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Analysis: As pioneering UK reforms go live, what’s next for electronic trade documents?

September 20, 2023 is a landmark date for the digitisation of trade. The UK’s Electronic Trade Documents Act is now in effect, giving paperless versions of documents such as bills of lading (BLs) the same legal standing as their physical counterparts.  After decades of slow progress – just 2.1% of

Global Biofuel Alliance Launched at G20 Summit in New Delhi: A Step Towards Sustainable Energy and Economic Connectivity

Prime Minister Shri Narendra Modi along with the leaders of UAE, Singapore, Bangladesh, Italy, USA, Brazil, Argentina and Mauritius, launched the Global Biofuel Alliance on 9 September 2023, on the sidelines of the G20 Summit in New Delhi. The Global Biofuel Alliance (GBA) is an initiative by India as the

African Union is now a G20 permanent member, announces PM Modi at summit

The African Union became a permanent member of the G20 on Saturday at a summit of leaders of the world’s largest economies in New Delhi, marking the first expansion of the bloc since it was created in 1999 to cope with a series of financial crises. The African Union will

ADB Report: Trade finance gap grows to $2.5tn, and sustainability remains a key strategy

ADB’s flagship Trade Finance Gaps Survey returns for its eighth edition, confirming expectations that the global trade finance gap – unmet demand for trade financing – has worsened, reaching  $2.5 trillion, an increase of 47% since the last stock-taking which pegged the gap at $1.7 trillion in 2020.  The gap

India-UK FTA negotiations going on, making good progress: Piyush Goyal

Commerce and Industry Minister Piyush Goyal on Friday said the negotiations between India and the UK for the proposed free trade agreement are progressing and both countries are committed to concluding the talks as early as possible. “We are working hard, we are all committed to a fair, equitable, and

Singapore and India kick off an era of interoperable electronic Bills of Lading for Trade Finance

TradeTrust enables interoperable electronic Bills of Lading (eBLs) backed Letter of Credit transactions between Singapore and Indian banks and companies, paving the way to digital cross-border trade. Singapore and Indian banks and companies successfully kicked off the first live transaction using the TradeTrust Framework, for a shipment between Singapore and

India makes first crude oil payment to UAE in Indian rupees

India and the United Arab Emirates have started settling bilateral trade in their local currencies with India’s top refiner making payment in rupees for purchase of a million barrels of oil from the Middle Eastern nation, the Indian government said on Monday. Indian Oil Corp made payment to Abu Dhabi

RBI holds repo rate; industry, trade welcome decision

Keeping the policy rate unchanged is important for industry, as it will further boost growth. The Reserve Bank of India’s decision to keep the repo rate unchanged at 6.5 per cent on August 10, 2023, marking the third consecutive pause on policy rates by the Central Bank, has been welcomed

SWIFT thinking: what the MT760 changes mean for standby letters of credit

In the geographically dispersed world of international trade finance, efficient communication is crucial.  This is why the Society for Worldwide Interbank Financial Telecommunication – better known as SWIFT – created its messaging types, which have long served as a means for banks around the globe to communicate and facilitate transactions.  Among

India, UAE to start trade settlement in local currencies, says PM Modi in Abu Dhabi

In a boost to bilateral trade and investments, Prime Minister Narendra Modi, who is in Abu Dhabi today holding talks with UAE President Sheikh Mohamed bin Zayed Al Nahyan, announced that India and the United Arab Emirates have agreed to start trade settlement in local currencies. PM Modi said that