Leading Countries Falling Behind in Trade Openness, ICC Says
Despite promises to open markets and reduce protectionism, G-20 and G-8 countries are failing to lead in global trade, according to a recent study from the International Chamber of Commerce. The ICC’s 2013 Open Markets Index found that only one…
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G-20 nation -- Canada -- ranks among the world’s top 20 open markets. No G8 economy ranked in the top 10. The study also found that the so-called BRIC countries -- Brazil, Russia, India, and China -- are lagging in openness due to restrictive trade policies. The ICC index ranks 75 countries on observed trade openness, trade policy, openness to foreign direct investment and trade-enabling infrastructure. It gives countries a score between one and six based on those factors. The two highest-performing economies were Hong Kong and Singapore. The worst-performing were Uganda, Bangladesh, Sudan and Ethiopia. G20 economies had an average score of 3.4, behind the global standard. The average score across the 75 countries was 3.6, a slight improvement from 2011’s score from 3.5.