20th Annual General Meeting

The Trade Finance Association of Bankers which was founded in 1997 kicked off its twentieth anniversary celebrations with its Annual General Meeting held on March 02, 2017 at the Grand Oriental Hotel, Colombo. The following Office Bearers and Council Members were elected for the year 2017 / 2018: President, Manjula Gunawardana, National Development Bank, Senior Vice President, Susantha Fernando, Seylan Bank, Vice President, Manoji Hettigoda, Sampath Bank, Secretary General, Shyam De Silva, Hatton National Bank, Treasurer, Lawrian Somanader, Commercial Bank of Ceylon, Assistant Secretary, Sanjeewa Jayasooriya, Standard Chartered Bank, Assistant Treasurer, A. The Trade Finance Association of Bankers was founded by a group of eminent trade professionals 20 years ago some of whom are Trade Consultants and Chief Executive Officers of banks today. Facilitation of exchange of views among members and other individual’s and/or organisations on matters related to Trade Finance. To promote consistency in Trade Finance practices among Bankers. To engage in educational activities for members and other practitioners of Trade Finance by holding lectures, seminars, workshops and other activities. To assist members to further their learning and knowledge on matters related to Trade Finance. To publish a periodic Journal or Newsletter containing material relating to Trade Finance or other connected areas. To express its opinion on matters related to Trade Finance practices. To study and submit its report on any matter related to Trade Finance. To co-ordinate with any regulatory authority or other organisations on matters related to Trade Finance. To promote goodwill, understanding and fellowship amongst bankers engaged in Trade Finance. The Association since its incorporation in 1997 has been continuously engaged in developing the trade practices as well as the trade practitioners by conducting Public Seminars, Guest Lectures, Publication of Newsletters and taking up trade related issues with the relevant regulatory authorities.

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WTO halves trade growth forecast for 2023

The World Trade Organization (WTO) has halved its growth forecast for global goods trade this year, dropping it to 0.8% from 1.7%. "The trade slowdown appears to be broad-based, involving a large number of countries and a wide array of goods, specifically certain categories of manufactures such as iron and steel, office and telecom equipment, textiles, and clothing," the WTO says in its updated Global Trade Outlook for October 2023.

World's first carbon border tax enters into force in EU

The EU brought its Carbon Border Adjustment Mechanism (CBAM) into force on 1 October. It’s designed to equalize carbon costs for producers whether inside or outside of the EU. The CBAM will at first apply to imports of goods with particularly carbon-intensive production processes, such as cement, iron and steel, aluminium, fertilizers, electricity and hydrogen. For now, importers only have to collect and report data on the emissions generated in producing the products they buy. But from the start of 2026, they will need to declare annual imports and their "embedded greenhouse gases", then submit sufficient CBAM certificates to cover the emissions.

World Trade Report 2023 makes case for “re-globalization” amid early signs of fragmentation

The 2023 edition of the WTO’s World Trade Report presents new evidence of the benefits of broader, more inclusive economic integration as early indications of trade fragmentation threaten to unwind growth and development. The flagship publication, launched on 12 September, features findings on how re-globalization — or increased international cooperation and broader integration — can support security, inclusiveness, and environmental sustainability.

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