UNCTAD reports Jamaica’s ratings up from 50% in 2017 to 79% in 2023
2024, January 30: Several Caribbean territories were not able to meet the January 1, 2024 IMO deadline for establishing a maritime single window; while others like Jamaica, have been seeing their (trade facilitation and paperless trade) ratings increase significantly.
The United Nations Conference on Trade and Development yesterday (January 29, 2024) reported that, Jamaica’s overall Trade Facilitation Score had increased dramatically in 2023 as compared with 2017.
“Jamaica’s trade facilitation and paperless trade rating jumped from 50.5% in 2017 to 79.6% in 2023, after rolling out a national electronic single window with UNCTAD’s support. The strategic move in 2020 revolutionised the Caribbean island-nation’s trade processes by simplifying, standardizing, automating and coordinating the exchange of regulatory information and documents between traders and government agencies. The electronic single window trimmed the approval time for import and export permits from three days to just 24 hours, significantly cutting the costs related to storage and demurrage – when goods are not removed from the port or terminal within the allotted free time”
The UN survey showed that, in all five measures comprising the Trade Facilitation module, (i.e., Transparency, Formalities, Institutional Arrangement and Cooperation, Paperless Trade, Cross-border Paperless Trade) Jamaica increased its ratings significantly since 2017.
** THE REPORT: UNCTAD REPORT: Roadmap for trade single windows: UNCTAD helps countries cut red tape, costs and emissions
