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.
The coronavirus focus in the last week has largely been around the provision of PPE, as well as MDBs providing continued economic support to businesses
The coronavirus focus is now on ensuring countries have free flow of medical supplies, equipment and goods, with the support of MDBs
With that in mind, TFG spoke to experienced trade veteran Abdurrahman Ozalp, based in Turkey about trade opportunities and the importance of trade rules
As proud Media Partners of the International Chamber of Commerce (ICC) Global Trade Survey, TFG invites its network of banks and financiers to participate in the Trade Finance Annual Survey on Global Trade.
Since 2000, global trade flows have trebled to US$18.5 trillion. Yet many challenges to the adoption of trade finance products remain.
New York, World Trade Symposium. With the world trade order under threat from protectionist movements, tit-for-tat tariffs, and a shift away from free and open trade, TFG’s Editor Deepesh Patel caught up with ICC’s Secretary General and Member of the World Trade Board, John Denton at Finastra’s World Trade Symposium.
The Universal Trade Network (UTN), a project initially aimed to allow for interoperability between many of the blockchain and non-blockchain consortia and networks has been renamed and adopted by the International Chamber of Commerce (ICC).
In Global Financial Integrity’s 2019 update “Illicit Financial Flows to and from 148 Developing Countries 2006 – 2015” the estimate of illicit outflows of trade related payments from developing economies for 2015 alone was counted in the hundreds of billions – greater in value in fact than the aid budgets flowing into those countries.
To advance trade finance’s digital transformation, financial institutions and technology providers alike are ramping up efforts to cooperate through a number of consortiums. But, to ensure these various initiatives do not create a cluster of “digital islands”, a more joined-up approach is required.