EBRD Trade Facilitation Programme’s Post

🇲🇦 EBRD and ICC host conference on digitalising international trade in Morocco ➡️ The European Bank of Reconstruction and Development (EBRD)’s Trade Facilitation Programme, alongside the International Chamber of Commerce (ICC) Morocco and the ICC Digital Standards Initiative, recently hosted a conference on the Digitalisation of International Trade in Casablanca, Morocco. 🗣️ Said Maghraoui, Director of Regulation and Commercial Defence, provided the opening remarks on behalf of the Ministry of Industry and Trade, announcing the EBRD’s collaboration with the Ministry on the forthcoming project “Supporting Digital Commerce in Morocco.” 🗣️ EBRD Director for the Bank’s Trade Facilitation Programme, Shona Tatchell, said, “Making trade smoother through digital tools is key, and the EBRD is looking to partner more with governments to digitalise trade. A critical challenge is how to harness digitalisation to improve trade security, transparency, efficiency, affordability and sustainability. Ultimately, digital trade will open up more markets and financial opportunities for small and medium-sized enterprises and banks in our regions.” 🗣️ André Casterman, a board member of the International Trade and Forfaiting Association (ITFA) and moderator of the event, underscored the potential influence of these international reforms on Morocco and the backing from the trade finance community. “ITFA members are keen to help the Moroccan banking community embrace digital trade innovations and adopt the MLETR principles into local law,” Casterman said. 📖 Read the news with the link in the comments! #internationaltrade #digitalisation #digitaltrade

Last week, the international trade finance community met in Cyprus to discuss the key trends impacting the industry. At the 50th annual conference of the International Trade and Forfaiting Association (ITFA), flow’s Desirée Buchholz spoke to ITFA Chairman Sean Edwards about: 💡 why digitalisation in trade finance takes time 💡 how regulation is shaping the industry 💡 what ITFA is doing to help open the space for non-bank investors "Digitalisation allows us to manage trade a lot better, but of course we managed without digitalisation for a long time,” says Edwards. “Many people are set in their way, and – to be fair – investments for new solutions cannot happen overnight.” Apart from conservatism, there is also an education angle to it, as even many lawyers don’t know about the new possibilities of the UK Electronic Trade Documents Act which came into force in September 2023, he adds. 🎥 Get more of his insights and watch the video here. #TradeFinance #Digitalisation #Regulation

🔦 Spotlight The future is collaborative 🌍 In a time when global geopolitical and macroeconomic relationships are becoming increasingly strained, the international trade community needs to find ways to collaborate and share best practices. 💡 At the International Chamber of Commerce (ICC) Austria Trade Finance Week 2024 in Vienna, Jyodh Bilan, Editorial Assistant at Trade Finance Global (TFG), was joined by Innesa Amirbekyan, Head of Financial Institutions and Trade Finance, IDBank Armenia and Chair of the Banking Committee of ICC Armenia, to discuss the role of national committees within the ICC and to discuss best practices in trade finance. 👇 Direct link in the comments #weareICC #iccATtfw #iccaustria #bankguarantees #lettersofcredit #tradefinance, International Chamber of Commerce, ICC Armenia

▶ NEW VIDEO | ICC Austria Trade Finance Week 2024: Streamlining guarantee conditions for efficiency and compliance with Innesa Amirbekyan 🌐 In a time when global geopolitical and macroeconomic relationships are becoming increasingly strained, the international trade community needs to find ways to collaborate and share best practices. 📢 At the International Chamber of Commerce (ICC) Austria Trade Finance Week 2024 in Vienna, Jyodh Bilan, Editorial Assistant at Trade Finance Global, was joined by Innesa Amirbekyan, Head of Financial Institutions and Trade Finance, IDBank Armenia and Chair of the Banking Committee of ICC Armenia, to discuss the role of national committees within the ICC and to discuss best practices in trade finance. 📺 Watch the full video, link in the comments section below ⬇️ #trade #relationship #finance

Danilo Desiderio Smart Africa African Development Bank Group Ashley Otu #Strengthening Trade Integrity: Leveraging LEI Codes in Trade Finance and the African Continental Free Trade Area Agreement. One crucial aspect of upholding this integrity lies in accurately determining the origin of goods, a task fraught with challenges due to fraudulent practices such as misrepresentation of origin. To address this issue effectively, integrating Legal Entity Identifier (LEI) codes within trade finance and the Rule of Origin (ROO) framework emerges as a powerful solution, offering enhanced traceability and fraud detection capabilities. Drawing insights from the African Continental Free Trade Area (AfCFTA) Agreement and its association with the African Free Trade Agreement provides a unique lens through which to explore the importance of leveraging LEI codes in combating fraud and promoting transparency in global trade. The Rule of Origin serves as the linchpin of international trade agreements, defining the criteria that must be met for goods to be considered originating from a particular country. However, verifying the accuracy of origin claims can be challenging, especially in supply chains spanning multiple jurisdictions. Fraudulent practices, such as transshipment and origin manipulation, further complicate this process, undermining the effectiveness of trade regulations and eroding trust in the trading system. Integrating LEI codes into trade finance and the ROO framework offers several benefits: 1. #Enhanced Traceability: By associating LEI codes with entities involved in trade transactions, regulatory authorities gain greater visibility into the entire supply chain. 2. #Streamlined Verification Processes**: Traditional methods of verifying origin often rely on manual inspections and paperwork, leading to inefficiencies and delays. 3. #Improved Compliance and Enforcement**: Integrating LEI codes into the ROO framework strengthens enforcement mechanisms by enabling authorities to cross-reference origin claims with a comprehensive database of registered legal entities. 4. #Enhanced Access to Trade Finance**: LEI codes play a crucial role in trade finance by providing a standardized identifier for legal entities engaged in financial transactions. The case of the African Continental Free Trade Area (AfCFTA) Agreement underscores the importance of leveraging LEI codes in promoting transparency and integrity in intracontinental trade. As African nations strive to unlock the continent's economic potential and foster regional integration, ensuring the integrity of trade transactions is paramount. By integrating LEI codes into trade finance and the ROO framework, African countries can strengthen their capacity to detect and prevent fraudulent activities, thereby safeguarding the integrity of intracontinental trade and fostering sustainable economic development.

