In an article for Gulf Business, Olivier Paul, Head of Policy at the International Chamber of Commerce Banking Commission, explains how the move towards paperless trade could help bridge the US$1.5 trillion gap between the demand and supply of trade finance.
Digitalisation will help decrease costs, increase efficiency and allow the introduction of non-banks and fintechs to the sector. These factors combined should help increase market capacity, in turn allowing for a progressive reduction in the trade finance gap.
To read the full article, please click here
Writing for the Financial Times, John WH Denton, International Chamber of Commerce (ICC) Secretary General, remarked that the current rules-based multilateral trading system has created unprecedented job creation and poverty alleviation.
Following the US administration’s decision to impose steel and aluminium tariffs on its trading partners, Denton warned of the dangers of not keeping protectionist trade policies in check and urged G20 leaders to strive for reform at the international level, insisting trade rules should work for everyone, every day and everywhere.
Read the full article here.
How will channel tunnel border checks change when Britain leaves the EU? Speaking on BBC World News, ICC United Kingdom Secretary General Chris Southworth explains what post-Brexit changes might mean for the $150 billion – or 17 percent – of goods that head into and out of the United Kingdom’s port of Dover every year.
The numbers make for uneasy reading. If Britain leaves the single market and Customs Union with no free trade agreement in place, it could cost EU and UK companies over $77.6billion a year.
But the damage can be mitigated.
“This is a big opportunity to digitise trade,” Southworth stated, going onto explain how the implementation of efficient IT process instead of today’s heavily paper-based trade documentation stands to help businesses in the UK and abroad save time and costs when executing cross-border business.
A core part of its advocacy, ICC United Kingdom plays a large role promoting digital trade in the UK and at the WTO – promoting digitalisation as key to increasing the number of women and SMEs in the global economy.
The full interview can be seen on BBC iPlayer here.
Following the US decision to implement tariffs of up to 25% on 1,333 Chinese products, China announced its decision to also impose tariffs of up to 25% on 128 US imports (including pork and wine), worth approximately US$3 billion in value.
For BBC Radio 4, Chris Southworth, International Chamber of Commerce (ICC) Secretary General argues that such protectionist policies are not only adding to globally uncertainty, but also stalling discussions at the WTO – with particular implications for the UK who must forge fast trade deals following Brexit.
In addition, Southworth argues that the largest effects of the tariffs will not be felt by big business but rather by consumers, and smaller companies – in the US, China and beyond. For Southworth “no one benefits from a trade war”.
The full interview can be found on BBC Radio 4 here.
Following the European Union’s proposal to implement a three percent tax on tech companies with global revenues over US$750m globally and $50m in the EU, BBC News’s Vishala Sri-Pathma asks Chris Southworth, Secretary General of the International Chamber of Commerce (ICC) United Kingdom, his thoughts on the ruling.
Southworth explains that the most important issue regarding digital tax is that ruling is internationally fair, consistent and transparent across all sectors. Moreover, as an increasing number of companies are operating at the global level – supported by the free movement of data – Southworth elaborates that ruling should be decided at the international level, such as at the OECD, rather than regionally.
The full interview can be seen here.
Following the US decision to implement tariffs on Chinese steel and aluminum, BBC World News talks to the International Chamber of Commerce (ICC) United Kingdom’s Chris Southworth, Secretary General, regarding what these tariffs would mean for the global economy and the possibility of a global trade war.
Southworth explains, “this is an issue for global supply chains well beyond Chinese-US borders, therefore we must support institutions like the WTO to find solutions on the global scale,” further elaborating that tariffs would impact smaller businesses worldwide.
Watch the full interview at BBC here.
Following Prime Minister Theresa May’s latest statement on trade with the EU post-Brexit, BBC Radio 4’s Charlotte Smith and Chris Southworth, Secretary General of the International Chamber of Commerce United Kingdom, discuss what May’s “hard facts” mean for the UK’s food and drink sector.
Southworth explains that, in light of May’s speech, a five-10 year transition period will be necessary to successfully establish a new trading system and ensure as frictionless a trading border as possible.
The full interview can be heard at BBC Radio 4 here.
Although global trade has seen a decade of sluggish growth following the 2008 financial crisis, a recent rise in economic activity – particularly in Southeast Asia and certain Latin American markets – is increasing expectations for a resurgence in global trade growth.
Yet two factors will be instrumental, Dominic Broom, BNY Mellon’s Global Head of Trade Business Development tells the International Chamber of Commerce (ICC) United Kingdom: technological development and bank-led digital change.
The article was featured at the International Chamber of Commerce United Kingdom’s Trade Finance Conference.
With environmental disasters becoming an increasing risk, businesses and policymakers around the world are sitting up and taking note of the effects of climate change on trade. Spurred by the 2015 Paris Agreement, carbon-reductive practices in energy and infrastructure – and the necessary financing – are rising, with green bond issuance nearly doubling in 2016 to US$95.6 billion. Although green bonds are gaining traction, other climate-finance instruments must also be encouraged, along with transparency, to ensure that they fulfil their aim.
Green financing was at the heart of the International Chamber of Commerce’s key messages at this year’s COP23 in Bonn. In the run-up to COP23, S&P contributed a blog post to the ICC’s website on the importance of green financing in helping businesses to mitigate their climate-related exposure and, ultimately, to achieve a low-carbon economy.
To read the full ICC COP23 blog post, please click here.
Ahead of their latest edition, The Banker recently interviewed Olivier Paul, ICC Banking Commission’s Head of Policy. The cover article, “Is technology enough to plug the SME financing gap?” explores how developing standards around digital transactions and reforming regulation will be crucial in encouraging technology to support SME trade financing. In particular, technology has a role to play in facilitating lending to small businesses, and, as Olivier notes, such a process will require transparent dialogue and clear definitions of digital transactions.
Additionally, Olivier discusses how best to drive adoption in the industry, the need for open and transparent dialogue as well as the importance of a global initiative in driving adoption.
To find out more, please see the full article here.