EmerioBanque

CBI Supporting Export Growth Through B20 Joint Paper

According to the latest reports, the CBI has shown its positive concern to a B20, the Business at OECD (BIAC), and the International Organization of Employers joint paper on further developing access to trade finance, which holds a crucial role in supporting organizations understanding their export goals and pushing endeavors towards development.

What is the B20?


The Business Twenty (B20) is the official business community engagement forum consisting of a Group of Twenty (G20) developed economies. As the representative of the private sector to the G20, the B20 demonstrates the worldwide business community across all G20 member states and all financial areas. This paper created under the Italian B20 Presidency will subsequently establish a significant framework to advance policy improvement in this significant region.  

What Is Covered In The Paper?


The paper covers three recommendations to develop access to trade finance, creating on the idea of a Global Value Chain (GVC) passport to support SMEs developed under the B20 Saudi Arabia Presidency last year:

1. Encourage the Legal Entity Identifier (LEI) as a globally unique identifier standard to provide more successful counterparty proof and check on a worldwide scale.

2. Lawfully perceive computerized documentation to empower optimal usage of digital documents in trade finance operations, assisting with eliminating friction, as well as financial and environmental expenses.

3. Strengthen digital technologies by creating clear security standards and least requirements to make digital platforms reliable ecosystems for Global Value Chains (GVCs) applied efficiently across jurisdictions.

Gianluca Riccio, Managing Director, Lloyds Banking Group, a CBI representative at BIAC, and Vice-Chair of Business at OECD Finance Committee was the lead creator on the paper and explained that “the covered initiatives can bring immense benefits on their own, but their blend could essentially provide access to trade finance, and so help private sector operations to develop trade and encourage growth; it can act as a significant contributor for the economy.”

It is estimated that these covered actions will assist cross-border trade and support more organizations to access trade finance and opt for growth finance. The CBI stays in dynamic conversation with the legal authorities of UK and UK Export Finance on these ideas, operating with financial services firms, expert trade associations, and businesses across the entire economy to further this plan.

Source
https://www.cbi.org.uk/articles/accelerating-export-growth-through-improved-access-to-trade-finance/





Other news

Exchange Rates

Currency Buy Sell
EUR USD 1.06 1.10
EUR GBP 0.86 0.89
EUR CHF 1.02 1.06
EUR AUD 1.72 1.70
EUR JPY 116.08 116.56
EUR MYR 4.50 4.77
EUR SGD 1.53 1.57
EUR HKD 8.27 8.53
EUR CAD 1.54 53.84
EUR DKK 9.75 1.55

Most Recent Blogs View All Blogs

28 Sep

Increasing Freight Costs Are Becoming A New Matter Of Concern For Global SMEs

The sudden outbreak of the Covid-19 hit hard in 2020 and left its tremendous impacts on the global e...

26 Aug

How To Use Bank Guarantees For Long-term Project Contracts?

A bank guarantee is a type of legal document where the issuing bank or financial institution guarant...

24 Aug

Building Good Logistic Practices Can Kickstart The Global Trade Recovery

The concept of logistics doesn't just revolve around determining transportation and warehousing need...

Disclaimer

Emerio Banque is an innovative global financial institution incorporated in England and Wales with Legal Entity Identifier 875500DGPPWAFABBK130. Emerio Banque does not offer its products and services to businesses and/or persons registered in the United Kingdom.

No information on this website should be construed as a solicitation, offer, recommendation, and representation of suitability or endorsement of any security, investment or strategy.

Important Notice

Emerio Banque would like to advise its customers to report any suspicions which they may have regarding the identity of any intermediary who promotes products or services offered by us or any intermediary bearing similar names. You should verify with Emerio Banque by calling our Customer Service Number on +44 203 059 7831 or emailing help@emeriobanque.com

Please also be aware of bogus SMS messages and voice message calls or fraudsters who impersonate the staff of Emerio Banque.

We have recently become aware of a number of entities with different names misrepresenting themselves as associates, partners or agents of Emerio Banque.

Please be informed that Emerio Banque is not associated with nor do we have any business connections or dealings with such institutions.

Emerio Banque takes all information regarding suspicious fraudulent activity very seriously. Please immediately inform us at compliance@emeriobanque.com if you suspect or are approached by persons misrepresenting or impersonating Emerio Banque and/or its officials. We will make investigations and will take legal action where necessary.