New Delhi: A United Nations survey recognizes India’s commitment to facilitating global trade, giving the country an impressive 93.55% score in 2023, a sharp increase from 90.32% in 2021, said Vivek Johri, chairman of the Central Board of Indirect Taxes and Customs (CBIC), in a weekly newsletter published on the tax agency’s website.
New Delhi: A United Nations survey recognizes India’s commitment to facilitating global trade, giving the country an impressive 93.55% score in 2023, a sharp increase from 90.32% in 2021, said Vivek Johri, chairman of the Central Board of Indirect Taxes and Customs (CBIC), in a weekly newsletter published on the tax agency’s website.
The 2023 survey conducted by the United Nations Economic and Social Commission for Asia Pacific (UNESCAP) examined digital and sustainable trade facilitation in over 140 economies. 60 different trade facilitation measures were evaluated, with India making notable progress on various parameters.
The 2023 survey conducted by the United Nations Economic and Social Commission for Asia Pacific (UNESCAP) examined digital and sustainable trade facilitation in over 140 economies. 60 different trade facilitation measures were evaluated, with India making notable progress on various parameters.
“The survey gave us a perfect score of 100% in four key areas: transparency, formalities, institutional agreement and collaboration, and paperless trading,” Johri said in the newsletter. “This is a testament to our efforts to facilitate trade by streamlining our processes, improving transparency and encouraging collaboration between stakeholders.”
“The survey gave us a perfect score of 100% in four key areas: transparency, formalities, institutional agreement and collaboration, and paperless trading,” Johri said in the newsletter. “This is a testament to our efforts to facilitate trade by streamlining our processes, improving transparency and encouraging collaboration between stakeholders.”
UNESCAP, in a statement on its website citing the survey, said progress towards more efficient trade facilitation has been observed, with the overall implementation rate of general and digital trade facilitation measures increasing by more than six percentage points between 2021 and 2023.
UNESCAP, in a statement on its website citing the survey, said progress towards more efficient trade facilitation has been observed, with the overall implementation rate of general and digital trade facilitation measures increasing by more than six percentage points between 2021 and 2023.
“The global average conversion rate is currently 68.7%. The highest implementation rate is recorded in developed economies (85.3%), followed by countries in Southeast and East Asia (76.6%). The Pacific Islands have the lowest implementation rate (42.3%), UNESCAP said.
“The global average conversion rate is currently 68.7%. The highest implementation rate is recorded in developed economies (85.3%), followed by countries in Southeast and East Asia (76.6%). The Pacific Islands have the lowest implementation rate (42.3%), UNESCAP said.
India has made consistent efforts to reduce the time and procedures involved in clearing shipments at ports for both exports and imports. The idea is to reduce the face-to-face interface between traders and officials, increase the exchange of data and information digitally, and simplify the overall transaction process. These efforts received particular emphasis during the pandemic and beyond, as trade remained a key element of the government’s economic recovery strategy.
India has made consistent efforts to reduce the time and procedures involved in clearing shipments at ports for both exports and imports. The idea is to reduce the face-to-face interface between traders and officials, increase the exchange of data and information digitally, and simplify the overall transaction process. These efforts received particular emphasis during the pandemic and beyond, as trade remained a key element of the government’s economic recovery strategy.
