El Salvador embarks on a significant endeavour to boost trade competitiveness through a collaborative effort with the Global Alliance for Trade Facilitation implemented by the World Economic Forum. The official signing of the collaboration agreement signals the beginning of a transformative project geared towards positioning El Salvador as a logistics hub in Central America.
To advance towards these objectives, the Ministry of Economy seeks to adopt the Total Transport and Logistics Costs (TTLC) methodology. This methodology is designed to measure, with inputs from the business sector, the time and total cost of trade processes, contributing to identifying opportunities to become more competitive in a fast changing global trade environment.
In accordance with the collaboration agreement, the Alliance will conduct one TTLC study focusing on the textile and apparel industry and work together with the Ministry of Economy in completing a second study in the agriculture & food industry. These studies are anticipated to yield valuable insights into the intricacies of the trading systems, potentially guiding future planning and policy decisions. Additionally, the Alliance will provide the Ministry of Economy with the tools to independently conduct TTLC studies, fostering an environment of knowledge sharing and collaboration between the public and private sectors.
This collaboration signifies a concerted effort to bolster El Salvador’s implementation of the National Trade Facilitation Strategy 2023-2027, and underscores El Salvador’s commitment to developing an ecosystem for inclusive and sustainable economic growth.