By Leslie D. Venzon
MANILA, Feb. 2 (PNA) — The Philippines and other Asia-Pacific Economic Cooperation (APEC) nations need to collaborate on initiatives to facilitate the development of liberalized services markets which are keys to achieving inclusive growth, according to the National Economic and Development Authority (NEDA).
At the 55th meeting of the APEC Group on Services (GOS) held in Clark, Pampanga over the weekend, Deputy Director-General Emmanuel Esguerra noted that APEC’s collective goal to have an open trade and investment environment in the region is a difficult task, especially for services which is continuously evolving.
“This is the essence of the APEC — for us to go far by working together. It is, however, even much better if we can work together faster so that the benefits of our collective action can be felt sooner rather than later by more people,” said Esguerra, who serves as convenor of the APEC GOS.
He said the GOS has to submit plans of action at the APEC Ministerial Meeting (AMM) this year for the facilitation and liberalization of environmental services and for manufacturing-related services in supply and value chains.
Esguerra said the Group is also continuing its work on increasing the transparency of services trade-related regulations, facilitating services, trade and investments, and fostering the development of open services markets, among others.
At a joint Economic Committee-GOS-Pacific Economic Cooperation Council (PECC) meeting, the NEDA official also underscored the cross-cutting nature of services in the global and regional economy and the attainment of inclusive development.
“Cross cutting nature of services and requirements of the newly endorsed blueprints requires consideration and action by the whole of APEC acting in concert,” said Esguerra, also the Vice Senior Official of the Philippine delegation to the First Senior Officials’ Meeting (SOM1).
He particularly cited the benefits of liberalized markets and effective regulatory frameworks and administrative capacities.
“(These) are necessary to address market failures and social objectives. Important interactions between service activities, delivery modes, and between goods and services need also to be considered,” he added.
Esguerra said that for small and medium enterprises (SMEs) to be able to participate in global value chains, investment in building firms’ productive capacities and work force skills is also critical in order to maximize value-added and realize a bigger share of it.
“It is fair to say that Services is the largest economic sector and is a major employer in most APEC economies, including the Philippines,” he further said.
Citing a report of the APEC Policy Support Unit, Esguerra said more open services trade policies are positively correlated to manufacturing competitiveness.
He underscored the need to increase governments’ capacities to adjust in an effort to facilitate the people’s access to better opportunities in an integrated regional economy.
“This adjustment includes an openness to changing perspectives and having a deeper collaboration and coordination in policymaking across governments and government agencies. The APEC is a useful venue for increasing such capacity,” he added. (PNA)