Trade Facilitation

Description

Suriname is developing its methods of trade facilitation such as investments in expansion of the physical infrastructure, rehabilitation of the main port, the modernization of cargo handling and storage, the certification of port operators, improvement in risk management, renewal of legislation and the promotion of awareness by the Ministry of Trade and Industry regarding trade facilitation. However, the OECD Trade Facilitation Indicators (2013) finds that Surinamese performance is below the averages of Latin America and Caribbean region, and upper middle income countries in the areas of information availability, involvement of trade community, advances rulings, appeals procedures, simplification and harmonisation of documents and automation. According to the World Bank Doing Business Report (2013), the total time of exporting and importing one standard container of goods is 41 days (22 days and 19 days respectively), which is longer than the regional averages of 36 days (17 days and 19 days respectively). To compare with individual countries, exports and imports take more time in Surinam than Dominica, Dominican Republic, Jamaica, and Puerto Rico. The Government is currently carrying out a trade Facilitation Project, which aims to establish a Suriname Trade, Investment and Export Promotion Agency. This agency will work closely with the Suriname Business Forum and the Investment and Development Corporation Suriname to promote trade (WTO 2013).