Facilitating Services Trade in the Asia Pacific
Services account for the bulk of all economic activity in advanced economies, and their contribution in developing countries is increasing. Asia-Pacific economies are no exception. Services value added represents up to 90 per cent of all economic activity in Hong Kong, China, over three-quarters in the United States, and over two-thirds in Australia, Japan, New Zealand, and Singapore. Even in developing economies such as Viet Nam and the Philippines, services account for over one-third and one-half respectively of total value added in the economy.