TFG Weekly Trade Briefing, 26th May 2020

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.

Global trade disruption and its impact on sugar flows

The ongoing impact of the global Covid-19 pandemic has severely impacted many businesses. Alongside the downfall of the oil industry and many others, we discuss the impact on a common commodity in everyone’s household – sugar. TFG heard from Czarnikow, discussing the impact of Covid19 on sugar supply chains. Read more →

Anti-dumping Agreements – UK prepares to impose its own duties on foreign exporters

Heavy burden is left on the UK government and private sectors as they comply with WTO rules in anti-dumping cases to impose duties on foreign exporters that are undercutting UK manufacturers. The UK will be responsible for its own trade remedies investigations when the Brexit transition period ends on December 31, taking over this function from the European Commission. Read more →

April 6, 2020; The day trade finance went from paper to paperless

With the Covid-19 pandemic our paper-based trade finance settlement system suddenly stopped working. Bank trade finance operations have been shut down; exports are not being settled; millions of containers are in demurrage waiting for documents; and countless trade related jobs and livelihoods have been lost. It is about time businesses adopt paperless and digital workflow to safeguard trade finance operations. Read more →

Major interventions needed to backstop trade recovery, warns global business organisation

With the World Trade Organization projecting that the effects of  COVID-19 could cause merchandise trade to drop by over 30% this year, International Chamber of Commerce has cautioned that a rapid economic recovery will only be possible if sufficient credit is available to bring trade close to its pre-pandemic trend over the next 18 months. Read more →

UK Global Tariff backs UK businesses and consumers

The Government has announced the UK’s new MFN tariff regime, the UK Global Tariff (UKGT). This will replace the EU’s Common External Tariff on 1 January 2021 at the end of the Transition Period. Almost all pharmaceuticals and most medical devices (including ventilators) are tariff free in the UKGT. Read more →

Rejigging Africa’s trade position post COVID19: The AfCFTA option

The impact of COVID19 on African states and their steps to curtail it has seen African economies shrink. What options are available in the AfCFTA to revitalize trade in Africa? The AfCFTA is an agreement seeking to establish a free trade area in Africa. AfCFTA’s trade liberalization objective, along with other industries goals may just be set for a new horizon in Africa’s trade, post-COVID19. Read more →

ITFC extends US$15 million emergency funds to Republic of Maldives

The International Islamic Trade Finance Corporation, provides US$15 million in favor of State Trading Organization, Maldives to facilitate their procurement of staple food, medicine & medical equipment during the COVID-19 pandemic crisis. Read more →

TFG announces industry partnership with IFC’s SME Finance Forum

In a bid to continue to promote and expand access to finance for small and medium-sized businesses, TFG is delighted to announce an exciting industry partnership with the SME Finance Forum, an International Finance Corporation (IFC) managed project. Read more →