Pierre Sauvé - Trade and Investment in Services: An ADB–ITD Training Module for the Greater Mekong Subregion

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Trade and Investment in Services

An ADB-ITD Training Module for the Greater Mekong Subregion

Pierre Sauv1

2009 Asian Development Bank

All rights reserved. Published 2009.

Printed in the Philippines.

ISBN 978-971-561-824-3

Publication Stock No. TIM 090587

Cataloging-In-Publication Data

Asian Development Bank.

Trade and investment in services: An ADB-ITD training module for the Greater Mekong Subregion.

Mandaluyong City, Philippines: Asian Development Bank, 2009.

1. Trade. 2. Investment. 3. Greater Mekong Subregion.

I. Asian Development Bank.

The views expressed in this publication are those of the authors and do not necessarily reflect the views and policies of the Asian Development Bank (ADB) or its Board of Governors or the governments they represent.

ADB does not guarantee the accuracy of the data included in this publication and accepts no responsibility for any consequence of their use.

Use of the term country does not imply any judgment by the authors or ADB as to the legal or other status of any territorial entity.

ADB encourages printing or copying information exclusively for personal and noncommercial use with proper acknowledgment of ADB. Users are restricted from reselling, redistributing, or creating derivative works for commercial purposes without the express, written consent of ADB.

This report is funded by the Asian Development Bank.

Note:

In this publication, $ refers to US dollars.

Asian Development Bank

6 ADB Avenue, Mandaluyong City

1550 Metro Manila, Philippines

Tel +63 2 632 4444

Fax +63 2 636 2444

www.adb.org

For orders, contact

Department of External Relations

Fax +63 2 636 2648

Contents

Chapter 1: Background and Module Structure

Chapter 2: The Contribution of Services to Development

Key Determinants of Service Sector Growth

Technology

Changes in the Organization of Production

The Growth of Foreign Direct Investment (FDI)

The Supply of Human Capital

Ideology

Defining Characteristics of Services and Why They Matter for Trade Regulation

Intangibility

Nonstorability

Intermediation

Protection Behind Borders

High Regulatory Intensity

Diversity

The Need for Complementary Policies and the Key Role of Regulation

Chapter 3: Why Negotiate on Services?

Engagement in Negotiations Versus Autonomous Liberalization

Preparing for Services Negotiations

Situating Service Sector Policy in National Development Plans

Intergovernment Coordination and Multistakeholder Consultations

Conducting a Trade-Related Regulatory Audit

Chapte 4: A Burgeoning Periphery: Selected Issues in the Preferential Liberalization of Services Trade

Why Go Preferential on Services?

Architectural Divergences Between PTAs and the WTO

Have PTAs Advanced the Unfinished Rule-Making Agenda of GATS?

Do PTAs Achieve Deeper Liberalization?

WTO Disciplines on Integration Agreements in Services

Chapter 5: Sector Dimensions

Financial Services

The Role of the Finance Sector and the Benefits of Market Opening

Linking Trade liberalization to Ongoing Domestic Reform Efforts

Approaches to Liberalizing Trade in Financial Services

Including Financial Services In PTAs: Lessons from Experience

Implications of Liberalization for Access to Financial Services

The ICT Sector

ICT and Development: The Role of Regulation

Policy Requirements for ICT Growth

Tourism

Tourism and Development

The Role of Regulatory Reform in Supporting Tourism

Health-Related Services

Rising Trade in Health Services but Limited Trade Policy Attention

Trade in Health Services: Differences Across Modes of Supply

The Effects of Trade-Related Regulation on Health Systems

The Need for Complimentary Policies

Transportation and Logistics Services

More Obstructive than Tariffs: The High Cost of Transport Barriers

Barriers to Competition in Transportation Services

The Central Importance of a Trade Facilitation Agenda

Temporary Movement of Service Providers (Mode 4)

Policy Restrictions on Mode 4 Trade

Mode 4: Are There Limits to Trade Policy?

Policy Implications

Chapter 6: The Contribution of Aid for Trade in Services

Capacity Enhancement Challenges in Services Trade

The Need for a Tailored Response

Designing a TRTA/CB Agenda in Services

Strengthening Negotiating and Analytical Capacities

Addressing Informational Deficits at the Negotiating Table

Strengthening Implementation and Regulatory Enforcement Capacities

Enhancing Supply Capacities

Appendix

Suggested Additional Readings on Trade in Services

CHAPTER 1
Background and
Module Structure

Background and Module Structure

There is increasing awareness worldwide both of the strong case in favor of open services markets and of the high cost of protecting key enabling sectors that contribute centrally to overall economic development, such as financial services, telecommunications, transportation, and energy. At the same time there is growing recognition that opening services markets to foreign competition is no easy task. Doing so involves a broad and complex set of policies, regulatory instruments, institutions, and constituencies, domestic and foreign, public and private. Experience has shown that considerable care must be taken to assess the nature, pace, and sequencing of regulatory reform and liberalization undertakings in services markets if they are to sustain a countrys growth and development prospects in a meaningful fashion.

Not surprisingly, trade in services continues to rank among the most complex subject matters in modern trade diplomacy, despite the experience gained over two decades of negotiations conducted at the World Trade Organization (WTO) under the aegis of the General Agreement on Trade in Services (GATS), as well as in the context of an increasing number of preferential trade agreements (PTAs).

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