ICC has taken the lead to keep trade moving during the Covid-19 pandemic by publishing the eUCP and eURC eRules guidelines for faster and efficient trade transactions.
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.
ICC Banking Commission has released its 2019 Trade Register Report, revealing COVID-19’s potential to disrupt global trade.
With that in mind, TFG spoke to experienced trade veteran Abdurrahman Ozalp, based in Turkey about trade opportunities and the importance of trade rules
Since 2000, global trade flows have trebled to US$18.5 trillion. Yet many challenges to the adoption of trade finance products remain.
On 1 July 2019, the long-awaited revised internet eRules and guidelines for online trade finance finally arrived for banks, importers, exporters, freight forwarders, chambers of commerce, customs brokers, logistics companies and carriers, to prepare and present electronic records for documentary letters of credit in lieu of or in conjunction with paper documents.
Change is not just coming; change is here today, now. The impact of using electronic trade documents instead of hard copies of bills of lading, invoices, packing lists, and certificates to settle trade transactions via the Internet will be as profound to global trade finance as the containerization of cargo was to logistics.
The International Chamber of Commerce (ICC) announced that it has accelerated attempts to digitalise of trade finance by releasing two new sets of enhanced rules, Uniform Customs and Practise for Documentary Credits (eUCP) and Uniform Rules for Collections (eURC 522).
Trade Finance Global heard from Sean Edwards, Chairman of the ITFA at the NEARC (North East Asia Regional Committee) Seminar held in Beijing earlier this month.