Global Organizations Launch Services Trade Initiative in Asia-Pacific Region

The Trade Services for Development initiative, prepared in partnership with the World Trade Organization, Asian Development Bank, and World Bank, was addressed in Manila at the first regional conference bringing together stakeholders in the Asia-Pacific region.

First Regional Conference Held in Manila

The World Trade Organization, the Asian Development Bank, and the World Bank Group have brought the Trade Services for Development initiative to the Asia-Pacific region for the first time.

The joint regional conference, held in Manila on September 28-29, brought together trade officials and stakeholders from the region.

Scope and Targeted Objectives of the Initiative

Launched in September 2024, the TS4D initiative provides a platform for knowledge, technical support, and capacity building so that economies can better leverage services trade for development purposes.

Conference participants discussed the role of services trade in development and exchanged views on the use of analytical tools and policy approaches.

Official Opening Speeches and Evaluations

Arsenio Balisacan, Secretary of the Department of Economic Planning and Development of the Philippines, pointed out in his opening speech that increasing services exports must drive productivity growth.

WTO Deputy Director-General Johanna Hill emphasized that services now occupy a central position in terms of economic growth, employment, and international trade.

Emphasis on Regional Cooperation and Productivity

Wempi Saputra, Vice President for Sectors and Themes at the Asian Development Bank, stated that services trade is a fundamental pillar of competitiveness and a tool to provide better opportunities.

Gonzalo Varela, Trade Policy and Facilitation Manager at the World Bank Group, stated that opening areas such as transport, telecommunications, and finance to competition increases productivity.