Lack of financial access hampers companies' global participation: expert

A lack of trade financing is a major obstacle for companies' participation in global trade, particularly for developing countries, Zhang Xiangchen, deputy director-general of the World Trade Organization, said at the closing ceremony of the 2022 Financial Street Forum.

During the COVID-19 pandemic, the cost of trade financing skyrocketed. Zhang cited operating capital for global companies, which surged 30 percent on average last year, and 60 percent for developing countries.

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