São Paulo – The Brazilian market’s openness does not match its size. The world’s sixth economy ranks only 67th in the Market Openness Ranking released this Tuesday (11th)by the International Chamber of Commerce (ICC), based in Paris, France. The list includes 75 countries, and Brazil ranks the lowest among G20 and Brics members, having scored 2.2 on a scale ranging from zero to six.
The ranking is based on four factors: observed trade openness, trade policy, openness to foreign direct investment and trade-enabling infrastructure. Brazil scored below average in the first three indicators, and its lowest score concerned trade policy.
That, however, is not exclusive to Brazil. All countries in the Brics, a group composed of Russia, India, China and South Africa, have performed below average, according to the ICC, except for the latter. A major issue in these countries is the imposition of above-average tariffs.
“The potential is therefore huge for these large developing economies to strengthen their contribution to global growth through increased imports and FDI inflows,” according to the survey.
Out of the countries in the G20, a group comprising the world’s leading economies, only Canada ranks among the 20 highest-placed countries in the ranking, which is topped by Hong Kong and Singapore. As a result, the ICC claims the bloc is unable to demonstrate the global leadership that it should with regard to market openness.
“G20 leaders have consistently emphasized the importance of open markets, yet our research has found that they are in fact lagging behind the global average openness to trade,” said the ICC secretary general Jean-Guy Carrier, according to a press release.
The best-placed Arab country is the United Arab Emirates, in the 7th position with a score of 4.6, followed by Saudi Arabia at 40th, Jordan (51st), Egypt (56th), Morocco (61st), Tunisia (62nd), Algeria (72nd) and Sudan (74th).
*Translated by Gabriel Pomerancblum
