Services trade liberalised in 2021

New articles
archives
December 2024
S M T W T F S
1234567
891011121314
15161718192021
22232425262728
293031  

Services trade liberalised in 2021

Services trade liberalised in 2021

OECD Services Trade Restrictiveness Index (STRI): Policy trends up to 2022 shows that liberalisation outpaced new restrictions during the past year, as the erection of new barriers to services trade slowed across almost all major sectors covered.

The average cumulative increase in barriers across sectors covered by the Index (STRI) was six times lower in 2021 than in 2020, indicating a significant decrease both in the volume and effect of new trade restrictions.

Most trade liberalisation was identified in air transport services, commercial banking and computer services. Easing of regulations particularly affected services supplied through commercial presence in other markets, and through the temporary movement of people.

The annual report, which covers services trade regulations in 50 countries and 22 services sectors, representing more than 80% of global services exports, identifies top performers in terms of regulatory best practices and liberalisation, including the Czech Republic, Japan and Chile.

It also points out new measures that have created impediments to services trade, notably tighter conditions on the screening of foreign investment, which was already on the rise in 2020, and continued in 2021. Other regulatory changes were implemented in response to the COVID-19 pandemic, as governments implemented measures to protect public health and to mitigate the economic consequences. However, most COVID-19 policy measures have marginal bearing on the STRI database, as these are largely temporary or targetting support measures in sectors not covered by the STRI, such as health, protective equipment or essential goods.

The OECD points out that ambitious efforts to ease services trade barriers could yield substantial benefits in reducing trade costs for firms that provide services across borders, especially if the trends identified in 2021 continue in the years to come. On average across sectors, services trade costs could decline by 6% to 16% in the medium term if countries could close half of the regulatory gaps with best performers. An ambitious services trade agenda, including new services market access commitments in comprehensive trade and investment agreements, can drive such gains, the report said.

The trend towards market openness for services trade identified in the OECD’s annual monitoring exercise accompanies the landmark adoption of the WTO Reference Paper on Services Domestic Regulation at the end of 2021, demonstrating collective will to liberalise services trade. OECD analysis demonstrates that full implementation of the new WTO disciplines can unlock annual services trade cost savings in the range of USD 150 billion, with substantial benefits in financial services, business services, communications and transport services.

Open markets for services trade boost supply chain resilience, while lower services trade costs will facilitate recovery from the shock of the COVID-19 pandemic on exporters. Multilateral trade rules and open commitments on services can lock in these benefits and provide certainty to firms seeking to access foreign markets.

More related articles...

יחדיו עמילות מכס
עורך ראשי

עמילות מכס וסחר בינלאומי בישראל בשנת 2024: עדכונים, שינויים והשפעות

שנת 2024 התאפיינה בשינויים משמעותיים בתחומי עמילות המכס והסחר הבינלאומי בישראל. ממשלת ישראל וגורמים פרטיים בענף פעלו במרץ כדי להתאים את התהליכים לשינויים גלובליים, לחזק

read more »
חדשות האתר
עורך ראשי

חדשות בתחום היצוא והיבוא

מבוא תחום היצוא והיבוא בישראל חווה שינויים ותמורות משמעותיות בשנים האחרונות, במקביל להתפתחויות גלובליות וכלכליות המשפיעות על הסחר הבינלאומי של המדינה. בשנה האחרונה נרשמו שינויים

read more »

More on the subject...

https://www.unitedxp.co.il/wp-content/uploads/2024/12/2-1.png
The Complete Guide for Beginner Importers: How to Start the Customs Process

IntroductionImporting goods is an integral part of global trade and provides businesses with extensive opportunities. However, the customs process can be complex and challenging, especially for new importers....

https://www.unitedxp.co.il/wp-content/uploads/2024/12/עדכונים.png
Regulatory Updates in Foreign Trade 2024: Advantages, Disadvantages, and Impacts

Introduction: Regulation as a Tool to Promote Foreign Trade Foreign trade is a cornerstone of any nation’s economy, directly influenced by regulatory policies. In 2024, Israel implemented significant...

https://www.unitedxp.co.il/wp-content/uploads/2024/12/סחר-חופשי.png
Trade Regulation: A Guide for Businesses

Introduction Regulation plays a central role in managing and planning both domestic and international trade, ensuring compliance with laws, public safety, and the protection of economic and political interests....

https://www.unitedxp.co.il/wp-content/uploads/2024/12/הסכמי-סחר.png
Export and Import Restric

Introduction Exporting and importing are integral components of economic activity for businesses and nations alike. These processes enable companies to expand their markets, leverage international resources,...

https://www.unitedxp.co.il/wp-content/uploads/2024/12/דיני-סחר.png
The Basics of Trade Law: What You Need to Know

Introduction Trade law forms the legal and regulatory foundation for commercial transactions, whether domestic or international. Every trade activity—importing, exporting, payments, or business partnerships—is...

https://www.unitedxp.co.il/wp-content/uploads/2024/11/שינוע-מטענים-ביבשה.png
Risks and Crisis Management in Freight Transportation

Freight transportation is an essential component of the global supply chain. This field involves numerous risks, including delays, accidents, cargo damage, and global threats such as pandemics and natural...

https://www.unitedxp.co.il/wp-content/uploads/2024/11/שינוע-מטענים-1.png
Planning an Efficient Supply Chain: Optimizing Freight Transport

Introduction In today’s globalized world, supply chain planning has become a critical component of business and organizational success. Freight transport is a crucial part of this chain, directly...

https://www.unitedxp.co.il/wp-content/uploads/2024/11/מקרי-בוחן-איך-עמיל-מכס-פתר-בעיות-סבוכות-עבור-לקוחותיו.png
Case Studies: How Customs Brokers Solved Complex Problems for Their Clients

Introduction: The Crucial Role of Customs Brokers in International TradeInternational trade is characterized by significant complexity, encompassing diverse laws, regulations, and bureaucratic requirements...

https://www.unitedxp.co.il/wp-content/uploads/2024/11/סקירה-ספנות.png
Global Shipping Challenges Amid Geopolitical Crises

The Cumulative Challenges in Global Shipping: The Ukraine-Russia War, Israel’s Conflict, and the Houthi Blockade at Bab-el-Mandeb Introduction: The Critical Role of Global Shipping Amid TurmoilGlobal shipping...

https://www.unitedxp.co.il/wp-content/uploads/2024/11/צים-מאיצה-את-ההשקה-העולמית-של-מכולות-חכמות-בעזרת-Hoopo.png
ZIM Accelerates Global Launch of Smart Containers with Hoopo's Assistance

The company is enhancing container visibility and transparency through the integration of Hoopo’s innovative hoopoSense Solar Trackers. Eli Glickman, CEO and President of ZIM, stated: “This accelerated...

1 2 3 11