Global Trade- Securing Future Growth
The International Chamber of Commerce Banking Commission recently published its authoritative flagship report on trade and trade financing. This year, the report, titled “Global Trade – Securing Future Growth” is in its tenth edition, and includes contributions from WTO Director General Roberto Azevedo, ITC Executive Director Arancha Gonzalez and numerous other influencers and luminaries in the world of trade. John Denton, Secretary General of the ICC and Honorary GTP introduces the report with a Foreword, highlighting the central role of financing in enabling trade. As Denton observes, “ Reliable and cost-effective financing is integral to the global trading system, helping companies to mitigate the risks and costs involved in the international flow of goods. This role makes the trade finance industry particularly sensitive to the politics of world trade…”
ITAC Chair Alexander R. Malaket, Chair of the Banking Commission Market Intelligence working group and of the report Editorial Board likewise sets the scene with a call for a more thoughtful, informed discourse on international trade, in his “Message from the Chair”. Notes Malaket, “The report presents a powerful combination of messages for a more thoughtful, inclusive and mutually beneficial outlook on international trade for all.” Malaket’s Executive Summary brings into focus the main themes of the report which range from macroeconomic and contextual insights to regulation and compliance, finance, transformation (technology and sustainability) and the Spotlight section which this year highlights Singapore and China.
The ICC Report covers a wide range of fundamental issues, from the state of the market in traditional, short-term trade finance and export finance, to extensive content related to digitisation, legal and regulatory issues, ICC activities in sustainable trade financing, and the importance of multilateral development banks and export credit agencies in international trade. Sir Michael Rake, Chair of ICC UK contributes with a call for risk-aligned regulatory treatment of trade finance, whilst contributions from the Boston Consulting Group and the World Bank add macro-level, strategic perspectives on the state of trade and trade financing.