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June 25th, 2013 @ 12:34

Growth in Global Trade Continues but Concerns about access to Trade Finance for SMEs

 

 

The International Chamber of Commerce (ICC) has today published a survey showing that despite a fall in growth in world trade in 2012 the market for trade finance shows signs of steady increase.

The global survey entitled Rethinking Trade and Finance – An ICC Private Sector Development Perspective involved representatives of 260 banks in 112 countries. Ian Talbot, Secretary General of ICC Ireland, the national committee of the ICC in Ireland, said, “While there are positive signs that there is an increase in demand for trade finance, there are a number of negative global trends which may hamper Irish companies’ ability to access affordable trade finance. These include a lack of clarity around the increasing regulation of international banking, pressure on European banks to sell off trade finance assets in order to raise capital, and an uneven performance by Ireland’s traditional trading partners.”  

“Trade finance is the oil that powers the engine of global economic growth, and with no dedicated state backed export credit guarantee scheme, Irish companies must be able to access these facilities via the commercial marketplace. Any reduction in the availability of commercial trade finance instruments will have a disproportionately negative effect on Irish businesses,” he concluded.

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