GS 3: Economy

Why in News?

STRI is released by Organisation for Economic Cooperation and Development (OECD).

Highlights:

• It was launched in 2014 and it ranks countries (both OECD and non-OECD) based on their services trade policies.
• The index is now available for 2018 for a total of 45 economies and 22 sectors.
• The 22 sectors include computer services, air transport, legal services, construction etc.
• Composite STRI indices quantify restrictions on foreign entry and the movement of people, barriers to competition, regulatory transparency and other discriminatory measures that impact the ease of doing business, are released.
• There is also a Digital STRI that identifies, catalogues, and quantifies cross-cutting barriers that affect services traded digitally.
• The STRI indices take values between zero and one, one being the most restrictive.
• The STRI can support policymakers to scope out reform options, benchmark them relative to global best practice, and assess their likely effects.