Supporting Trade in a time of crisis

Executive summary COVID-19 is having a profound impact on trade. Yet, operationally, trade has shown remarkable resilience. Logistical challenges have reinforced the value of standardised and digital trade platforms – positioning institutions that have invested in technology as industry leaders when it comes to facilitating efficient trade processes, as well as accelerating the longer- term journey from paper to digital. Digital platforms are helping to optimise supply chains by delivering consistent funding through electronic channels connected in a secured environment and linking trade distribution networks. Financial support extends beyond banks. It is through a combined approach – involving governments, central banks, development banks, corporate and investment banks, alternative lenders, ECAs and insurers – that businesses can most effectively be supported. The pandemic has demonstrated a new dimension in continuity thinking – that contingencies need to be truly global. Crises can engulf the world quickly, which means that speed and decisiveness are required. COVID-19 brings with it an increased risk of fraud, requiring heightened awareness and incremental checks – facilitated by the power of digital platforms. Sustainability must remain a key focus for trade, with the pandemic acting as an accelerator rather than brake. COVID-19 is fuelling a move away from global supply chains to more of a regional and domestic focus.