Services Trade: Approaches for the 21st Century (2011)
This is a report of the task force established by the Asian Development Bank Institute and the PECC.
Despite the fact that the services sector accounts for 68 percent of value-add in the Asia-Pacific region, there is little known about the services sector and has been the neglected component of international trade. It also accounts for 61 percent of employment in the region, up from mere 27 percent when the Asia-Pacific Economic Cooperation (APEC) was founded in 1989. While the services sector has come to dominate the modern economy, international trade in services lags behind and the exports of goods among the APEC member economies are five times larger than exportsof services although both sectors have grown by almost 115 percent over the last decade.These are the key messages contained in the new publication being released by the Pacific Economic Cooperation Council (PECC) and the Asian Development Bank Institute (ADBI), Services Trade: Approaches for the 21st Century. Read more from the related press release.