trade in services and around 50 percent of HongKong's services trade. In 2011, Hong Kong's servicesexports to the PSA economies reached HKD370bn(USD47.7bn), registering an average annual growthrate of 4.9 percent for the period from 2007 to 2011.In particular, Hong Kong's exports of financial servicesto the PSA participants are very significant, accountingfor around 80 percent of its total exportsin the sector. This is followed by business services(including professional, computer, research and development,real estate and rental/leasing services)and transport services.To assist the Government in formulating HongKong's overall position in the PSA negotiations,a consultation document has been issued by theTrade and Industry Department (TID), and repliesare requested by June 18, 2013.Views are invited on which service sectors and servicemeasures of the participating economies HongKong should particularly focus on in the negotiationsunder the PSA – for example, for relativelynew markets whether the provision of a service ina particular sector or a particular mode is beingcontemplated, or whether there are any existing orforeseeable hurdles to the provision of any servicesin any of the markets involved.In addition, the TID would like to know whetherthere are any service sectors, areas or measures inwhich Hong Kong should be more cautious in undertakingcommitments.Finally, as new or enhanced disciplines will also benegotiated on the basis of proposals by PSA participantsfor inclusion in the agreement, the TID is invitingfurther views on the areas of disciplines thatshould be focused on, and whether there are existinghurdles faced by Hong Kong service suppliersin the export of services that could be addressed bynew and enhanced disciplines for trade in services.These disciplines, similar to agreed and bindingbest practices, seek to address regulatory practicesthat may impair the benefits accruing to the participantsin the PSA. In preliminary discussions,participants have, so far, signaled interests in negotiatingdisciplines in a number of areas, includingdomestic regulation, movement of natural persons,information and communications technology, maritimetransport, government procurement, professionaland education services, export subsidies, andpostal and courier.Caribbean Prepares ForWTO Trade Policy ReviewTerritories of the Organization of East CaribbeanStates (OECS) that have acceded to membershipof the World Trade Organization (WTO) are to receivetechnical support ahead of a six-yearly reviewby the global trade body assessing their trade andtax policies.In anticipation of the WTO review in a year'stime, the OECS Secretariat's Geneva TechnicalMission and the Trade Policy Unit will assistthe territories, in recognition of the extensive58
equirements placed on the states, including extensivedata collection on trade policies, tradeperformance, adherence to standards, health andfood safety, competition policy, price control, investment,sectoral policies, as well as tariff andnon-tariff measures.Th e Trade Policy review for OECS Member Statesis one of the requirements of WTO membership.The reviews are intended to assess the complianceof countries with WTO rules and their integrationin the multilateral trading system. In particular,the finalized report will provide comprehensivedetails of changes to the territories' tradingand tax regimes on international trade since thelast review in 2007.Program Officer at the OECS Secretariat, AliciaStephen, explained: "We assist the member statesby helping them to gather all this information aswell as mobilizing resources and accessing technicalassistance so they can provide the information andparticipate in the drafting of the final report whichis the review of their trade policy.""The good thing about the review is that it is notthe basis for any sort of action to be taken againstmember states if they do not comply. What thereview does for our member states is that it givesthem an assessment of where they are in termsof their ability to implement the commitmentsthat are set out when they signed on the WTOand it also gives them a global view of their TradePerformance not just in terms of figures but interms of the reforms they have undertaken sincetheir last review. The review also looks at emergingissues such as competition policy and tradefacilitation which are not yet within the ambit ofthe WTO but is there to signal to the memberstates in a certain way what their state of preparednessis to engage in those other issues," Stephenconcluded.China Studying PossibilityOf Joining TPPMinistry of Commerce spokesman Shen Danyang,at a foreign trade press briefing, has indicated thatChina would carefully analyze the pros and consand the possibility of joining the Trans-Pacific Partnership(TPP) in the future.Shen was replying to recent remarks made bythe United States Under Secretary of Commercefor International Trade, Francisco Sánchez, who,while discussing Japan's impending entry into theon-going TPP negotiations, said that his countrywould welcome China's participation in the talksif it could give an undertaking to implement, forexample, the same trade liberalization measures underconsideration by its other members.The US has always professed that the TPP agreementshould serve as a platform for regional tradeintegration in the Asia-Pacific. Earlier this year,Acting US Trade Representative Demetrios Marantishad lauded the TPP's efforts to eliminate tariffsand other non-tariff barriers, as well as rules on intellectualproperty, labor and the environment, but59
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