At the culminating event in a series of APEC dialogues in 2015, services coalitions from across the Asia-Pacific and representatives from business said the services sector was a game changer in domestic and regional development, but structural reform in APEC economies was essential to making the sector competitive.

An uncompetitive services sector means an uncompetitive manufacturing sector, which led to lower exports and higher prices for consumers, said Mr. Anthony Nightingale, APEC Business Advisory Council (ABAC) Member for Hong Kong, China. Competitive services help to create jobs, produce quality goods, widen choices for consumers, harness opportunities for businesses, improve living standards, and spur economic growth.

ABAC and other private-sector representatives said that it was important to focus on meaningful domestic reforms by engaging the business community. Government policies needed to “embrace the new global worker”, said Mr. Guillermo Luz, Lead Coordinator for Private Sector, APEC National Organizing Council.

The benefits in opening the services sector and facilitating trade and investments, had significant benefits for micro, small and medium enterprises (MSMEs) seeking to enter global markets. Addressing behind-the-border barriers was essential, and could not be addressed through international trade negotiations alone – governments needed to take unilateral action to encourage competitive services industries.

Public and private sector representatives alike welcomed the development of an APEC Services Cooperation Framework, for consideration by APEC Leaders at its annual summit scheduled for Manila on November 18 to 19. The framework would signal the importance of services to APEC member-economies and introduce an action plan for the next ten years to improve services competitiveness.

The important role of services reform will be discussed at the APEC Structural Reform Ministerial Meeting from September 07 to 08 in Cebu City. END