India at No. 2 in Trade20 index; you won't believe where China, Russia are ranked! See full list here

India has taken second place in the Standard Chartered Trade20 index, which identifies the markets with the greatest potential for future trade growth. Research showed that India is among the markets with the greatest potential for future trade growth, with legislative reforms and infrastructure improvements driving its success. India places at number two in the Trade20 index, which identifies the rising stars of global trade.

Ricky Kaura, Transaction Banking Head of East, Standard Chartered, said, “Policy improvements and the government’s focus on promoting the country as a manufacturing hub are clearly paying off. We expect to see higher investments flowing into India, which will ultimately result in increased domestic and cross-border trade. We also see tremendous potential for growth in trade digitisation backed by newer technologies, clients willing to experiment and facilitative government and regulatory mechanisms.”

Trade20 index: Full list of countries

1. Cote d'Ivoire
2. India
3. Kenya
4. China
5. Ireland
6. Vietnam
7. Indonesia
8. Thailand
9. Oman
10. UAE
11. Hong Kong
12. Russia
13. Ghana
14. Sri Lanka
15. Bahrain
16. Singapore
17. Switzerland
18. Chile
19. Turkey
20. Philippines

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The study examines 66 markets across the world, determining each market’s potential for trade growth by analysing changes across a wide range of variables, grouped into three equally weighted pillars; economic dynamism, trade readiness and export diversity. India performs particularly well in the trade readiness pillar – defined as a market’s foundations for future trade growth. India’s strong trade readiness score is driven by fast-paced business environment improvements and infrastructure upgrades.

Business reforms over recent years have helped to improve India’s ease of doing business score, and it has also enhanced its digital infrastructure, spearheading mobile payment innovations, witnessing rapid e-commerce growth and using technology to revamp the taxation system, the research report added.