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Global trade has bounced back to pre-pandemic levels and recorded a 10% jump in the first quarter of 2021 compared with the same period a year earlier, reports the UN Conference on Trade and Development (UNCTAD).
In the first three months of the year, trade was about 3% higher than the last quarter of 2019 – just before the crisis took hold.
The rebound has largely been driven by the
continued strong export performance of economies in East Asia. Early success in pandemic mitigation enabled markets in the region to bounce back faster and capitalise on rising global demand for Covid-19-related products such as face masks.
Australia is in danger of being left behind on digitising trade finance as industry calls for a legal overhaul are hampered by government efforts described as muddled and lacking direction.
The coronavirus pandemic accelerated interest in digital solutions designed to replace the trade and shipping industries’ long reliance on paper-based documentation, but there is little sign of progress in Australia despite years of lobbying by figures in the trade sector.
“We’ve tried to inject positive support for reform over a long period of time, and we’re still waiting for that to happen,” says Bryan Clark, the director for trade and international affairs at the Australian Chamber of Commerce and Industry (ACCI), who sits on the National Committee on Trade Facilitation.
Compliance vendor Cleareye.ai has hired Vamil Karimbil as head of trade products and senior vice-president.
In the newly created role, Karimbil is tasked with expanding the fintech company’s ClearTrade product in Asia Pacific and Europe, as well as clinching new partnerships.
The Los Angeles-headquartered company says ClearTrade is designed to ease regulatory compliance and sanctions screening processes in trade operations.
Before joining Cleareye.ai, Karimbil spent almost 15 years in the UK and India at Standard Chartered, before becoming head of trade finance products in Hong Kong.
Karimbil says: “I am thrilled to join Cleareye.ai and be part of a dynamic team which is passionate about bringing automation and digital solutions to banks for trade finance operations.”
Citi to replace Pakcan as global head of trade | Global Trade Review (GTR) gtreview.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from gtreview.com Daily Mail and Mail on Sunday newspapers.