A commentary and foreword by ICC’s Secretary General John W.H. Denton AO and WTO’s Deputy Director-General Xiaozhun Yi, following the launch of WTO and TFG’s 2020 Blockchain for Trade publication.
Distributed Ledger Technology (DLT), colloquially termed ‘blockchain’ has been touted to disrupt trade and supply chain, as well it’s financing, for over 5 years. Following on from TFG, WTO and ICC’s ‘Periodic Table’ enlisting 39 projects in global trade utilising DLT, we’ve relaunched our table, indicating that the industry has considerably matured and evolved in less than 12 months.
Having an understanding of the types of LC availability, and the differences between them, will help the beneficiary formulate the terms of the letters of credit that it would be willing to accept, and to mention such terms in their discussions and sales contracts with their clients.
The only way to make Trade Finance standardisation and harmonisation opportunity to realise is to make the needed standards coordination and development resources openly available for the business process and systems developers.
Your Monday morning coffee briefing from TFG.Almost half of all Covid-19 cases reported so far were from just three countries: the US, Brazil and India. Wearing masks became compulsory in UK shops and other enclosed public spaces. EU leaders agreed to create a €750bn EU recovery fund to support member states worst hit by COVID-19.
The ICC’s Survey on Trade Finance reveals the industry-wide challenges and disruption as a result of the COVID-19 pandemic push trade and trade finance into a state of global uncertainty.
In the UK Boris Johnson announced a further loosening of lockdown restrictions, reopening most remaining leisure facilities and dropping advice that public transport should be used for essential journeys only.
Only through collaboration and interoperability with other key technologies like AI, RPA, and the IoT will the path of consortia be effective in making trade finance truly digital.
TFG heard from ICC’s Secretary General John Denton and talked about actions needed from governments, private sector leaders and international institutions to ensure the continued viability of our MSMEs.
How are the rights and obligations of the parties to a credit affected on account of missed deadlines caused by these force majeure events?
Your morning coffee briefing from TFG. Countries around the world continue to ease lockdown restrictions. The collapse in the oil price and shrinking demand has sent inflation rates tumbling. Governments in the West are spending and borrowing on a vast scale as they counter the effects of the COVID-19 pandemic.
With the Covid-19 pandemic, our paper-based trade finance settlement system suddenly stopped working. It is about time businesses adopt paperless and digital workflow to safeguard trade finance operations.
Your Monday morning coffee briefing from TFG. The severe contraction of economic activity due to COVID-19 are being felt around the world. Associations are calling for state backed support for the private credit insurance market as the impact of bank lending severely impacts critical supply chains.
Industry bodies called for further government support towards supporting the global trade industry (multilaterals, banks and insurers), as the coronavirus pandemic continues to disrupt all areas of the economy.
There have been 1.7 million confirmed cases of coronavirus globally, with over 100,000 deaths. The majority of countries around the world still have strict lockdowns in place, and the virus is still spreading rapidly.