Heightened security speeds trade

Stephen Beard Sep 6, 2006
HTML EMBED:
COPY

Heightened security speeds trade

Stephen Beard Sep 6, 2006
HTML EMBED:
COPY

TEXT OF STORY

MARK AUSTIN THOMAS: Tightened security since 9/11 has led to faster and more efficient trade. That word from the World Bank. In its latest survey, it says many ports around the world operate more quickly than five years ago. From London, Stephen Beard has more.


STEPHEN BEARD: Many feared after 9/11 that the US-led security crackdown would throw sand in the machinery of global trade, slowing port traffic down to a trickle.

In fact, according to the World Bank, the opposite has happened. It’s greased the wheels of commerce.

After 9/11 any country trading with the US was required to inspect its cargoes more closely.

And that, says Alan Beattie of the Financial Times, triggered a wave of investment in X-Ray and other equipment to speed up the screening process.

ALAN BEATTIE: They found that in fact that speeded up all trade through their ports as well. So it’s a kind of happy byproduct of meeting American-led standards on security.

Serbia saw the most dramatic improvements, cutting the time for processing imports from 44 days to 12.

In London, this is Stephen Beard for Marketplace.

We’re here to help you navigate this changed world and economy.

Our mission at Marketplace is to raise the economic intelligence of the country. It’s a tough task, but it’s never been more important.

In the past year, we’ve seen record unemployment, stimulus bills, and reddit users influencing the stock market. Marketplace helps you understand it all, will fact-based, approachable, and unbiased reporting.

Generous support from listeners and readers is what powers our nonprofit news—and your donation today will help provide this essential service. For just $5/month, you can sustain independent journalism that keeps you and thousands of others informed.