UAE leads Arab region in enabling trade: WEF

24/05/2012 07:13 AST

The UAE continues to lead the Arab region and is ranked 19th globally in the Global Enabling Trade Report 2012 released by the World Economic Forum (WEF). It also figures among the top 10 nations in Efficiency of Import-Export Procedures as well as Physical Security in the report covering 132 countries.

The Enabling Trade Index developed in consultation with key industry leaders, academics and international organisations in the trade arena measures the extent to which economies have developed institutions, policies and services facilitating the free flow of goods over borders and to destinations.

It assesses four key areas of performance, namely market access, border administration, transport and telecommunications infrastructure and the business environment, and sub-indices within these broad areas. The index provides a yardstick of countries' performance in creating enabling trade environments and pin-pointing where improvements are most needed.

Shaikha Lubna Al Qasimi, Minister for Foreign Trade, said: "The Global Enabling Trade Report 2012 highlights the UAE's excellent trade infrastructure and its resilience in the face of a global economic downturn. Our performance is significant in a world of rising global interdependence and growing international trade. The UAE has created competitive advantage in trade through targeted policies, infrastructure investment and innovation in improving the efficiency of its trade process."

"Trade has historically been a key economic driver of the UAE and that the country will continue to adopt policies and measures aimed at enhancing trade in the region and around the world as a source of prosperity and growth, and towards reaching the country's Vision 2021 to become among the world's most competitive nations," she added.

She said that the UAE's role in the global trading system does not reflect positively on the domestic economy alone, but also is a key driver in the global economy and positively influences global trade. The UAE is ranked fourth among the re-exporting countries, which indicates its pivotal role in linking the world's economies through its contribution to the free movement of global trade. Shaikha Lubna expressed appreciation for the UAE's customs outlets and port authorities for their contribution to the development and facilitation of trade.

WAM