Singapore and Hong Kong are the top countries most open to trade according to the Enabling Trade Index, the World Economic Forum (WEF) reported on Wednesday.
Russia slightly improved its position in the ranking, but still was unable to get into the Top 100, taking 112th place. In 2010, Russia was at the 114th position.
A country’s place in the ranking is determined by evaluating several factors, including market access, the administrative infrastructure at the border, transport and communication infrastructure, and the business climate.
The rating generally indicates good performance of major economies in Europe. Denmark and Sweden placed third and fourth, Finland and Great Britain moved up six places, finishing at 6th and 11th places, respectively. Germany and France remained their former positions, 13th and 20th places.
Other major economies are less successful. The United States continued to fall and holds 23rd place, China is 56th and India took the 100th place.
Among developing economies, Turkey and Mexico remain in their former positions, 62nd and 65th places, respectively, while Chile, Saudi Arabia and South Africa rose slightly in the rankings. The ASEAN countries, particularly Thailand, Indonesia and the Philippines also have strengthened their positions in the ranking.