1 minute read
5 Conclusion
from Pilot Program for Measuring the Regulatory Environment of Services Trade in the APEC Region
by OECD
22
5Conclusion
57. The pilot APEC Index demonstrate the substantial efforts by APEC economies to reduce trade barriers in line with their commitments under the Bogor Goals. APEC-wide cooperation in key areas such as trade facilitation, customs procedures, and regulatory transparency contribute to easing the regulatory hurdles on APEC businesses, particularly on smaller players. At the same time, there is scope to further reform sectors that form the pillar of regional trade in APEC such as logistics services. Lowering barriers to telecommunications and computer services would further allow APEC economies to benefit from the digital transformation. 58. In going forward, there is a need for continued work on the APEC Index. Expanding the pilot program to more services sectors and more economies will be essential to maximise the benefits of this new tool. Through regular updates, the APEC Index can continue to provide relevant and timely information while also monitoring progress on liberation efforts. 59. As APEC Leaders prepare to set a Vision for APEC beyond 2020, increased regulatory cooperation on services trade will be essential to unleash new sources of growth, especially amidst the economic challenges left by the COVID-19 pandemic. The APEC Index is a unique tool that can help policy makers make better choices to drive economic recovery and empower a services-led growth model in the APEC region.
