THE HAGUE, June 13 (Bernama) -- Trade between the countries involved in the Belt and Road Initiative (BRI) accounts for more than a quarter of world trade, so better connections and the lower trade costs that come with them could have a significant global impact, according to an analysis of the Amsterdam-based global bank ING, reports Xinhua.
"A halving in trade costs between countries involved in the BRI could increase world trade by 12 percent. Countries in Eastern Europe and Central Asia stand to benefit most," said the ING report released earlier this month, which focuses on the BRI as a large and long-term program of investment in transport infrastructure across Asia and Europe.
According to the report, rail services between China and Europe have increased since the announcement of the BRI in 2013 and a portfolio of ports are being developed with highly efficient terminal operations and connections to overland transport networks.
Apart from infrastructure, there are also schemes which help smooth the passage of goods such as the "smart and secure trade lane" project operating in 16 ports -- a strategy for enhancing the customs co-ordination between BRI countries, and other plans aiming to achieve harmonisation of standards and mutual recognition certification, it said.
Already, more accessible rail transport offers a new way to transport goods quickly between China and Europe.....