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Services Trade Policies and the Global Economy

image of Services Trade Policies and the Global Economy

This book synthesises recent work by the OECD analysing services trade policies and quantifying their impacts on imports and exports, the performance of manufacturing and services sectors, and how services trade restrictions influence the decisions and outcomes of firms engaged in international markets. Based on the OECD Services Trade Restrictiveness Index (STRI) - a unique, evidence-based tool that provides snapshots of regulations affecting trade in services in 22 sectors across 44 countries (representing over 80% of global trade in services) - the analysis highlights the magnitude, nature and impact of the costs entailed by restrictive services trade policies. The new evidence uncovered is meant to inform trade policy makers and the private sector about the likely effects of unilateral or concerted regulatory reforms and help prioritise policy action.

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The rise of services in the global economy

assesses the importance of the services sector within the overall economy. It discusses the role of services in recent macroeconomic outcomes, as well as the marked trend towards manufacturing becoming increasingly services-dependent. The chapter highlights some important megatrends, particularly the digital economy, which is largely supported by the services sector, and discusses the role of establishing appropriate services regulations in order to leverage the digital revolution to strengthen productivity. In light of the significant role that small and medium sized enterprises (SMEs) play in the economies of most countries, it considers policies in the services field that can facilitate their international development, both through internet platforms and enhanced participation in global value chains (GVCs).

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