This chapter reviews the literature on services trade liberalisation with a focus on those services that are used as intermediate inputs downstream in the supply chain. It explains a quantification exercise on the effects of services trade liberalisation for ten Asian economies, including several members of the regional comprehensive economic partnership (RCEP) launched in 2012. The chapter discusses the economic mechanisms governing the impact of services trade liberalisation on downstream manufacturing performance, including how this effect is moderated by governance institutions. It presents the econometric framework, the data, and the results of a quantification exercise for selected Asian economies, including several RCEP members. The chapter discusses that the finding on the role of institutions has potential implications for the design of trade agreements that include services. Governance institutions can directly shape the downstream effects of services trade policies in several ways.