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Role within the Trade in Services Framework including Status of work completed

This document outlines the role of the Statistical Institute of Jamaica (STATIN) and the Bank of Jamaica (BOJ) in compiling statistics on trade in services for Jamaica. It discusses the current status of various statistics, including FDI Flows and Stocks, Foreign Affiliates Trade in Services (FATS), Extended Balance of Payments (EBOPS), and GATS Modes of Supply. It also presents the next steps for STATIN, including collaboration with Jamaica Promotions (JAMPRO) and BOJ, as well as continued sensitization and collaboration with trade support agencies.

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Role within the Trade in Services Framework including Status of work completed

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  1. Role within the Trade in Services Frameworkincluding Status of work completed CARICOM REGIONAL WORKSHOP ON INTERNATIONAL TRADE IN SERVICES STATISTICS November 21-25, 2016 St. John’s, Antigua and Barbuda Economic Accounting Division

  2. Statistical Institute of Jamaica’s (STATIN) Role I • STATIN is committed to the compilation of statistics on trade in services for Jamaica. The institute understands that it has to take the lead for the compilation of these statistics: • FDI Flows and Stocks (collaborative effort with the Bank of Jamaica (BOJ) • Foreign Affiliates Trade in Services (FATS) • Inward FATS: Foreign controlled affiliates in the compiling economy are called inward FATS • Outward FATS: Foreign controlled affiliates held outside the compiling economy are called outward FATS

  3. Statistical Institute of Jamaica’s (STATIN) Role II • Extended Balance of Payments (EBOPS) (collaborative effort with the Bank of Jamaica (BOJ) • GATS Modes of Supply (collaborative effort with the Bank of Jamaica (BOJ)

  4. The Bank of Jamaica’s (BOJ) Role • BOJ is committed to the compilation of the EBOPS and realizes its importance for trade in services for Jamaica. And will continue to work with STATIN and lend support to the compilation of: • FDI Flows and Stocks • Foreign Affiliates Trade in Services (FATS) • GATS Modes of Supply

  5. FDI Flows and Stocks • Status: • Currently not being compiled, however, we have a good working list of FDIs from the Statistical Business Register (SBR) (enterprises, % of foreign ownership and the UCI) • Bank of Jamaica is working with STATIN to provide this information

  6. FATS • Status: • Currently being compiled, the aim is to publish Inward FATS in 2017 • Points to note: • Currently changingfrom ISIC Rev 3.1 to Rev 4 • Fully changing over from SNA93 to SNA2008 • Continue to improve our estimation of Value Added so that the flow from National Accounts to Trade in Service is effortless

  7. EBOPS • Status: • Currently being compiled and published, however, it does not have UCI • With the successful launch of the INTERNATIONAL TRANSACTION IN SERVICES questionnaire and continued collaboration between BOJ and STATIN a full EBOPS table will be published soon. • Gaps in areas such as ‘travel’, ‘financial Services’, ‘construction’, ‘personal cultural and other recreational services’ of the services account of the BOP will be addressed

  8. GATS Modes of Supply • Status: • Not being compiled • With continued collaboration between BOJ and STATIN data will be published in the future.

  9. NEXT STEPS • STATIN currently has informal cooperation agreements with Jamaica Promotions (JAMPRO) and the Bank of Jamaica (BOJ). A memorandum of understanding among the agencies is being looked at in the near future • STATIN will Continue the sensitisation campaign, forge collaborative approaches with business services associations, and build on the momentum as a result of the Trade in Services mission where possible through MOUs. There will be a report in this regard as an immediate follow up is required with all the trade support agencies which expressed interest in being part of the campaign going forward.

  10. The End Walk Good! Economic Accounting Division

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