Greater transparency is required to make global trade and supply chains more reliable and to ensure sustainability and social standards are met. But that is easier said than done.
The pandemic laid bare the fragility of global supply chains and the need to increase access to trade finance to spur economic growth and create jobs.
The crisis with a large financial services company does not signal that supply chain finance is another exotic financial instrument that could trigger disaster.
Paper-based trade is a drag on the efficiency of the global trading system. Digitization will make trade and supply chains more robust, and the world more secure.
The massive Regional Comprehensive Economic Partnership presents a major trade opportunity for Asia but there are still critical details that need to be worked out.
Improving the reporting system to deter money laundering and the financing of terrorism will make it easier to track down those using the global financial system for nefarious ends, while easing restraints on legitimate trade.
The enormous logistical challenge of vaccine distribution will be aided by trade and supply chain finance guarantees.
The health crisis should drive us to aggressively digitize global trade and supply chains so we can make the economic recovery stronger and the economy more robust.