Hong Kong and Singapore have been ranked as the top two of 118 economies in the World Economic Forum (WEF)'s Enabling Trade Index published in the Global Enabling Trade Report 2008.
Results show Hong Kong and Singapore are the most open to international trade and investment as part of their economic development strategy.
The index covers four key areas: market access, border administration, transport and communications infrastructure and the business environment.
Sweden and Norway followed, and to complete the top 10, came Canada, Denmark, Finland, Germany, Switzerland and New Zealand.
Hong Kong's success, said the WEF, was based on its very open market, a pro-trade stance and a high dependence on exports and imports, as well as its secure, open business environment.
Hong Kong does not have tariffs on imported products, and the business environment is open to investment and foreign workers, said the report.
Despite difficulties in accessing the Singapore market, the report said that the Lion City boasts of a highly efficient and transparent border administration, an open business environment, and well-developed transport and communications infrastructure.
Germany, the largest economy in the top 10, enjoyed an excellent business environment and with a regulatory framework conducive to the functioning of logistics while at the same time providing excellent security for businesses operating in the country.
The US was ranked 14th, and was helped by a top-notch transport and communications system, but brought down by burdensome customs procedures.
The UK was ranked two notches below the US, largely because of its high costs.
China came in 48th, because imports are subjected to severe tariff and non-tariff barriers, despite the country's accession to the WTO.
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