Bangladesh falls to 25th in regional trade ranking
Staff Reporter :
Bangladesh’s position among 30 countries in Asia and the Pacific has declined, ranking 25th in the Hinrich-IMD Sustainable Trade Index (STI) 2024, down from 23rd in 2023.
The STI Index, released on October 22, revealed that Bangladesh performed worse in most sub-indices under the economic pillar, with a few exceptions.
For example, while the country showed a slight improvement in the non-tariff barriers indicator, it performed poorly in tariff barriers. Similarly, despite a modest advancement in the trade liberalization indicator, Bangladesh’s position worsened in areas such as export concentration, technological innovation, and technological infrastructure.
The Hinrich-IMD Sustainable Trade Index (STI) evaluates the ability of 30 global trading economies to engage sustainably in trade, using 72 economic, societal, and environmental indicators.
The Index includes members and applicants of major trade alliances such as the Asia-Pacific Economic Cooperation (APEC), the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), and the Regional Comprehensive Economic Partnership (RCEP).
The 2024 Index emphasizes the importance of building resilience in trade, human resources, and natural resources amid global trade fragmentation. It highlights the progress made by some nations towards sustainable trade while identifying areas needing improvement.
In South Asia, India’s position improved, advancing one spot to 23rd in the latest ranking. Meanwhile, Sri Lanka and Pakistan both dropped one place, ranking 26th and 28th, respectively, in the 2024 Index.
New Zealand retained the top spot for the third consecutive year, leading the environmental dataset, followed by the United Kingdom in second place and Australia in third. The Index is a joint project between the Hinrich Foundation, an Asia-based philanthropic organization dedicated to advancing sustainable global trade, and the International Institute for Management Development (IMD).