India Ranked 102nd on Enabling Cross Border Trade : WEF
Posted on:02 Dec 2016 10:47:17
02 December 2016 Current Affairs: India has improved its ranking by four places to 102nd position among 136 economies in terms of enabling cross border trade, with Singapore leading the list, the World Economic Forum (WEF).
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.
Brazil's ranking has slipped to 110 from the earlier 97 while that of Russia dropped to 111 from the 105th position
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. It takes into consideration various factors, including domestic and foreign market access, border administration, transport and digital infrastructure and operating environment.
Singapore is leading the top ten economies that are enabling trade across borders followed by the Netherlands and Hong Kong SAR at second and third places, respectively. Others are Luxembourg (4), Sweden (5), Finland (6), Austria (7), the United Kingdom (8), Germany (9) and Belgium (10).
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.
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