Kingdom ranks 32nd in trade modernisation index
Thailand now ranks 32nd out of 65 countries on the Global Trade Modernization Index (GTMI) 2024.
Montri Mahaplerkpong, chairman of the International Chamber of Commerce (ICC), yesterday told the media that growth in international trade in the first quarter was less than expected due to regional instability, particularly the unrest in Myanmar.
The country’s digital trade performance is of a moderate level, ranking 32nd in this year’s GTMI and 3rd in Asean after Singapore and Malaysia.
The indicators of the GTMI are divided into five categories that convey the unique dimensions of digital trade readiness: paperless trade, trade openness, regulatory environment, business readiness and human capital.
Thailand is now better prepared for digital trade — which involves both digitally delivered and digitally ordered trade to enhance industry efficiency — to draw sources of revenue and reduce businesses’ operating costs.
In the Asean region, Thailand’s performance in reducing the use of paper in trade stood at 22.5% (3rd), while its trade openness was 7.1% (6th), its business readiness was 14.5% (3rd), its human capital was 6.1% (4th) and its regulatory prowess was 16.1% (3rd).
“We believe Thailand still has the opportunity to procure technology to further boost its international trade competitiveness. If we succeed, the value of international trade will increase substantially,” said Mr Montri.
The ICC believes the government should encourage the private sector to adopt more digital technologies when conducting trade.
Certain laws, such as the Electronic Bill of Lading, should also be put in place to support the use of digital tools in international trade, together with the implementation of the National Single Window and e-Phyto certification system, it said.
These measures will not only enhance the speed at which trade is conducted and meet global standards but also help bolster transparency, the ICC said.
Singapore ranked first in the GTMI, followed by the Netherlands, Germany, Hong Kong, Finland, Sweden, the United Kingdom, Switzerland, the United States and Taiwan.