The lack of credit for small and medium-sized enterprises to participate in global trade stifles growth and makes supply chains more vulnerable.
Steven Beck, the Head of ADB’s Trade and Supply Chain Finance Program, answers questions about the trade finance gap in Asia and around the world, based on ADB’s Trade Finance Gaps, Growth, and Jobs Survey.
We need to know as much as possible about how products are made. This will require new systems that bring greater transparency to global trade and supply chains.
We need to know more about who is involved and what is going on at all points in the supply chain process. Digitalization is key to helping us achieve this level of transparency.
Greater use of bar codes can make global supply chains more robust and enhance the ability to verify social and environmental standards.
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.