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Mind the Trade Finance Gap
The restoration of cross-border trade will undoubtedly be vital in driving a global economic recovery in the wake of the COVID-19 pandemic. A return to trade-led growth will hinge on creating enabling conditions for businesses to import, export and service international markets.
A critical element of an enabling trade environment is the availability of trade finance. Globally, a significant share of trade is financed by some form of credit, guarantee or insurance – meaning that most businesses will need cost effective trade-related credit to support the recovery of both imports and exports. This will be a challenge; the ICC conservatively estimates that financing capacity ranging from a lower end estimate of USD2trn to an upper end estimate of USD5trn will be needed to meet this demand.
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The compared version, which is made available for convenience, highlights the amendments to the 2017 Arbitration Rules. Arbitration under the ICC Arbitration Rules is a formal procedure leading to a binding...
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The ICC Arbitration Rules are those of 2012, as amended in 2017 and 2021. They are effective as of 1 January 2021. The ICC Mediation Rules, in force as from...
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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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