APEC targets trade in services, support industries

13:28 | 11/03/2017 Trade

(VEN) - Developing trade in services and support industries were the two main issues on the agenda of the first Asia-Pacific Economic Cooperation (APEC) Senior Officials Meeting (SOM-1) held on February 23 in the coastal city of Nha Trang.  

apec targets trade in services support industries

The APEC Public-Private Dialogue on Services, co-organized by the Ministry of Industry and Trade and the APEC Secretariat, was designed to strengthen cooperation in services among the APEC forum’s 21 member economies.

Addressing the session, Luong Hoang Thai, director of the Ministry of Industry and Trade’s Multilateral Trade Policy Department, said that economies with a high rate of trade in services in their gross domestic product (GDP) have been prove to perform better.

The main objective of this year’s dialogue was to exchange knowledge and share ideas to further strengthen cooperation in major services, as well as address policy barriers for service suppliers in the region, especially for distribution, transportation and logistics. The dialogue sought to provide a platform for the APEC Group on Services and other forums to continue building capacity support programs for its members in the above fields.

On the same day, the Vietnamese Ministry of Industry and Trade, in coordination with Japan’s Ministry of Economy, Trade and Industry organized the APEC Policy Seminar on Support Industries.

At the seminar, Thai underlined that strong and sustainable development of support industries not only creates jobs for employees and promotes technology transfer, but also contributes to strengthening the internal resources of the economy in the competition to attract foreign investment. Developing support industries is seen as one of the strategic choices of many APEC member economies.

Recognizing the importance of support industries, the Committee on Trade and Investment (CTI) in 2016 endorsed the APEC Supporting Industry Initiative proposed by Japan and Vietnam. In the first stage, the APEC Policy Support Unit conducted three studies on support industries in Australia, Mexico and Vietnam.

In the second phase, Vietnam will cooperate with Japan and the APEC Policy Support Unit to build policy guidance and good regulatory practice in support industries.

Nhat Quang