The global trading system is in disarray. Global economic growth is slowing, half the G20 are now operating under openly protectionist agendas, and tensions between China and the United States remain high – despite faint promise of a truce earlier this year. But over in the UK, all of this is overshadowed by the continuing dispute over Brexit. The nation is bitterly divided, and we are fast approaching what could constitute a national crisis.
Access to affordable trade finance is a condition of success in international trade, to the same extent as rapid clearance of customs and efficient transportation. For decades, successful companies in developed countries have benefitted from the existence of mature financial industries distributing high volumes of finance and guarantees at low rates. Trade finance is normally a high volume and low-cost source of finance, because the risk of default is small, with a global average of 0.2%, and little difference across countries.
EORI numbers – or economic operator indicator numbers – are essential for exporters. Based off a company’s VAT number, an exporter needs an EORI in order to complete a Customs Declaration. Till now, UK businesses have not needed to complete such documentation in order to sell into Europe, but this will change with Brexit.
Our departure from the EU will give the UK the ability to take control of its own independent trade policy for the first time in more than 40 years.
Alongside the technical and industrial advances of the last 50 years, the ability to trade freely with the Single market has benefited Britain’s businesses well in recent times. So well… read more →
Hours ago, Theresa May faced a crushing defeat in the House of Commons and now faces a vote of no confidence in the UK Government as MPs voted on her… read more →
A possible No Deal Brexit will have a profound impact on any importers, exporters, traders or producers that trade between the UK and the EU. This includes corporates with large… read more →
HM Revenue & Customs has just published an updated version of the Partnership Pack on GOV.UK to help businesses plan for the possibility of a ‘no deal’ EU Exit. Businesses… read more →
TFG heard from the ICC United Kingdom at their annual conference, Bridging the Trade Finance Gap, delivering paperless trade, discussing the changing market and the role of banks in the… read more →
Innovative trade finance network Tradeteq will become a value added service (VAS) provider to the Singapore government’s digitalised international trade platform, the Networked Trade Platform (NTP). Developed by Singapore Customs… read more →
