Sunil Barthwal, Secretary, Department of Commerce, stressed the need for trade finance cooperation among member countries to help reduce the widening trade finance gap during the opening of the first G20 Trade and Investment Working Group (TIWG) meeting under India’s Presidency, which began on Tuesday in Mumbai.
The gap in trade financing is growing. Speaking at the International Symposium on “Trade Finance,” which was put on by the Export Credit Guarantee Corporation of India (ECGC) and the EXIM Bank of India, Mr. Barthwal remarked. He continued, “According to ADB estimates, the gap, which was $1.5 trillion in 2018, has now grown to $2 trillion.
The panellists said that in order to achieve paperless international trade, all countries should make an effort to implement appropriate legislation in the next years.