#EU-#Kenya #EPA will enter into force on 1st July 2024. The rules of origin of the Market Access Regulation will apply on a temporary basis to both parties’ trade, while the original reciprocal rules of origin will be updated

AfCFTA March UPDATE: Accelerating AFRICA’s development agenda in 2024: The African Continental Free Trade Area (AfCFTA) is the flagship project of the African Union’s #Agenda2063, a blueprint for attaining inclusive and sustainable development across the #continent over the next 50 years. It aims to boost #intraAfricantrade by providing a comprehensive and mutually beneficial #trade agreement among the member states, covering trade in goods and services, #investment, #intellectualpropertyrights and competition policy. The Agreement entered into force on 30 May, 2019 for the 24 countries that had deposited their instruments with the #AfricanUnionCommission (AUC) Chairperson – the designated depositary for this purpose. The #AfCFTASecretariat – charged with various responsibilities related to the implementation of the #AfCFTA – is hosted by Ghana. Wamkele Mene was officially appointed the first Secretary General of the Secretariat on 19 March 2020, and is now serving his second term. The AfCFTA Secretariat was officially handed over in #Accra, #Ghana on 17 August 2020. Start of trading under the AfCFTA Agreement began on 1 January 2021. As at January 2024, Rules of Origin have been agreed on 92.3% of total tariff lines and the operationalisation of the Pan-African Payments and Settlements System (PAPSS) has been officially launched. On 7 October 2022, the AfCFTA Secretariat launched the AfCFTA Guided Trade Initiative (GTI) in #Accra to allow for commercially meaningful trade under the Agreement to commence for EIGHT (8) participating countries: #Cameroon 🇨🇲, #Egypt 🇪🇬, #Ghana 🇬🇭, #Kenya 🇰🇪, #Mauritius 🇲🇺, #Rwanda 🇷🇼, #Tanzania 🇹🇿 and #Tunisia 🇹🇳, representing the five regions of #AFRICA. This initiative is being used to pilot the operational, institutional, legal and trade policy environment under the AfCFTA. In accordance with the 2023 #AU Theme of the year “Acceleration of Implementation of the AfCFTA”, the scope of the #GTI has been expanded in both product and country coverage across the five African regions and Islands States, with a total of thirty-five (35) State Parties having expressed interest in joining the initiative in 2024. As at March 2024, 47 of 54 signatories (85.2%) have deposited their instruments of AfCFTA ratification with the #AUC. Note: #Eritrea 🇪🇷 ONLY country not to sign the AfCFTA agreement. #BurkinaFaso 🇧🇫 #Guinea 🇬🇳 #Mali 🇲🇱 #Niger 🇳🇪 and #Gabon 🇬🇦 are currently SUSPENDED from the AU. Slowly progressing towards #TheAfricaWeWant #UnitedUnderAfCFTA #AfricaYesWeCAN #TransformingAfrica #BrandAfrica #Africa #AfricaMeansBusiness #ThisIsAfrica #Diaspora #IT #OneAfrica #TransAfricanHighway #SMEs #CreatingOneAfricanMarket #Partnerships #AfCFTATV #BuildBackBetter #AfricanUnity #SAATM #TradeInAfrica #TradeUnderAfCFTA #JoinAfCFTA #AfricaOnTheMove #Infrastructure #MadeInAfrica #AfCFTASecretariat #PanAfricanism #Investors #PAPSS #ZLECAF #StrongerTogether #AfricanSolutionsToAfricanProblems

On July 7, 2024, we celebrated Africa Integration Day, marking significant progress since the launch of the African Continental Free Trade Agreement (AfCFTA). Initiatives like the Guided Trade Initiative and the Pan African Payment and Settlement System (PAPSS) are transforming trade across the continent. The five #AfCFTA protocols harmonize business practices, and drive #economic growth, inclusivity, and resilience. These developments are pivotal for #agribusiness, promising a unified and thriving African market. Read more in the full article : https://lnkd.in/dz2YhxTx

🚨 CARM Update Alert! 🚨 The motion to defer CARM and bring in an independent 3rd party was narrowly defeated (6-5) at today's Standing Committee on International Trade meeting. Importers, it's time to prepare: Canada's CCS and CADEX systems will officially retire on October 4, 2024 at 4 p.m. ET, with a blackout period extending until October 21, 2024, when CARM will be fully implemented at 3 a.m. ET. Now more than ever, ensuring your compliance is key! Be ready for the changes ahead. #CARM #Importers #CustomsCompliance

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