London, 2019. Today at the ICC Annual General Meeting, Trade Finance Global (TFG) announces that it has joined the ICC United Kingdom. TFG reports from the ICC AGM in London.
Trade Finance Global joins ICC United Kingdom – AGM Update
London, 2019. Yesterday at the ICC Annual General Meeting, Trade Finance Global (TFG) announced that it has joined the ICC United Kingdom. TFG reports from the ICC AGM in London.
On a Knife Edge: The World Trading System
The world trading system continues to be under threat from critical trade issues, geopolitical uncertainty and a slowdown in global trade. For British businesses, navigating the complexity around WTO, G20 and ICC, as well as trying to strengthen international relationships outside of the EU continues to hold challenging given the uncertainty around Brexit.
Trade Finance Global today announced that an addition to its strategic media partnership with ICC United Kingdom, it is now a member.
“The ICC remains an impartial convener for businesses to work with governments, bodies and wider stakeholders, which TFG continues to support as an enabler and advocate for global trade.” said Robin Abrams, Finance Director at Trade Finance Global.
“For British businesses navigating the complexities of trade – ICC UK provides a way to engage with stakeholders in global trade discussions at the UN, G20 and WTO – as well as advocating technical policy, engaging regulators and addressing reforms, which are good for business and good for the economy,” he added.
Chris Southworth, Secretary General, ICC United Kingdom said: “In the face of major global challenges, we must embrace ICC’s unique mandate to help forge solutions for the future.”
“We’re delighted to have Trade Finance Global join as members of ICC United Kingdom. Trade Finance Global are huge advocates of both trade education and servicing the financial needs of the mid market, and at this current time of extraordinary political turbulence, championing international engagement is key for British businesses, so we’re delighted to have TFG on board,” he added.
An Outlook on Trade, what is happening?
TFG heard from Sir Simon Fraser, Managing Partner, Flint Global Limited, at the Annual General Meeting on the key themes of trade in the last decade, and the result of this.
“Political turbulence is happening right across the world. There are many reasons for this, and it’s a rupturing the world system. Post the Cold War period, there has been a period of globalisation, but now the world is transitioning into different patterns of geopolitics, none of which look like they’re following the patterns of what’s happened in the past.
Starting from 2008, the world saw the big catalysts of change; the global financial crash, followed by geopolitical changes in 2016, with the election of Donald Trump and Brexit. There are now deep structural changes within geopolitics, driven largely by the surge of China, bristling up against the US. It’s clear that although economic globalisation is continuing, political support for this is declining.
Finally there’s the challenge of demographic changes in India and Africa, which will likely change the demographics of global migration, the ageing population and trade economics. Global challenges also reside in the world today; climate change, a biodiversity crisis, conflicts and natural disasters. Finally there’s the technological revolution, which is changing the way the world conducts economic activity.” said Fraser.
Global Order is changing – politics is trumping economics
He added: “What was once an established system for international relations and international order is now slipping away and diminishing from the public’s interest. A loss of public conflict in politics is challenging the democratic system and political values, and, as part of that, the powerful alliances and groupings that larger economically developed countries appear to be weakening, as shown in NATO and the European Union.
The United Nations, the G20 and the WTO appear to be losing authority and seeming less relevant to people. The way in which the world is organised is changing.
The second consequence of geostructural changes lie around protectionism, and a distancing between the centre left and centre right political parties.
Political disintegration is driving an economic disintegration in the world.”
A trade model that works for everyone
The current bipolarity between China and the US is the big geostrategic question.
However, trade (or free trade) isn’t the only item in question. Market access, regulation, the removal of administrative barriers and transparency are also key considerations of a trade model.
Countries could also explore a collective rules based approach to trade, avoiding bilateralism, exploring more creative, Plurilateral approaches to trade.
However, underpinned by this is the voice of businesses and their role in driving fact based international rules, providing expertise on global trade, and voicing concerns and opportunities at a global level.