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With economic weight shifting toward net zero, now is the time for ECAs, Exim-Banks, and PRIs to lead. Despite previous success, aligning global economic governance to climate goals requires additional activities across export finance and investment insurance institutions. The new research project initiated by Oxford University, ClimateWorks Foundation, and Mission 2020 including other practitioners and academics from institutions such as Atradius DSB, Columbia University, EDC, FMO and Offenburg University focuses on reshaping future trade and investment governance in light of climate action. The idea of a ‘Berne Union Net Zero Club’ is an important item in a potential package of reforms. This can include realigning mandates and corporate strategies, principles of intervention, as well as ECA, Exim-Bank and PRI operating models in order to accelerate net zero transformation. Full transparency regarding Berne Union members’ activities would be an excellent starting point. We invite all interested parties in the sector to come together to chart our own path to net zero
Comparing anomalies and exceptions to multilateral dysfunction across a number of spheres of world politics, the book chapter explores pathways through and beyond gridlock in trade. It provides a vital new perspective on world politics as well as a practical guide for positive change in global policy.
As the world economy rapidly decarbonises to meet global climate goals, the export credit sector must keep pace. Countries representing over two-thirds of global GDP have now set net zero targets, as have hundreds of private financial institutions. Public and private initiatives are now working to develop new standards and methodologies for shifting investment portfolios to decarbonisation pathways based on science.
However, export credit agencies (ECAs) are only at the beginning stages of this seismic transformation. On the one hand, the net zero transition creates risks to existing business models and clients for the many ECAs, while on the other, it creates a significant opportunity for ECAs to refocus their support to help countries and trade partners meet their climate targets. ECAs can best take advantage of this transition, and minimise its risks, by setting net zero targets and adopting credible plans to decarbonise their portfolios. Collaboration across the sector can be a powerful tool for advancing this goal.
Public export credits and trade insurance require a global framework of institutions, rules and regulations to avoid subsidies and a race to the bottom. The extensive modernisation of the Arrangement on Officially Supported Export Credits (Arrangement) of the Organisation for Economic Co-operation and Development intends to re-level the playing field. This Practitioner Commentary describes the demand for adequate government interventions, considers the need for the reform and discusses key aspects of the new Arrangement. We argue that there is a breakthrough in several important areas such as tenors, repayment terms and green finance. However, we also find that the modernisation falls short in areas such as the interplay between different rulebooks, pre-shipment instruments' regulations and climate action.
Provides a state-of-the-art overview of international trade policy research
The Handbook of Global Trade Policy offers readers a comprehensive resource for the study of international trade policy, governance, and financing. This timely and authoritative work presents contributions from a team of prominent experts that assess the policy implications of recent academic research on the subject. Discussions of contemporary research in fields such as economics, international business, international relations, law, and global politics help readers develop an expansive, interdisciplinary knowledge of 21st century foreign trade.
Accessible for students, yet relevant for practitioners and researchers, this book expertly guides readers through essential literature in the field while highlighting new connections between social science research and global policy-making. Authoritative chapters address new realities of the global trade environment, global governance and international institutions, multilateral trade agreements, regional trade in developing countries, value chains in the Pacific Rim, and more. Designed to provide a well-rounded survey of the subject, this book covers financing trade such as export credit arrangements in developing economies, export insurance markets, climate finance, and recent initiatives of the World Trade Organization (WTO). This state-of-the-art overview:
• Integrates new data and up-to-date research in the field
• Offers an interdisciplinary approach to examining global trade policy
• Introduces fundamental concepts of global trade in an understandable style
• Combines contemporary economic, legal, financial, and policy topics
• Presents a wide range of perspectives on current issues surrounding trade practices and policies
The Handbook of Global Trade Policy is a valuable resource for students, professionals, academics, researchers, and policy-makers in all areas of international trade, economics, business, and finance.
Creating growth through trade is an important part of the policy approach of many economies. For decades, many member countries of the Organisation for Economic Co-operation and Development (OECD) have cooperated in a fair competition for the benefit of their national exporters. The countries’ official export credit agencies (ECAs) have established and jointly improved rules and regulations for export credit and political risk insurance. However, new players such as China, Russia or other fast developing countries have now joined the list of top exporting nations. As these countries have established their own ECAs, there is a need to introduce rules and regulations on global standards for financial terms as well as truly international norms ensuring ‘ethical’ trading behaviour.
But how will government support for foreign trade look like in the future? Will global standards for export credit and political risk insurance become reality by 2020? And how will strict rules and regulations for officially supported export credits and FDI regarding ethics, human rights and the environment impact growth through trade in general, or exporters in particular? These are questions addressed by the thirty eight contributions to Global Policy’s third eBook entitled ‘The Future of Foreign Trade Support – Setting Global Standards for Export Credit and Political Risk Insurance’, guest edited by Andreas Klasen and Fiona Bannert.
Open markets, international trade and foreign direct investments are a source of prosperity in challenging times. This Special Section looks at developed economies and emerging markets, also taking into account the role of trade for impactful capacity-building in least developed countries (LDCs). Specific emphasis is placed on financing economic development and trade, analysing what roles trade and development finance should play in the quest for an efficient mobilisation of private capital for growth, trade and development.