ASEAN Market Now More Accessible than EU & US

· The nations that comprise ASEAN now represent a more open market than either the European Union or the United States, according to the Global Enabling Trade Report 2016.

· Singapore, Hong Kong SAR and European economies still dominate the highest ranks of the Enabling Trade Index, which measures capacity for facilitating the flow of goods across borders, not just access to markets.

· Trade and economic development are strongly linked, but more effort is needed to ensure that trade is inclusive. Actions such as improving border administration can produce quick results, but progress has stagnated since 2014.

Increased integration into the global economy of the economies that comprise the Association of Southeast Asian Nations (ASEAN) has made the region a more accessible market for trading goods than either the European Union or United States. This is one of the findings of the Global Enabling Trade Report 2016, published today by the World Economic Forum and the Global Alliance for Trade Facilitation.

The report features the Enabling Trade Index (ETI), which assesses the performance of 136 economies on domestic and foreign market access; border administration; transport and digital infrastructure; transport services; and operating environment. Produced every two years, the report is a benchmark for leaders looking to boost growth and development through trade.

ASEAN’s progress as an economic power comes at a time when the United States and European Union are becoming less open, according to the report. However, ASEAN’s progress in other areas measured by the index is less pronounced. As a result, the best economies for enabling trade tend to be in Northern and Western Europe, with the notable exception of Singapore and Hong Kong SAR, in first and third places, respectively.

The rest of this article can be found at www.weforum.org.