Saudi ICC: UN Recognition of Funding Gap is Step to Address Trade Problems

Saudi ICC: UN Recognition of Funding Gap is Step to Address Trade Problems

Tuesday, 6 February, 2018 - 12:15
Riyadh - Fatah al-Rahman Youssef
The Saudi International Chamber of Commerce (ICC) has described the United Nations' recognition of a $1.6 trillion trade finance gap during the UN annual development financing review as an important step in tackling global trade problems.

The UN stressed the importance of ensuring adequate and cost-effective commercial financing for small businesses and businessmen, citing the severe shortfall in allocations reported by the Asian Development Bank and the ICC.

Chairperson of the ICC at the Council of Saudi Chambers and member of the executive board of the International Chamber in Paris Yassin Al Srour described the decision to authorize an official UN review of the $1.6 trillion trade finance gap as a significant step in the level of international trade and economy.

He also outlined the importance of what was presented by the United Nations Development Financing Forum on securing commercial finance for small businesses and entrepreneurs.

The UN move will be part of the UN annual assessment of the progress made in supporting financing for sustainable development, with the results and recommendations issued in April 2018, Al Srour added, noting that it will positively affect Saudi Arabia in light with expectations of growth of its economy by 1.5 percent, which will reflect positively on the growth of Saudi foreign trade.

The UN resolution was a welcome step in addressing this chronic problem now, he said, explaining that this was a complex global problem requiring a coordinated global response in the context of the United Nations 2030 Sustainable Development Plan.

Al Srour touched on Saudi efforts to boost exports in the world markets efficiently and competitively, adding that ICC will continue to participate in this process for its unique position as an observer within the UN system.

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