‘Stakeholders’ views vital for services sector’

Anjana Samarasinghe

POLICIES: When launching policies, policy - makers need to focus on stakeholders’ views to derive policies which could benefit all stakeholders in the services sector, Minister of Export Development and International Trade Prof. G. L. Peiris said at the launching of the international conference on Trade in Services in South Asia : Opportunities and Risk in Liberalisation, which commenced at the Cinnamon Grand Colombo yesterday.

Minister G. L. Peiris said today services play on important role in the economy and in Sri Lanka the services sector contributes nearly 57% while in India and Pakistan it is 53%. In Bangladesh it is nearly 51%.

We expect to focus on the services sector during the CEPA discussions. We also expect to obtain recommendations made by the local professional bodies for CEPA discussions,’ he said.

The Minister said the country cannot stop by saying liberalisation is good and need to make correct balancing in liberalisation exercise.

Speaking at the inaugurate session, Executive Director of the Institute of Policy Studies of Sri Lanka, Saman Kelegama said that it is now widely accepted that exposing the services sector to the “fresh winds of international competition” has the potential to unleash significant economy -wide gains.

‘The implications of liberalising trade in services in South Asia have been poorly understood. Liberalisation of trade in services is also an information intensive process, and in most South Asian nations data and information is a constraint at the best of times.

‘In economic development, services play an increasingly important role in the economy, and therefore depriving this sector of the benefits of liberalisation comes with an increasing opportunity cost. It is essential that South Asian countries consider the liberalisation of services in a serious manner he said.