The number of Regional Trade Agreements (RTAs) have increased markedly over the last decade, with many addressing market openness and rule-making for services trade. Recent RTAs are breaking down existing barriers: on average, removing between 10% and 40% of services restrictions present in the multilateral regime, and going significantly further in binding applied services regimes. When measured against the benchmark of commitments in the General Agreement on Trade in Services (GATS), binding commitments in RTAs eliminate between 40% and 70% of the “water” in the GATS – although low levels of “water” are not necessarily synonymous with high levels of openness. Ultimately, national and collective services reforms and liberalisation will best drive inclusive and sustainable economic growth.