UAE 'easiest country to trade with in region' |
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Dubai: The UAE was ranked as the easiest country to do trade with in the Middle East, The World Bank's report Doing Business in the Arab World 2009 said.
The report, which assessed a total of 181 countries ranked the UAE at 14 globally, while Iraq was positioned at 178 and as the most difficult in the Middle East.
"Economies that have efficient customs, good transport networks and fewer document requirements, making compliance with export and import procedures faster and cheaper, are more competitive globally," the report said.
The UAE jumped 14 places on the ranking from the 2008 assessment, when it was ranked at 24.
Following the UAE close behind at 16 is Saudi Arabia in terms cross border trading. Bahrain was the third easiest country to trade with in the region at the 21st position and Egypt came next at 24.
The ranking on trading across borders is based on three subcategories, each with equal weight to the overall evaluation. Documents required for export and import, time required for export and import and cost to export and import.
In the Middle East, the time required in the UAE for import and export is the fastest at 10 days each. The cost required for import is the least for the country, at $587 (Dh2,154) per container and for export at $618 (Dh2,268) per container.
Djibouti and Bahrain and Saudi Arabia come in the top with five documents required for import or export, while trading with the UAE requires five documents for export and seven for import.
The report said that in 2005, the UAE improved the infrastructure of Jebel Ali port, reducing the time for export and import significantly. Improvements included a port expansion with new berths and conversion of relevant documents such as customs declaration into electronic format.
Recently, Dubai Trade, an online trading portal for DP WorldDP World
, Dubai Customs and Jebel Ali Free Zone Authority (Jafza) has worked to improve trade facilities. It offers numerous services to its clients to help reduce the amount of time, cost and documents required for trade operations.
© Gulf News 2009
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