Countries participating in the Belt and Road Initiative face a major challenge in facilitating trade. While large investments in trade-related infrastructure capture global headlines, transaction costs generated by inefficient border clearance and trade-related regulatory requirements are one of the major policy risks facing the BRI.
- With support from the World Bank Group, Vietnam is improving trade facilitation with the recently launched trade information portal aimed at generating more trade and investment
- The Vietnam Trade Information Portal makes it easier and less costly for the private sector to move goods and services
- With the launch of the trade portal, Vietnam is moving towards full compliance with the World Trade Organization Trade Facilitation Agreement to make trade-related information accessible to the private sector
WASHINGTON, January 9, 2017—The inequalities that make some countries poorer than others include inequalities of information. To make sound decisions on economic development, policymakers need reliable and—just as important—readily accessible data. That is the concept underlying a new World Bank Group platform called TCdata360, an open platform for trade and competitiveness data from inside and outside the World Bank Group.
TCdata360 combines vetted datasets from more than 20 organizations—including the Bank Group, United Nations, World Trade Organization, World Economic Forum, and Organization for Economic Cooperation and Development—in an interactive, easy-to-use platform. Busy policymakers, development practitioners, academics, and industry specialists can use the site to access, compare, and download timely data on some 2,000 indicators related to a wide variety of trade and competitiveness topics such as trade logistics, global value chains, investment climate, entrepreneurship, and the cost of business operations.