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Source – Live Mint
Synopsis – India has improved its ease of cross border trade ranking, the overall score is higher than many OECD nations and the average of the EU.
Introduction
- India has made significant progress in the ease of cross-border trade as per the latest UN Global Survey on Digital and Sustainable Trade Facilitation, which studied 143 different economies over a period of two years,
- As per UN Survey, India’s rank moved up from 78.49% in 2019 to 90.32% in 2021. India was among the best-performing country in the South and South-West Asia region and in the Asia Pacific region.
- In South Asia, Bangladesh and Sri Lanka were far behind India with a score of 64.5% and 60.2%.
The key parameter in the UN survey
The survey tracks 58 measures identified with trade facilitation which are seen as the global best practices, For example-
- Electronic submission of declarations
- Electronic payment of duties and fees
- Electronic application for refunds
What steps were taken by India to improve cross border trade?
- Faster clearance at customs such as
- Electronic submission of custom declaration
- Electronic issuance of import and export permits.
- Facilitate processing of shipments without direct interaction with merchants.
- Paperwork to be done within a specified time frame
- Constant checking of smuggling and tax evasion
- Facilitate trade in times of emergencies
Way forward
The improvement in cross-border trade facilitation is a promising indicator of post-pandemic economic recovery.
- The findings are particularly encouraging for policymakers who are attempting to increase the country’s appeal as a business destination
This will also help India to grab a greater share in the global supply chain of goods and services
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