Thailand trades up: Digital efforts land 32nd spot on global index
Thailand trades up: Digital efforts land 32nd spot on global indexLegacy

Thailand climbed to the 32nd position out of 65 countries on the Global Trade Modernisation Index (GTMI) 2024, highlighting its moderate performance in digital trade. The Kingdom of Thailand ranked 3rd among ASEAN nations and showed a significant improvement in readiness for digital trade.

Chairman of the International Chamber of Commerce (ICC), Montri Mahaplerkpong announced yesterday, June 9, that growth in international trade during the first quarter fell short of expectations due to regional instability, notably the unrest in Myanmar.

Thailand’s performance ranks 32nd globally and third in the ASEAN region, trailing behind Singapore and Malaysia. The GTMI evaluates digital trade readiness across five categories: paperless trade, trade openness, regulatory environment, business readiness, and human capital.

Thailand’s preparedness for digital trade has improved, enabling both digitally delivered and digitally ordered trade to boost industry efficiency, generate revenue, and reduce operational costs for businesses.

In ASEAN, Thailand’s efforts to reduce paper usage in trade achieved a 22.5% reduction (ranked 3rd). The country’s trade openness scored 7.1% (ranked 6th), business readiness was at 14.5% (ranked 3rd), human capital stood at 6.1% (ranked 4th), and regulatory capabilities were at 16.1% (ranked 3rd), said Montri.

“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.”

The ICC recommends that the government encourage the private sector to adopt more digital technologies in trade operations. It also suggests enacting laws, such as the Electronic Bill of Lading, to support digital tools in international trade, along with implementing the National Single Window and e-Phyto certification system.

According to the ICC, these measures aim to accelerate trade processes, align with global standards, and enhance transparency.

Singapore topped the GTMI rankings, followed by the Netherlands, Germany, Hong Kong, Finland, Sweden, the United Kingdom, Switzerland, the United States, and Taiwan, reported Bangkok Post.

The story Thailand trades up: Digital efforts land 32nd spot on global index as seen on Thaiger News.

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Author: Ryan Turner