In the rapidly evolving world of today, sustainability and resilience have emerged as a central point for development. As the global economy attempts to find footing after the COVID-19 pandemic and amid geopolitical tensions and wars, the importance of sustainable development has never been more evident than now. This is observed in the way how countries of the world are focusing more on sustainable practices that balance economic, societal, and environmental priorities.
What is Sustainable Trade?
Sustainable trade is a framework that ensures mutually beneficial outcomes for trading partners while maintaining a balance between economic growth, social advancement, and environmental stewardship. It does not just focus on profits. It also lays emphasis on creating a resilient system that helps in integration of these elements to sustain amidst uncertainties.
The Sustainable Trade Index 2024, developed by the Hinrich Foundation and IMD, is aimed at highlighting the countries leading in this sphere. The index evaluates economies based on three key pillars: economic resilience, societal advancement, and environmental sustainability. This comprehensive approach provides a holistic view of how different countries are progressing towards a sustainable trade.
The Global Leaders in Sustainable Trade
New Zealand has topped the Sustainable Trade Index 2024 ranking for the third consecutive year, as the most sustainable trade economy. With its innovative policies and commitment to environmental resilience, New Zealand serves as a role model for other countries working towards meeting its sustainability targets.
The United Kingdom has ranked second in the index this year, demonstrating its consistency in societal and environmental factors. However, it has been highlighted that the country has been facing challenges in building a resilient economy. The third place in the index is snagged by Australia, which has shown significant societal progress, highlighting the importance of investing in human development while focusing on economic development.
India’s Position in the Rankings
India, the fifth-largest economy of the world, ranked 23rd on the Sustainable Trade Index 2024. According to the index, the country has performed well in building a strong and robust economy, with a score of 62.3 in the economic resilience. However, it has been facing significant challenges in the areas of societal advancement and environmental sustainability.
India received a score of 13.3 in field of societal advancement in the Sustainable Trade Index 2024. The report has highlighted that this is attributable to ongoing issues in the country such as poverty, gender inequality, and inadequate access to basic amenities. The country’s score in environmental sustainability was 43.1 points owing to issues such as air pollution, deforestation, and water scarcity.
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