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Global Services Network Alert ABAC Urges APEC Leaders to Advance WTO Services Negotiations, Cites Global Services Coalition Paper; APEC Trade Ministers Reaffirm Commitment to Successful Doha Round
In its annual report presented at last week’s APEC Leaders Meeting in Santiago, the APEC Business Advisory Council (ABAC) urged APEC leaders to take immediate steps to advance WTO negotiations on the liberalization of trade and investment in services. The ABAC report noted that the number of services offers currently on the table is insufficient to achieve critical mass, and commended to APEC Leaders’ attention the August 2004 Statement entitled “Putting GATS Back on Track,” prepared by a global coalition of services groups. (See Global Services Network Update of September 27, 2004). The services paper is available at http://www.hkcsi.org.hk/submission/2004/0409_apec_submission.pdf, and the ABAC Report is available at http://www.abaconline.org/v3/documents.php?parent=1672.
APEC Trade Ministers echoed the need for progress at their November 17-18 meeting, at which they endorsed the WTO “July Package” and committed to work toward a successful outcome to the Doha Round. Ministers highlighted the importance of services trade, and called on all WTO members to submit improved services offers by May 2005. For a copy of the joint statement, click here: http://www.apec2004.cl/documentos/AMM_Declaration_Final.pdf.
World Bank’s Global Economic Prospects Report Examines Services and Investment in services in RTAs
On November 16, the World Bank released its annual study “Global Economic Prospects and Developing Countries.” A main theme of the report is that regional trade agreements (RTAs) can offer some benefits to developing countries, but multilateral market opening holds the promise of the greatest potential gains to all developing countries. The report contains an extremely useful chapter on services trade and investment, and examines their treatment in recent US and EU bilateral and regional trade agreements. The report is available here.
Joint Statement of the Shadow Financial Regulatory Committees
In a November 15, 2004 joint statement, the Shadow Financial Regulatory Committees, which include bankers, legal specialists, and financial experts from around the world, urged greater integration of financial markets worldwide. The Committees called for a continuation of efforts to eliminate barriers to financial services trade; to consider alternatives to the WTO for liberalizing such trade, particularly to eliminate indirect barriers; to continue to include financial services liberalization in FTAs; to work with international institutions to promote international best practices in financial sector regulation; to continue informal dialogues between national regulatory bodies; and to consider recognizing each other’s standards in areas such as accounting and other financial regulation. The statement is available at http://www.aei.org/publications/pubID.21552/pub_detail.asp.
US to Negotiate FTAs with Oman & UAE
On November 15, 2004, the Office of the US Trade Representative announced its intent to negotiate free trade agreements with both Oman and the United Arab Emirates. The statements are available here.
WTO Launches Negotiations on Trade Facilitation
The WTO Negotiating Group on Trade Facilitation held its first meeting on November 15, 2004, and agreed on a Work Plan and a schedule of meetings. A summary of the meeting is available at: http://www.wto.org/english/news_e/news04_e/tradefac_15nov_e.htm.
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