2024 Update to Monitoring Pandemic Recovery Under the APEC Services Competitiveness Roadmap (ASCR)

During the COVID-19 pandemic, APEC’s services trade was impacted more negatively than its merchandise trade. Recognizing that recovery would be challenging, APEC has sought to provide policy support by annually monitoring services trade and identifying barriers that could restrict it. Building on the first report in 2023, this second report offers an updated assessment of developments in services trade recovery, particularly in the travel, transport (including logistics-related services) and other business services sectors, as part of the reporting process under the APEC Services Competitiveness Roadmap (ASCR).

Notwithstanding the resurgence observed in APEC’s commercial services trade, there are continuing concerns about APEC’s regulatory environment remaining more restrictive than pre-pandemic levels. Given the influence of policies, APEC should be vigilant to prevent backtracking on progress made and should redouble efforts to tackle trade restrictions. Even if economies decide to focus on specific policy categories, it is essential for policymakers to recognize the importance of holistic approaches in effectively navigating through these restrictions. APEC members can consider leveraging the ASCR to make meaningful recovery in services trade.