India’s cross border trade performance improves
India’s rank moved up from 78.49% in 2019 to 90.32% in 2021 in the latest UN Global Survey on Digital and Sustainable Trade Facilitation, which tracked 143 economies over a two-year period. It depicts a remarkable improvement in India’s ranking on ‘digital and sustainable trade facilitation’.
India has scored 100% in transparency, 95.83% in formalities, 88.89% in institutional arrangement and cooperation, and 96.30% in paperless trade in the biannual survey. The Central Board of Indirect Taxes and Customs (CBIC) noted that India’s overall score has was also higher than many Organisation for Economic Cooperation and Development (OECD) countries, and the average of the EU. It was also among the best-performing countries in South and South West Asia, and the Asia Pacific region.
The report is a shot in the arm for policymakers as augmenting cross-border trade will be a key element of the strategy for post-pandemic economic recovery. It will play an integral role in improving India’s attractiveness as a business destination and help in capturing a larger pie of the global supply chain of goods and services.