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ASIA-PACIFIC RESEARCH AND TRAINING NETWORK ON TRADE ARTNeT CONFERENCE ARTNeT Trade Economists’ Conference Trade in the Asian century - delivering on the promise of economic prosperity 22-23rd September 2014 Parallel Session 3: Services trade and links to global value chains www.artnetontrade.org OECD SERVICES TRADE RESTRICTIVENESS INDEX (STRI) Trudy Witbreuk, OECD, Trade & Agriculture What is the STRI? A regulatory database » Information sourced from laws and regulations in place (currently covers more than 16000 laws and regulations) » Verified and peer reviewed by governments, frequently updated » Available online, highly interactive Composite indices » A snapshot of trade restrictiveness, 18 sectors across 40 countries » STRIs take values between zero and one, one being the most restrictive Why the STRI? Services shares, OECD average Employment GDP FDI inflows VA exports Gross exports 0% 20% 40% 60% 80% 100% STRI sector coverage » » » » Computer services Construction Distribution Financial services › Commercial banking › Insurance » Professional services › › › › Accounting Architecture Engineering Legal services » Telecommunications » Transport › › › › › Air Maritime Rail Road Courier » Audiovisual services › Motion pictures › broadcasting › sound recording STRI legal services 1 0.9 0.8 0.7 0.6 0.5 0.4 0.3 0.2 0.1 0 Restrictions on foreign entry Restrictions to movement of people Other discriminatory measures Barriers to competition Regulatory transparency Average STRI Telecoms 1 0.9 0.8 0.7 0.6 0.5 0.4 0.3 0.2 0.1 0 Restrictions on foreign entry Restrictions on the movement of people Other discriminatory measures Barriers to competition Regulatory transparency Average STRI Commercial banking 1 0.9 0.8 0.7 0.6 0.5 0.4 0.3 0.2 0.1 Restrictions on market entry conditions Restrictions on the movement of people Other discriminatory measures Barriers to competition Regulatory transparency Average ZAF USA TUR SVN SWE SVK RUS PRT POL NZL NOR NLD MEX LUX KOR JPN ITA ISL ISR IRL IND IDN GRC HUN GBR FRA FIN ESP EST DNK DEU CZE CHL CHN CHE CAN BRA BEL AUT AUS 0 STRI (average, minimum and maximum scores by sector) 1 0.9 0.8 0.7 0.6 0.5 0.4 Minimum h Maximum 0.3 0.2 0.1 0 Average Countries with high regulatory barriers import less, but also export less services Estimated growth in trade from lowering the STRI 8% 7% Imports 6% 5% Exports 4% 3% 2% 1% 0% Air Legal services Insurance Banking Services trade restrictions matter for services performance in banking… Domestic credit to private sector by banks (% of GDP) Net interest margin 140% 5.0% 4.5% 120% 4.0% 100% 3.5% 3.0% 80% 2.5% 60% 2.0% 1.5% 40% 1.0% 20% 0.5% 0% 0.0% Low STRI Medium STRI High STRI Low STRI Medium STRI High STRI ….In transport… Road transport and STRI 10 0 0 5 5 Days Days 10 15 15 20 Maritime transport and STRI Low_STRI Middle_STRI time for imports High_STRI time for exports Low_STRI Middle_STRI time for imports High_STRI time for exports And in telecoms… 1 0.9 0.8 STRI telecoms 0.7 0.6 0.5 0.4 0.3 0.2 0.1 0 0 10 20 30 40 50 60 70 Internet subscribers per 100 inhabitants 80 90 100 Water in the GATS (average across 12 sectors) 1 0.9 Level of trade restrictiveness permitted by the GATS (bound level) 0.8 0.7 0.6 0.5 0.4 0.3 0.2 0.1 0 Actual level of trade restrictiveness (STRI) Concluding comments » The STRI provides a snapshot of individual countries, relative to average and best practise » Allows countries to benchmark, » …trade negotiators to target bottlenecks, » …and firms to identify requirements to enter new markets » The STRI does not prescribe generic solutions, » …but helps governments to identify opportunities to improve their services policy performance. More information For more information, please visit http://oe.cd/stri and get free access to STRI analysis & tools including › 40 country notes › The compare your country tool › 18 sector notes › An interactive policy simulator › A policy brief in English and Japanese › Our comprehensive regulatory database