World Economic Forum reports-India’s Ranks 102th among 136 economies in terms of enabling cross border trade

According to the ‘Global Enabling Trade Report 2016’ of World Economic Forum (WEF), India has improved its ranking by four places to 102nd position among 136 economies in terms of enabling cross border trade.

• Among the BRICS nations, India, China and South Africa have improved their ranking from the previous edition.
• While India’s position has jumped four slots to 102, that of South Africa has improved three places to 55 while that of China stood at 61 compared with the previous ranking of 63.
• However, Brazil’s ranking has slipped to 110 from the earlier 97 while that of Russia dropped to 111 from the 105th position.

List of top 10 economies enabling cross border trade

Among other economies US is placed at the 22nd position, Pakistan (122nd), Bangladesh (123rd), and Nigeria (127th)

• With regard to India, the report said most problematic factors for import include high cost or delays caused by domestic transportation, crime and theft, corruption on the border and burdensome import procedures.
• Global Alliance for Trade Facilitation’s Director Philippe Isler said businesses and entrepreneurs in many developing and emerging economies are being constrained from the global marketplace due to costly as well as inefficient border processes.
• The report revealed that increased integration into the global economy has made the Association of Southeast Asian Nations (ASEAN) region a more accessible market for trading goods than either the European Union or the US.

WEF Founder and Executive Chairman Klaus Schwab said that free trade remains the most powerful driver of global economic development and social progress. The challenge for leaders today is to confront protectionism, but they also have a duty to make trade a source for more inclusive growth.

The ‘Global Enabling Trade Report 2016’

The ‘Global Enabling Trade Report 2016’- published by WEF and the Global Alliance for Trade Facilitation assesses the performance of 136 economies by way of Enabling Trade Index (ETI).

• The index assesses the extent to which economies have in place the factors facilitating the free flow of goods over borders and to their destinations.
• The Enabling Trade Index measures the factors, policies and services that facilitate the trade in goods across borders and to destination. It is made up of four sub-indexes:

1.Market access
2.Border administration
3.Transport and communications infrastructure
4.Business environment

World Economic Forum (WEF)

The World Economic Forum is a Swiss nonprofit foundation, committed to improving the state of the world by engaging business, political, academic, and other leaders of society to shape global, regional, and industry agendas.

• Headquarters: Cologny, Switzerland
• Founder: Klaus Schwab
• Founded: 1971