Financial Secretary John Tsang hailed the achievement, suggesting that it recognises Hong Kong's open, transparent and efficient trading infrastructure.

The Enabling Trade Index 2008, developed by the forum in collaboration with international trade experts and practitioners, measures and analyses factors enabling trade in 118 industrialised and emerging economies.

The index covers market access, border administration, transport and communications infrastructure, and business environment. The global report, released on Thursday for the first time, is the result of years of research into factors, policies and measures of national economies in trade facilitation.

Noting that the findings showed Hong Kong performing strongly in all four areas, Mr Tsang announced that the city will remain committed to free market access and tariff-free import of goods.

He added that the recent decisions to abolish wine and beer duty and waive hotel accommodation tax clearly showed the city's determination, together with its market promotion in emerging economies, to enhance importation of skills and talents. He also flagged up the introduction of a competition law.

Mr Tsang concluded by announcing that Hong Kong will continue investing in cross-boundary infrastructure to ensure maximum efficiency in transport and communications, and to enable trade through improving regulatory efficiency to reduce compliance costs.