The Global Enabling Trade Report 2014 conducted by World Economic Forum reported the UAE topped the Middle East countries for enabling trade. Out of 138 countries globally, the UAE ranked 16th.
UAE’s position was followed by Qatar at 19th making it as 2nd in the Middle East, Oman on the 31st, Bahrain on 33rd, Saudi Arabia on 48th and Kuwait at 74th as the least effective for enabling trade in Gulf.
Singapore, Hongkong and The Netherlands got the overall 1st-3rd rank respectively. World’s largest exporter was ranked 54th, South Africa on 59th, Brazil on 86th, India on 96th and Russian Federation on 105th.
The report shows that the world’s large emerging economies are encountering big challenges as the industry is to enable trade and progress to the next stage of their development.
The report also stated that the difficulties to trade in the developing and emerging world are red tape at borders, corruption, inadequate infrastructure, and low levels of security.
The Enabling Trade report assessed the performance of economies in four areas – market access such as border administration; infrastructure; and the operating environment.
Recently, UAE leads the world in a global index measuring trade prospects following its successful bid to host the World Expo in 2020, HSBC.