East Asia Summit Trade Finance Workshop helps advance regional trade
Media release
14 May 2010
“Access to finance is the lifeblood of trade for exporters and importers. There can be no question that the global financial crisis has had an enormous impact on trade,” Parliamentary Secretary for Trade, Hon Anthony Byrne MP, said yesterday.
Mr Byrne addressed the East Asia Summit (EAS) Trade Finance workshop in Sydney yesterday, which brought together trade finance officials from 13 nations.
“Given the gravity of what has occurred with the global financial crisis, collaboration through the EAS, and events such as the EAS workshop on trade finance, play an especially important role in helping the region better prepare for future challenges”.
Mr Byrne highlighted the great importance Australia attaches to the Leaders-led EAS forum and its considerable potential to contribute to regional integration.
“The Workshop supports the EAS agenda in two important ways: it supports practical cooperation on financial matters in Australia’s region and it considers trade finance initiatives that could advance regional trade.
“It follows the successful first EAS Workshop on Trade Finance, held in Bangkok on 1-2 October 2009, which provided the EAS participating countries an opportunity to exchange views on the situation with regard to trade finance, related policies and measures undertaken in the region in response to the global financial crisis”.
This second workshop considered market developments since the Bangkok workshop. In particular, it discussed the performance of export markets in the region, responses of the private sector, governments and multilateral development banks to maintain trade finance availability, the significance of global supply chains and the growing role of Islamic trade financing instruments. It also considered whether there are areas where trade finance could still be constrained.
Media inquiries
- Parliamentary Secretary’s Office: (02) 6277 4309