World’s largest services coalition born at APEC meeting in Cebu City

CEBU CITY – The Philippines saw the birth of the world’s largest services coalition after some services organizations from across the Asia Pacific region met on the sidelines of the APEC Structural Reform Ministerial Meeting (SRMM) held in Cebu and agreed to establish the Asia Pacific Services Coalition.

Jane Drake-Brockman, spokesperson of International Trade Centre, said Asia Pacific Services Coalition, which was formed in Cebu on Monday, is “probably the world’s largest coalition of service champions.”

A memorandum of understanding (MOU) showed that the coalition’s collective goal is to work with business and government to foster growth and efficiency in the services sector through increased trade and investment, greater innovation and skills development, and pro-growth regulation in all APEC economies.

“Cebu has reasoned to be proud because many years from now when the services agenda, when trade and services across the APEC region is already reaping the benefits, is creating inclusive growth, people will remember that in Cebu, in 2015, the Asia Pacific Services Coalition was born,” PSC director Peter Perfecto, who was also present in the briefing, said.

The services sector is currently the largest sector of economic activity in most economies and is major employer.

“Services account for 70 percent of global GDP [gross domestic product], and when taken from a value added perspective, contribute nearly 50 percent of world trade exports. These figures underscore the need for APEC to have a consistent, higher priority and attention with the view of getting regulatory houses in order,” Anthony Nightingale, member of ABAC Business Advisory Council (ABAC) Hong Kong and Head of Delegation of ABAC for SRMM, said in a briefing held Monday evening.

“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,” he added.

Australian Services Roundtable (ASR) and US Coalition of Services Industries, with support of the Philippine Service Coalition (PSC) and the Lima Chamber of Commerce (LCC), are the joint convenors who will coordinate the next step toward achieving the purpose outlined in the MOU.

China Association of Trade in Services will lead the next meeting as its home country, Beijing, is the designated host for 2016 APEC meetings.