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India Achieves Big Jump In Ease Of Cross-Border Trade; Overall Score Now Higher Than Average Of European Union: UN Survey
Prime Minister Narendra Modi with Finance Minister Nirmala Sitharaman.
In a positive development, India has achieved big strides in the ease of cross-border trade as per the latest United Nations (UN) Global Survey on Digital and Sustainable Trade Facilitation, which studied 143 different economies over a period of two years, reports Livemint.
In the survey, India's rank moved up from 79.49 per cent in 2019 to 90.32 per cent in 2021, marking a significant improvement. Notably, the bi-annual survey exclusively deals with trade facilitation measures taken by individual countries.
Sharing the development, the Central Board of Indirect Taxes and Customs (CBIC) said that India was among the best-performing country in the South and South-West Asia region and in the Asia Pacific region.
CBIC also added that the country's overall score has also been found to be higher than the score of many of the OECD countries, and also the average score of the European Union.
At a granular level, India has scored 100 per cent in transparency, 95.83 per cent in formalities, 88.89 per cent in institutional arrangement and cooperation and 96.30 per cent in paperless trade.
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