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The position of Bangladesh among 30 countries in Asia and the Pacific declined in the Hinrich-IMD Sustainable Trade Index (STI) 2024.
The index, released on Tuesday, showed that Bangladesh ranked 25th in this year’s index while the country’s ranking was 23rd in the index published last year.
New Zealand has topped the index for the third consecutive year, with the United Kingdom (UK) following in second place and Australia securing third.
New Zealand retained its top spot for the third consecutive edition, and leads the environmental dataset. The UK is second for the third edition in a row.
However, it does perform worse than in 2023 in the economic dataset. Australia jumped two steps since last year thanks to making a big progress in the environmental dataset.
Bangladesh’s performance in the economic pillar worsened leading to a decline in the overall ranking. The country, however, performed better in the environmental pillar although its feat in the Social factors remained almost unchanged.
Bangladesh performed worse in most of the sub-indices under the economic pillar except a few. For instance, the country showed a slight improvement in the non-tariff barriers indicator but worsened in tariff barriers. Despite a modest advancement in trade liberalization indicator, the country’s position deteriorated in export concentration, technological innovation, and technological infrastructure indicators.
In South Asia, the position of India improved as it advanced one step in the latest ranking to 23rd. The position of Sri Lanka and Pakistan dropped one step each to 26th and 28th in the 2024 index.
The overall index considered the countries’ economic, social and environmental performances in the last calendar year in most of the cases. In the absence of 2023 data, it used the data of the previous year or further past year depending on availability.
The Index measures how well trade contributes to mutually beneficial and balanced economic, social, and environmental outcomes amongst 30 trading economies, according to a press statement of the foundation.
It measures 30 economies including 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 Index is a joint project between the Hinrich Foundation and the International Institute for Management Development (IMD). The foundation is an Asia-based philanthropic organisation that works to advance mutually beneficial and sustainable global trade.
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