conference has emphasized the need for structural reforms to remove barriers in the services sector.

Apec economies believe that removing barriers would boost trade and prosperity in the region.

The conference also emphasized the need “to identify ways to established more competitive sector, maximize oppurtunities for growth, stress the importance of cooperation and coalition building that will benefit all Apec economies.”