Singapore has taken first place in the World Economic Forum (WEF) Global Enabling Trade Report rankings of the most trade friendly economies. The WEF revealed that in addition to a trade friendly business environment, the Asian economy possessed well-developed transport and telecommunications infrastructures that ensured rapid transit times. Hong Kong followed Singapore and European countries Switzerland, Denmark, Sweden rounded out the top five. Australia came in at number 14. While the USA, ranked 16th, had good transport infrastructure and efficient import/export procedures, it suffered from concerns about security, the report noted: "Among other issues businesses voice their concern about the level of security and indicate that the threat of terrorism and crime and violence impose significant costs." China came in 49th place because of import tariff barriers. The report covered 121 economies and uses assessments of institutions, policies and services that facilitate the flow of goods across national borders to rank countries. See the Global Enabling Trade Report website for further details.