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Mainstreaming trade key to supporting development, say WTO members —

Recent global stresses have exposed the cracks in the world’s trade system, and some argue that it has become more destructive than beneficial. Trade is crucial, especially for developing economies. Global trade should be reviewed and revamped for the good of all through digitalization, mainstreaming green trade and greater transparency.

ADB report says rising interest rates, flagging economic prospects, inflation, and geopolitical volatility reduced banks' capacity to deliver trade financing.

MANILA — The global trade finance gap grew to a record $2.5 trillion in 2022 from $1.7 trillion two years earlier, as rising interest rates, flagging economic prospects, inflation, and geopolitical volatility reduced the capacity of banks to deliver

The global trade finance gap jumped to a record $2.5-trillion last year, as heightened economic risks left banks’ financing capacity stretched, according to the Asian Development Bank.