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In 2022, international trade represented 88% of the Mexican GDP, but the world of international trade is changing.
The European Union’s proposed Late Payment Regulation (LPR), a revision of the Late Payment Directive (2011/7/EU), has sparked responses from the International Chamber of Commerce (ICC) and the International Trade and Forfaiting Association (ITFA).
At ICC United Kingdom’s annual conference, International Trade and Prosperity Week, TFG’s Deepesh Patel was joined by Chris Southworth, Secretary General at ICC United Kingdom, to discuss the importance for the business of limiting global temperature increase to 1.5° C and what the ICC is doing to support the sustainable transition.
Today, the ICC DSI released their 2023 Key Trade Documents and Data Elements (KTDDE) report. The report outlines 14 key trade documents, going into depth on the definitions, purpose, and legal frameworks.
Today, the International Chamber of Commerce (ICC) United Kingdom launched a Sustainability Toolkit, designed to guide businesses in embedding sustainable practices within their global value chains.
Trade volumes and macroeconomic context of 2022 and the ICC Trade Finance Register for 2023 reveal a nuanced interplay of growth and deceleration. In 2022, international goods trade flows reached $23.8 trillion, marking a 10.7% increase from the previous year.
The ICC’s Trade Finance Register has been released, reporting a small increase in default rates across documentary trade and open account products, whilst highlighting still, the low-risk nature of the asset class.
Sibos 2023, held this year in Toronto, allows industry stakeholders to come together to discuss industry trends and issues.
Despite the attention brought to the trade finance gap in recent years, it still continues to grow. A recent Asian Development Bank (ADB) report shows that the gap has now widened to $2.5 trillion.
The FIT Alliance, formed of BIMCO, DCSA, FIATA, ICC, and Swift, has initiated the “Electronic Bill of Lading Declaration” to enhance the efficiency, reliability, sustainability, and security of global trade through the use of electronic Bills of Lading (eBLs).
Yesterday, 14 August, the UK government unveiled a new “one-stop shop” aimed at assisting small businesses in their efforts to lower carbon emissions. The UK Business Climate Hub represents a… read more →
A judge in a Canadian court case has ruled that a thumbs-up emoji constituted a legally binding acceptance of a contract, ordering the defendant, who failed to fulfill their end of the deal, to pay more than $82,000 in damages.
The Electronic Trade Documents Bill has today received Royal Assent, and is officially an act of law (the Electronic Trade Documents Act), promising to transform the way international trade is conducted electronically.
In 1977, as Mr Justice Kerr was coining his often-cited description of the letter of credit as the “lifeblood of international commerce”, the obstruction caused by the use of sanctions in international trade as a weapon of foreign policy would have been difficult to predict. The modern use of sanctions clauses would have been beyond comprehension.
The potential impact of the UK’s incoming Electronic Trade Documents Bill goes far beyond a boost to the country’s trade prospects. By enshrining in law that a digital document is equivalent to physical paper, the reform means that counterparties can issue and process documents electronically by default, – and with UK law acting as the basis for trade transactions across much of the world, the opportunity for transformation is unprecedented.
