A
s Malaysia moves towards becoming a
developed nation, greater emphasis should
be targeted on the development of the
services sector to serve as an engine of growth
in propelling and sustaining the economy. The
services sector assumes an increasing share of
Gross Domestic Product (GDP) as the economy
matures, as is evident in the case of developed
countries. Under the 10th Malaysia Plan (2011 to
2015), the services sector is expected to grow at
7.2% annually until 2015, raising its contribution
to GDP to 61% by the end of the Plan period.
It is therefore important that Malaysia works
in collaboration with international organisations
such as the APEC and ASEAN Economic
Community to tap into the developments of the
service industry that suit the local and regional
business environment.
Content of APEC Services Co-operation
Framework
The services sector accounts for a dominant share
of APEC regional economies, providing high quality
jobs and new avenues for growth. An efficient and
competitive services sector provides whole-ofeconomy benefits.
International trade in services facilitates the
transfer of technology and management knowhow, spurs innovation, boosts competition and
productivity, raises the standard of domestic
services suppliers, reduces costs, and widens the
range of choice for consumers.
Recognizing that the development of services
including their efficient delivery requires a strategic
approach, APEC leaders adopted the APEC Services
Co-operation Framework (ASCF) as follows:
Advancing the Services Agenda
As part of the commitment to realizing APEC’s
vision as outlined in the Bogor Leaders’
Declaration and achieving APEC’s goal of free
and open trade and investment in the Asia-Pacific
no later than the year 2020; the importance of
advancing regional co-operation in services is
clearly recognised.
APEC’s past and on-going work on services
across the various APEC sub-fora, contributes
significantly to efforts towards implementing
the APEC Leaders’ Growth Strategy, the APEC
Connectivity Blueprint, and the 2014 APEC
Strategic Blueprint for Promoting Global Value
Chains Development and Co-operation.
The outcomes of the second meeting of the
APEC Ministers Responsible for Structural Reform
and the emphasis they placed on services are
welcome.
APEC can be commended for its work in services
trade and investment, such as the Services
Action Plan, the APEC Principles for Cross-Border
Trade in Services, and the Services Trade Access
Requirements (STAR) Database. The significant
contribution o