Friday, March 27, 2009
One of the side effects of the current financial crisis is its impact on trade finance. This very secure form of credit has become more expensive or dried up completely. The lack of credit lines and trade guarantees is one important reason for the reduction in trade flows, as exporters cannot ship their merchandise without them. The impact is even more severe for developing countries. Kimberly Wiehl, Secretary-General of the Berne Union, and Steven Beck, Head of Trade Finance at the Asian Development Bank, discuss the issues with Keith Rockwell, WTO Spokesperson. Click here to see the video debate.