There are some countries that have lots of restrictions on cross-border trade, while there are others that have far less controls.
Let's have a look at some of the most open economies in the emerging markets.
Source: The Economist
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Turkey
Rank in openness: 1
Turkey, one of the fastest growing economies in the world, is a major manufacturer of ships, construction materials, consumer electronics and home appliances. It has the most open market in the emerging world.
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South Africa
Rank in openness: 2
South Africa, one of the fastest growing economies in Africa, is a major producer of minerals, diamonds and foodstuff. It has far less restrictions than many other markets.
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Argentina
Rank in openness: 3
Argentina, one of the fastest growing economies in Latin America, has high standard of living and per capita income. The country is rich in natural resources, agriculture and less capital controls.
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Brazil
Rank in openness: 4
Brazil, one of the fastest growing economies in the world, is a major global manufacturing powerhouse.
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Chile
Rank in openness: 5
Chile, one of the most stable and prosperous nations in South America, has high per capita income and is also constantly ranked high in Human Development Index.
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Colombia
Rank in openness: 6
Colombia, which has huge business relations with the United States, depends on petrochemical products, coffee and textile industry to power its economic engine.
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Mexico
Rank in openness: 7
Mexico, which also has huge business relations with the United States, has opened up many sectors to the private sector, including ports, railroads, telecommunications and electricity generation.
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Peru
Rank in openness: 8
Peru, one of the fastest-growing economies in the world, is a major exporter of copper, gold, zinc, textiles, chemicals and pharmaceuticals.
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Venezuela
Rank in openness: 9
Venezuela, which has huge reserves of oil and gas, is one of the biggest economies in South America.
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Saudi Arabia
Rank in openness: 10
Saudi Arabia, one of the biggest producers of oil and gas, has recently taken measures to open up its economy.
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Egypt
Rank in openness: 11
Egypt, one of the biggest economies in Africa, is struggling to boost its trade due to internal disturbances.
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Bangladesh
Rank in openness: 12
Bangladesh, a major exporter of textiles, has a more open economy than India.
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India
Rank in openness: 13
India, one of the fastest growing economies in the world, is struggling to open up its markets due to political pressures.
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Indonesia
Rank in openness: 14
Indonesia, one of the fastest growing economies in the world, is having a tough time in controlling its falling currency.
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Malaysia
Rank in openness: 15
Malaysia, one of the fastest growing economies in the world, is a major global trade hub.
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Pakistan
Rank in openness: 16
Pakistan, one of the major exporters of textiles and dry food, is facing tough economic situation due to internal disturbances.
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The Philippines
Rank in openness: 17
The Philippines, a major outsourcing destination, is projected to be the largest economy in the Southeast Asian region by 2050.
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Thailand
Rank in openness: 18
Thailand, a major tourist destination, has taken measures in recent years to open up its economy.
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Vietnam
Rank in openness: 19
Vietnam, which has a GDP per capita of $1328.60, is projected to become the 35th-largest economy in the world by 2025.
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Algeria
Rank in openness: 20
Algeria, which has huge reserves of oil and gas, has major trade relations with Spain, France, Italy and the United States.
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Russia
Rank in openness: 21
Russia, which has huge reserves of oil and gas, is one the biggest economies in the world.
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China
Rank in openness: 22
China, the fastest growing economy in the world, is a global manufacturing powerhouse.
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Ukraine
Rank in openness: 23
Ukraine, whose biggest import is natural gas, has major trading relations with the European Union, Russia, Belarus and Kazakhstan.
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Hungary
Rank in openness: 24
Hungary, whose private sector accounts for more than 80 per cent of GDP, is a big manufacturer of processed foods, textiles and pharmaceuticals.
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Poland
Rank in openness: 25
Poland, which was badly hit by the 2008 global economic crisis, has taken several measures in recent years to open up its market.
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