Banks around the world are reducing their banking relationships with a focus on higher-risk countries, including in the region, resulting in more banks losing access to international financial networks and products, said an industry expert.
UAE will host an important meeting of the World Trade Organisation (WTO) focusing on reforms of the global trading system on October 28, during the Global Trade Development Week (GTDW) in Abu Dhabi.
Organised in partnership with t
BRICS (Brazil, Russia, India, China and South Africa) economies will play an increasingly dominant role in global trade and will be major drivers of the global economy in 2012, said experts ahead of a major ports summit in Abu Dhabi.
The World Trade Organisation (WTO) has cut its 2011 trade growth forecast to 5.8 per cent from 6.5 per cent as earlier predicted, amid increasing economic uncertainty.
'Members must remain vigilant. This is not the time for go-it-
Global trade, in volume terms, is expected to grow more than 10 percent this year, Pascal Lamy, director-general of the World Trade Organisation, said on Thursday. The forecast is up from an estimate of 9.5 per cent in March.
The current global shortfall in trade finance is running at about $100 billion, a senior trade source said on Wednesday.
The source was speaking after a meeting of experts from commercial banks, international financial institutions and&nbs