ICC Releases Global Survey 2014 Rethinking Trade and Finance

4778_image002The International Chamber of Commerce (ICC) released the Global Survey 2014: Rethinking Trade and Finance, its largest and most comprehensive Global Survey to date – including data from 298 banks across 127 countries. The survey concludes that the growth rate of international trade has dropped drastically when compared to the years before the global financial crisis.

Survey highlights include:

Lack of available trade finance caused global trade growth to slow

Global trade growth was a shade above 3 percent during 2013, although picked up to an annualized growth rate of 4 during the first quarter of 2014 and is anticipated to accelerate beyond 5 percent through 2016. However, in terms of the “trade finance gaps,” 41 percent of survey respondents reported that they perceived a shortfall of trade finance globally.

KYC and AML regulations caused banks to decline transactions and close relationships

Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations caused 68 percent of respondents to decline transactions, and nearly a third (31 percent) to close down correspondent account relationships.

G20 countries stalled agenda to open up world trade through trade-restrictive measures

G20 countries accounted for three quarters of the trade restrictive measures imposed since 2008, with Word Trade Organization figures showing that these countries introduced 193 new trade restrictive measures between December 2012 and November 2013. Such restrictions – many of which are protectionist and therefore trade distorting – have stalled the agenda to open up world trade.

Read more on the ICC website.

Read about the ICC’s 2014 Trade Register Report.

Staff contact: Shaun Donnelly and Eva Hampl

More on USCIB’s Trade and Investment Committee

Staff Contact:   Shaun Donnelly

VP, Investment and Financial Services
Tel: 202.682.1221

Shaun Donnelly oversees USCIB’s work on foreign investment policy, treatment of multinational enterprises, financial services and anti-corruption. A career diplomat who has held several senior executive branch posts and joined USCIB in 2011, Donnelly leads business efforts to open markets abroad for American investment and financial services, and to promote high standards of protection for cross-border investment, both in the United States and overseas.
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