Although trade financing is becoming easier for exporters to access, many major transactions are still frozen because of financing trouble, said Angel Gurria, secretary general of the Organization for Economic Cooperation and Development on Monday. Gurria said trade finance had gone "from being closed at the beginning of the year to now being selectively more open."
“Not all of the financing has disappeared. Every day more is reinstated,” Gurria said, adding that global trade flows would likely fall 10 percent this year, but recover somewhat in 2010 when they would rise 2 percent.
In other OECD news, the Israeli press is reporting that the organization is moving forward with an important step toward granting Israel full membership.
Sources in Israel also reported that an agreement was reached with the OECD for Israel to become a member by 2010 at a meeting in Paris last week between Israeli Finance Minister Yuval Steinitz and Secretary-General Gurria.
Israel already participates in about 20 OECD committees, a process that will help the OECD to assess Israel’s willingness and ability to become a member. In January 2008, the OECD launched talks to expand the membership of the organization to include Israel, Chile, Estonia, Slovenia and Russia.
Contact Alan M. Field at firstname.lastname@example.org.