The International Chamber of Commerce (ICC) has recently published the second edition of its Open Markets Index (OMI). The objective of this index is to provide an instrument to measure the extent to which a country is open to international trade.
An open market is defined as a market which is not subject to barriers which restrict the free movement of products, services, capital and labour. The OMI composite index and the country rankings are based on four indicators: the observed openness to trade, trade policy, openness to foreign direct investment (FDI) and the infrastructure for international trade (connectivity). Countries are then ranked in 5 categories of economies, according to their degree of market openness: from category 1 for the most open (score of 5-6) to category 5 the least open (score of 1-2). In total, 75 economies were reviewed.
The top ranked country in the 2013 index is Hong-Kong, followed by Singapore and Luxembourg. With a score of 4.8, Belgium is ranked in fourth place and is therefore part of the 2nd category of countries, together with Luxembourg, the Netherlands and Germany.
With regard to the four indicators, Belgium obtained a score of 4.6 for the observed openness to trade, 4.6 for trade policy, 5.3 for openness to foreign direct investment (FDI) and 5.2 for infrastructure for international trade (connectivity).
Open Markets Index – top 20
To see the table of all 75 countries, click here