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EXCLUSIVE: Inside the WTO's working group meeting
18 November 2008
Speaking to Trade Finance, Andrew Long, group general manager and head of global transaction banking at HSBC, provides an insight into the discussions held at the WTO in Geneva on 12 November.
Read more:
WTO meeting HSBC trade finance crisis
On 12 November, the World Trade Organisation (WTO) held a meeting in Geneva of the
Working Group on Trade, Debt and Finance (WGTDF). The WTO's director-general, Pascal Lamy, said before the meeting that: "The purpose of the meeting will be to review how the international market for trade-financing is faring in view of the current very difficult conditions on international financial markets, and to examine how to maintain and improve the availability and accessibility of trade finance facilities at affordable rates for developing countries, especially low-income countries".
Apart from the WTO, those taking part in the meeting were representatives of the following agencies and institutions: EBRD; IADB; ADB; IFC; IsDB; AfDB; African Trade Insurance Agency; World Bank; Trade Division, International Monetary Fund; Berne Union; BNDES; and the ICC. Representatives of commercial banks present were: Citi, Commerzbank, HSBC, ING, JPMorgan, and RBS. No representatives of the press were invited.
Representing HSBC...
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