![]() ![]() Meanwhile, we also take a closer look at Singapore’s decision to adopt into its own domestic legislation the UNCITRAL Model Law on Electronic Transferable Records.Īfter months of deadlocks, the World Trade Organization has named Nigeria’s Ngozi Okonjo-Iweala as its seventh director general. In other news, pressure is growing for UK and US companies to shift supply chains out of Xinjiang following recent measures by both governments to crack down on imports of goods linked to the Chinese region. We assess some of the main takeaways and key insights. ![]() The annual GTR Mena event returned (virtually) on February 15-17, to reflect on an eventful year for global trade and developments in the Middle East and North Africa. The Libyan central bank’s letter of credit system may have been exploited for “fraud on a large scale”, researchers say. Scandal-hit oil trader GP Global is seeking court intervention to stop creditors in Singapore “stealing a march” on banks that are owed millions of dollars. Senior reporter John Basquill also provides a closer analysis of the sudden and dramatic demise of SCF provider Greensill, and what it means for the wider industry. Swift has integrated the International Chamber of Commerce’s sustainable trade finance guidelines into its KYC registry, effectively creating an ESG reporting repository for companies around the world. Trade finance transactions on Triterras’ blockchain-based Kratos platform can be viewed publicly, without any specialist knowledge or equipment, GTR can reveal. Industry insiders are hopeful that access to funding and insurance will remain resilient across the wider supply chain finance market, despite the disastrous collapse of London-based behemoth Greensill. Senior reporter Eleanor Wragg also provides a closer analysis of a new commitment made by G7 digital and technology ministers to adopt electronic transferable records in international trade transactions. Meanwhile, a move by India, Japan and Australia last month to collectively boost supply chain resilience c ould eventually squeeze China out of the trios’ supply chains for sectors such as semiconductors, batteries and rare earths, experts say. In other news, the Law Commission of England and Wales has announced a consultation on a proposed legislative reform which would give legal recognition to electronic versions of trade documents The UK’s Serious Fraud Office has announced it is investigating potential fraudulent trading and money laundering at GFG Alliance.Įnvironmental groups are urging the European Commission to exclude LNG and biofuels as sustainable alternatives for vessels in an upcoming maritime fuel law in the European Green Deal. Senior reporter Eleanor Wragg also provides a closer analysis on why trade innovation risks being stranded on digital islands. The US government’s decision to lift sanctions on liquefied petroleum gas exports to Venezuela should be seen as a “humanitarian gesture” rather than a wholesale shift in trade relations, experts suggest. The US government has signalled that banks face extra scrutiny over supply chains that include forced labour in the Chinese province of Xinjiang.Īustralia’s banks have defended their decision to exit the thermal coal sector, pushing back against suggestions from government lawmakers that they be forced to extend financing to fossil fuels. ![]() ![]() Host Felix Thompson gives a breakdown of the major stories in trade and trade finance news this week. Licensed under creative commons Attribution 4.0 License. Further music credit to Sunrise Drive by South London HiFi. Licensed under creative commons by attribution 3.0 license. Music credit to Kevin MacLeod for his track Loopster, taken from. Meanwhile, Jacob also gives a brief overview of the supply chain crisis of 2021, and why it’s likely to last well into next year. The editorial team also provides an update on the industry’s trade digitalisation efforts, including the growing momentum behind UNCITRAL’s Model Law on Electronic Transferable Records (MLETR). In this episode, we consider the events that triggered this collapse and the lender’s use of so-called “future receivables”.Įlsewhere, we assess the fallout from a string of fraud scandals in the commodity finance sector in 2020, and why banks remain risk averse to financing the smaller traders in the market. The demise of supply chain finance giant Greensill has been one of the major stories over the past 12 months. Host Felix Thompson is joined by senior reporters Eleanor Wragg and John Basquill, and reporter Jacob Atkins, to discuss some of the most-read articles on the GTR news site this year. ![]()
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