The recently ratified Trade Facilitation Agreement is intended to reduce the cost of trade 14.3% globally by improving customs procedures. It could inadvertently help cut painful compliance burdens, also.
The former pariah state hopes to boost its economy by giving foreign banks scope to lend to exporters. Bankers say the development would aid MNCs in the country, but need clarity from the government.
Long the tool of choice in trade finance, fewer companies are using a letter of credit for its traditional purpose – but don't expect LCs to disappear any time soon.
Fintech start-up Wave successfully completes groundbreaking letter of credit deal between companies in Ireland and the Seychelles using ledger technology blockchain.
