Michael Vrontamitis - Head of trade, Europe & Americas, Transaction Banking
International trade fuels growth and prosperity, but cost, complexity and fragmentation are stifling this growth. According to World Trade Organisation (WTO) figures, the value of manufactured exports is around USD17.3 trillion, of which 25 per cent is financed. What these figures mask, however, is the trade finance gap, estimated to be USD1.5 trillion, a significant barrier to trade. With trade growing at a slower rate than GDP growth in recent years, the question is whether technology can be a catalyst for trade and reduce the trade finance gap to boost growth and prosperity.
Download the full article below to read more on: the trade finance gap and its impact, the value and obstacles to digitisation and the effect of accelerating digitisation.
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