Policymakers in Asia Pacific can do more to combat illicit trade in the region, such as enhancing the oversight of free trade zones (FTZs), having tighter public-private collaborations and improving intellectual property rights protection, Singapore’s European Chamber of Commerce (EuroCham) said on Oct 12.
Its call came after it launched the Illicit Trade Environment Index, which measures how well countries do in keeping illicit trade at bay. The index, created by the Economist Intelligence Unit (EIU), was commissioned by EuroCham.
Singapore came in joint-seventh-best with Taiwan among the 17 economies involved in the inaugural study. The Republic was dragged down by the weak governance of FTZs and its authorities’ perceived lack of cooperation with the international community and private sector.