TFG Weekly Trade Briefing, 1st June May 2021

Your morning coffee briefing from TFG. Goods barometer is nearly 10 points above the baseline value of 100 for the index and up 21.6 points year-on-year, reflecting the strength of the current recovery from COVID-19 crisis. ICC launches, ICC Trade Now, a suite of digital products and services to tackle the global trade finance gap. EU set to unveil digital wallet for post-Covid life

Goods barometer reveals strength of trade recovery, depth of COVID-19 shock
The barometer’s current reading of 109.7 is nearly 10 points above the baseline value of 100 for the index and up 21.6 points year-on-year, reflecting both the strength of the current recovery and the depth of the COVID-19 shock last year. In the latest month, all of the barometer’s component indices were above trend and rising, highlighting the broad-based nature of the recovery and signalling an accelerating pace of trade expansion. Read more →

UNCTAD and Iraq sign deal to modernize customs procedures
The ASYCUDA system is expected to be a game-changer in customs processing in Iraq and improve ease of doing business in the country. It will speed up customs clearance through the computerization and simplification of procedures, minimizing administrative costs to the business community and the Iraqi economy. Read more →

EU set to unveil digital wallet fit for post-Covid life
The EU is set to unveil detailed plans for a bloc-wide digital wallet on Wednesday following requests from member states to find a safe way for citizens to access public and private services online. Read more →

Russia releases $500m loan to Belarus as west imposes sanctions 
Russia agreed to release $500m in credit to Belarus and looked to increase the number of flights between the two countries as the Kremlin doubled down on its support for Alexander Lukashenko, in order to underscore Moscow’s position as the closest and most reliable foreign ally, as the US joined the EU in imposing sanctions against Minsk. Read more →

£60k onboarding cost and 30 documents to check: Financial regulations blocking SME trade growth
SMEs are prevented from trading internationally because of outdated financial crime rules dating back to the 9/11 terrorist attacks, a cross-party group of MPs and peers have warned.

The Confederation of British Industry (CBI) has identified that exporting is one of the unique opportunities for the UK government to rebuild its economy; a once-in-a-generation opportunity given the current economic and political climate. Read more →

Increased euro transaction fees driving treasurer interest in Fintech
Since Brexit, UK businesses and their EU clients have been hit with increased euro transaction fees which could potentially cost them millions. This comes despite the UK still being a ‘part of the geographical scope of the SEPA Schemes. As businesses try to re-negotiate with their banking partners, the inflexibility of traditional banks has led many UK businesses to look to the fintech community for answers. Read more →

Source: https://www.tradefinanceglobal.com/posts/tfg-weekly-trade-briefing-1-06-2021/

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