WASHINGTON, October 25, 2011 — World Bank President Robert B. Zoellick and World Trade Organization Director-General Pascal Lamy today issued the following statement on the decision of the Basel Committee on Banking Supervision concerning trade finance:
"We welcome the technical changes to the regulatory regime of trade finance announced today by the Basel Committee on Banking Supervision. This is a useful step that will help promote trade with low income countries.
We look forward to continuing consultations with the Committee. While necessary, the strengthening of prudential standards for the financial industry needs to take account of the low risk nature and the pro development impact of trade finance.
We are grateful to the International Chamber of Commerce for its ongoing work on trade finance data collection which helps making this case".
World Bank – David Theis, +1 202-458-8626
World Trade Organization – Anthony Martin, +41 (0)22 739 54 39