Taiwan climbed five places in the latest Global Enabling Trade Index released April 1, reflecting the effectiveness of public sector efforts in enhancing trade administration efficiency.
Conducted by Switzerland-based World Economic Forum, the report ranked Taiwan 24th out of 138 economies. Singapore, Hong Kong and the Netherlands topped the list in that order.
The biennial report, which assesses the ability of an economy to benefit from trade, comprises four subindexes covering border administration, infrastructure, market access and operating environment.
Taiwan jumped 13 places to 18th in border administration, four places to 15th in infrastructure and four places to 18th in operating environment. These improvements were offset by a drop of 20 places in market access to 121st.
Among the 41 indicators that make up the overall index, Taiwan finished top in customs transparency and terrorism incidence along with a number of other economies, and ranked fifth in availability of trade finance, ease and affordability of shipment and postal services efficiency.
“The improvements show that a series of ROC government measures adopted in recent years, including a single window for customs, port and tariff procedures that went online last August, are paying dividends in enhancing customs efficiency and administrative transparency,” according to the National Development Council.
But the country ranked 134th and 136th, respectively, in margin preference in destination markets and tariffs faced, with the report identifying the latter as the most problematic factor for Taiwan’s export.
“These rankings highlighted the slow pace of Taiwan’s participation in regional integration, resulting in the less favorable conditions local firms face when it comes to overseas market expansion,” the NDC added.
The council said the government is fast-tracking free trade agreement negotiations with the country’s major trading partners and implementation of Free Economic Pilot Zones, so as to create the necessary conditions for Taiwan’s accession to Trans-Pacific Partnership and Regional Comprehensive Economic Partnership. (SFC-JSM)
Write to Taiwan Today at ttonline@mofa.gov.tw