Structural Reform, Regulatory Practice and Digital Implications

the APEC experience

Abstract

This article provides a brief history of APEC’s work on structural reform under the various APEC instruments that have been agreed for these purposes. It then examines the progress made by individual APEC economies in implementing structural reforms themselves. It concludes that APEC members have made good progress in developing basic policies and institutions in such areas as competition policy and law, good regulatory practice and ease of doing business. APEC has been less successful in encouraging its members to reform heavily restricted sectors, where there is the potential for significant productivity gains. There are also worrying signs that recently the pace of reform in many economies has slowed. These issues are likely to be thrown into sharp relief by the growth challenges posed by Covid-19. Renewed efforts on structural reform will be required if APEC economies wish to return to a growth path based on the expansion of services and the application of digital technologies.