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Trade Facilitation and the Global Economy

image of Trade Facilitation and the Global Economy

In a globalised world, where goods cross borders many times as intermediate and as final products, trade facilitation is essential to lowering overall trade costs and increasing economic welfare, in particular for developing and emerging economies. Facilitation efforts undertaken by various countries around the world also show that the benefits of such measures clearly compensate the costs and challenges posed by their implementation.

 

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Foreword

Trade facilitation – transparent, predictable and straightforward border procedures that expedite the movement of goods – promises large gains domestically and globally. In a globalised world, where production is spread across countries and goods cross borders many times before reaching consumers, trade facilitation is essential to lowering trade costs and increasing economic welfare. Efficient border procedures allow firms to reduce losses of perishables, cut inventory costs, be more responsive to changing consumer preferences, and participate in time-sensitive global value chains. The OECD Trade Facilitation Indicators (TFIs) provide a powerful tool to assess these gains and to monitor worldwide efforts to improve border procedures, reduce trade costs, boost trade flows, and contribute to inclusive growth. They are the most precisely targeted instrument for monitoring and benchmarking country performance on trade facilitation across more than 160 countries.

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