APEC still expected to achieve goals

The Philippines said that despite weakened services and trade-in movements in the region amid the pandemic, the Asia-Pacific Economic Cooperation remains in a good position to achieve the goals listed in the APEC Services Competitiveness Roadmap and increase its share in the global services sector.

“There appeared to be wide differences in access to the services markets which were further exacerbated by the pandemic. I think that the region can do more. The ASCR Midterm Review has provided us some insightful ideas on how we can make the benefits of our implementation more sustainable and far-reaching,” said Trade Secretary Ramon Lopez at the launch of the midterm review of the 2016-2025 ASCR.

The review showed uneven progress since the adoption of the Framework in 2015. A case in point was the Philippines which was cited in the review as having an expanding information and communications technology sector that was well-placed to continue trading, albeit with a demand-side shock and slow internet connection.

The government is investing in measures to reduce constraints stemming from relatively low broadband penetration, with a view to supporting such technical change durably over the medium-term, the report said.

Lopez said the services sector plays an increasingly important role in the global economy as it generates opportunities for greater income, productivity, employment, investment and trade.