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HK, Singapore have best trade environment

(Xinhua)
Updated: 2008-06-19 14:04

East Asian economies -- Hong Kong and Singapore -- have the best trade environment around the world, according to a report released by the World Economic Forum (WEF) on June 18.

The Global Enabling Trade Report, published for the first time by the Geneva-based organization, ranked 118 economies worldwide based on a so-called Enabling Trade Index.

The index measures mainly four factors which facilitate the free flow of goods over borders and to destination. They are market access, border administration, transport and communications infrastructure, and business environment.

Besides Hong Kong and Singapore, other economies in the top 10 list include Sweden, Norway, Canada, Denmark, Finland, Germany, Switzerland and New Zealand.

"The results bear witness to Hong Kong and Singapore's openness to international trade and investment as part of their successful economic development strategy," WEF said in a statement.

According to the report, both Hong Kong and Singapore have put into place customs administrations that are highly efficient in getting goods over borders.

They are also endowed with well developed transport and telecommunications infrastructures ensuring rapid transit to final destination. And these attributes are further supported by business environment that is conducive to the logistics and transport industry.

The United States ranks 14th in the 118 economies covered. The country benefits from its transport and communications infrastructure, which is among the best in the world.

It also offers good market access with relatively low tariffs and non-tariff barriers, and a strong propensity to trade, as demonstrated by its relative openness to multilateral trade rules.

But on the other hand, the country's border administration is seen as lacking some efficiency. In addition, there are some concerns about security in the country.

Major Asian economies such as Japan, South Korea, China and India rank 13rd, 24th, 48th and 71st respectively.

Other emerging economies such as Russia, Brazil and South Africa rank 103rd, 80th and 59th respectively.