Global trade could increase by trillions of dollars if transactions costs in developing countries are reduced to OECD levels. But what’s the most effective ways to achieve such reductions?
A group of high-level policy makers, academics, and World Bank Group staff met in Washington last week to strategize as part of a conference organized by the FIAS' Trade Logistics Advisory Program. Presenters discussed case studies from twelve developing and industrialized economies and state-of–the-art approaches to building efficient trade logistics services. Some governments are making progress in simplifying their trade-related regulatory procedures. Pakistan, for example, managed to reduce the number of trade transactions from 26 clearance steps, 34 signatures, and 64 verifications to one declaration form. And it increased the proportion of cargo that is cleared from in less than one day from 4% to 70%.
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