AIDED BY REFORMS, INDIA IMPROVES RANKING IN TRADE FACILITATION
NEW DELHI: India has significantly improved its ranking in terms of trade facilitation due to various reforms undertaken by various departments especially customs under the Central Board of Indirect Taxes (CBIC).
India has scored 90.32% in United Nation’s Economic and Social Commission for Asia Pacific’s (UNESCAP) latest Global Survey on Digital and Sustainable Trade Facilitation, a finance ministry statement said. The survey hails this as a remarkable jump from 78.49% in 2019, it said. The Global Survey on Digital and Sustainable Trade Facilitation is conducted every two years by UNESCAP. The 2021 survey includes an assessment of 58 trade facilitation measures covered by the WTO’s Trade Facilitation Agreement. After evaluation of 143 economies, the 2021 survey has highlighted India’s significant improvement in the scores on all five key indicators... Transparency improved to 100% in 2021 from 93.33% in 2019, formalities rose to 95.83% in 2021 from 87.5% in 2019 while institutional arrangement and cooperation jumped improved to 88.89% in 2021 from 66.67% in 2019.
Other parameters like paperless trade improved to 96.3% in 2021 from 81.48% in 2019 while cross-border paperless trade improved to 66.67% in 2021 from 55.56% in 2019, it said.
The survey notes that India is the best performing country when compared to south and south west Asia region (63.12%) and Asia Pacific region (65.85%), it said. “The overall score of India has also been found to be greater than many organisation for economic co-operation and development (OECD) countries including France, the UK, Canada, Norway, Finland etc. and the overall score is greater than the average score of EU. India has achieved a 100% score for the Transparency index and 66% in the “Women in trade” component,” it said.