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COVID-19 has upended the normal course of business action across the global real economy. The “Great Lockdown” resulted in the worst economic downturn since the Great Depression of the 1930s—a collapse in activity of such magnitude and speed unlike anything in living memory, and whose full consequences remain to be seen. Against this economic shock e-commerce proved itself to be a lifeline for millions of micro-, small- and medium-sized enterprises (MSMEs) hard hit by prolonged quarantines, and ensured continued access to goods and services for millions of people around the globe. As communities have socially distanced to flatten the curve, contactless payments have enabled safe, COVID-free transactions; brick-and-mortar retailers have rapidly moved to sell their wares online, powered by a vibrant ecosystem of software as a service providers; citizens have used social media to maintain connection with friends and loved ones across the globe; and e-commerce marketplaces have provided consumers with safety, choice and convenience.
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Around 80% of world trade relies on trade finance—a market that has proven particularly vulnerable to previous financial shocks. Reduced access to reliable, adequate, and cost-effective sources of trade financing...
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ICC endorses no responsibility in this guidance paper which is aimed only at sharing practical views and guidance from experts in the management of Trade Finance transactions during this exceptional...
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ICC is calling on national governments to create a modern digital trade ecosystem by reforming laws to digitise trade documentation and align legal frameworks to the UNCITRAL Model Law on...
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