In an article for Africa Outlook, Doina Buruiana, Project Manager at the International Chamber of Commerce Banking Commission, explains how digitalisation can help alleviate some of the trade finance sector’s longstanding concerns and help banks in Africa to thrive.
Indeed, results from the Banking Commission’s 10th Global Survey on Trade Finance reveal that digitalisation is set to help improve efficiency, decrease costs and increase market capacity.
To read the full article, on pages 18-19, please click here.
Writing for Banker Middle East, Olivier Paul, Head of Policy at the International Chamber of Commerce Banking Commission, discusses the opportunities for banks in the Middle East to leverage the growing digitalisation of the trade finance sector.
Paul explained that, despite various challenges – including geopolitical concerns – banks in the Middle East are particularly optimistic about digital trade and are embracing the move towards paperless trade finance.
To read the full article, on pages 42-43, please click here.
Featured in Cinco Días, the oldest financial and business newspaper in Spain, Alicia García Herrero, Natixis Chief Economist for Asia Pacific, discussed how the ECB’s delay in raising interest rates represents an opportunity for stock markets and European companies to win in the commercial trade war.
Ultimately, the trade war is strategic, not tactical, says Herrero, with any agreement becoming increasingly unlikely. Donald Trump’s aim is to slow down the technological boom in China and reduce the deficit simultaneously. Sanctions on Europe are only being used to detract attention from these objectives, she says.
While Europe has the power to sway the favour towards whichever player offers the most favourable terms, major obstacles to its success as a balancing actor are those of distrust within the eurozone, not listening to member states’ concerns and refusing to negotiate with them.
The interview was published in the Saturday newspaper and online. Read the full article here.
Speaking to BBC Business Live, Chris Southworth, ICC Secretary General, explains that the expansion of Heathrow Airport and approval of a third runway was exactly what British businesses needed to remain competitive, especially following Brexit.
Countering claims that investment should have gone to regional airports instead, Southworth said it was not a case of “either or” but of “both and” – with a pressing need for the UK to invest in all its aviation infrastructure to support trade and economic growth.
“An expanded Heathrow will increase the UK’s ability to develop international trade links with the rest of the world, particularly with emerging markets. New routes, connections and cargo capacity will benefit businesses of all sizes and sectors in every region” Southworth further stated.
Watch the full interview here.
Writing for the Institute of Export and International Trade’s professional journal, World Trade Matters, Chris Southworth, ICC United Kingdom Secretary General, explains why digital trade rules – which haven’t been updated at the WTO since 1998 – should be reformed at the international level.
Digital trade is key to enabling SME growth and access to the global economy in both developed and emerging markets, Southworth writes. However, blocks to online sales due to misaligned and unilateral regulations prevent many growing companies from trading abroad.
For this reason, rules on digital trade should be collaboratively reviewed and updated at the WTO – ensuring that the UN’s sustainable development goals (SDGs) are incorporated to align the needs of both developed and developing economies.
Read the full article on page 18 of World Trade Matter’s Spring 2018 issue.
Thanks in no small part to Chinese investment, things may be looking up for Pakistan’s economy. The feature from Alexander Mondorf, Regional Head Indian Subcontinent & ASEAN and Country Relationship Manager, Financial Institutions at Commerzbank, outlines the importance of the China-Pakistan Economic Corridor.
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.
Last Friday, the Trump administration’s 20 percent steel and 10 percent aluminium tariffs came into effect for the EU, Canada and Mexico.
Talking to leading UK talk show LBC radio’s Shelagh Fogarty, ICC United Kingdom Secretary General Chris Southworth explains that – following several protectionist measures initiated from the UK’s closet ally – the UK must begin to realise how important trade is post-Brexit.
The recent tariffs – which have the potential to start an international trade war – will ultimately affect thousands of jobs and increase the price of a number of everyday items in both the US and the UK. All this leads Southworth to a single, compelling conclusion: when it comes to trade, countries are stronger and more successful when they work together.
More from the conversation can be found on LBC.
ICC United Kingdom, along with several other business, union and non-governmental organisations have put forth a new Trade Governance Model for trade negotiations post-Brexit. The framework is based on four principles: Consensus Building, Transparency, Democratic Oversight and Net Benefit for All.
Speaking with GTR, Chris Southworth, ICC United Kingdom’s secretary general, acknowledges that not enough people have benefitted from trade agreements in the past and that current trade models should be more inclusive of local business, NGOs and civil society needs. This new Trade Governance Model represents a solution to these issues.
Read the full article here
BNY Mellon has been officially crowned “Best Correspondent Bank” in this year’s Global Trade Review (GTR) “Leaders in Trade” awards. The award marks the second consecutive year that the bank has won the award since the category was introduced in 2017.
Receiving the award on behalf of BNY Mellon at the GTR Awards ceremony last week, Dominic Broom, Global Head of Trade Business Development, commented: “This consecutive win of the Best Correspondent Bank award underscores what we do best: providing operating expertise and exceptional client service on a global scale. We continue to invest in new solutions and enabling technologies to remain the leader in meeting client needs, in an ever-changing landscape.”
To read the full awards results list, please click here.