OECD ranks Czech Republic among the most liberal economies in service trade in 2021
09.02.2022 / 17:19 | Aktualizováno: 09.02.2022 / 17:30
The OECD has published in the beginning of February updated STRI index (Services Trade Resctrictiveness Index), which is being used to measure regulations and barriers across fifty countries in services trade since 2014. The Czech Republic has ranked as a country with the least regulations and barriers among all countries in 2021. This score confirms growing attractiveness of the Czech Republic for international investment and trade. In second and third place finished two non-European countries - Japan, followed by Chile.
OECD report suggests that regulations declined globally compared to 2020 and that steady build-up of trade barriers identified in previous years slowed down. New regulatory measures adopted by governments in response to the COVID-19 pandemic have marginal bearing on the STRI, as these are largely temporary. Most trade liberalisation was identified in air transport services, commercial banking and computer services. Trade barriers were lowered as well in cross-border digital trade in 2020, as part of the government’s reactions to the COVID-19 pandemic.
OECD notes that efforts to ease services trade could yield great benefits in reducing trade costs for firms that provide services across borders. If countries with the worst STRI score could close half of the regulatory gaps with best performers, services trade costs could decline by 6-16% in the medium term. This year STRI confirms, that open markets to service trade are key to promoting strong and sustainable post-pandemic economic recovery, help strengthening competition and creating resilient supply chains.