标签：CITF STUDY NOTE

CITF-TOPIC 1- Trade agreements 学习笔记

贸易协定-Trade agreements

注意本节考点：不用记各种贸易协定的内容，但是要记 多边协定、双边协定的定义！！

双边协定-Bilateral agreements
两贸易国之间设定的共同遵守的协定。（An agreement between two countries setting out the conditions under which trade between them will be conducted.）
多边协定-Multilateral agreements
旨在扩大和自由化国际贸易的政府间协议，这些协议涵盖了一系列非歧视性、可预见的和条件透明的权利和义务。（Intergovernmental agreements aimed at expanding and liberalising international trade under non‑discriminatory, predictable and transparent conditions set out in an array of rights and obligations.）

多边协定的例子：

欧洲单一市场计划-The European Single Market Programme (SMP)
This was signed by European Union (EU) member states in February 1986. It contains around 270 measures to create a borderless single market for goods, capital, services and people.

关税同盟-Customs union
欧盟也是关税同盟。其成员国对来自非欧盟国家的进口产品征收共同关税也可以在没有边境检查的情况下自由交易。欧盟国家自动受益于欧盟与其他国家达成的贸易协议，但不能设定自己的关税。（ The EU is also a customs union. Its members impose common tariffs on imports from non‑EU countries and can trade freely with each other without border checks. EU countries automatically benefit from trade deals that the EU strikes with other states but cannot set their own tariffs.）

其他贸易协定和经济组织

  • 非洲大陆自由贸易区-African Continental Free Trade Area;
  • 东盟自由贸易区-ASEAN Free Trade Area;
  • 全面和进步跨太平洋伙伴关系协定-Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP);
  • 欧亚经济联盟-Eurasian Economic Union;
  • 欧盟委员会：双边贸易和投资协定-European Commission: bilateral trade and investment agreements;
  • 大阿拉伯自由贸易区-Greater Arab Free Trade Area;
  • 北美自由贸易协定-North American Free Trade Agreement;
  • 区域全面经济伙伴关系-Regional Comprehensive Economic Partnership;
  • 南部非洲发展共同体-Southern African Development Community.
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CITF-TOPIC 1-Impact of global crises on world trade 学习笔记

全球危机对世界贸易的冲击-Impact of global crises on world trade

全球危机对世界贸易是双面的。新冠至2020年起严重地破坏了全球贸易，减缓了经济增长。但另一方面也使各方更为重视数字化的进程。（Global crises can have a positive or negative impact on world trade. The Covid-19 pandemic severely disrupted international trade and has caused negative economic growth since 2020.However, it has resulted in greater attention towards digitalisation.）

又如2007年至2008年的全球危机，其导致多国政府鼓励增加出口来解决内需锐减的问题。另一方面，这场危机也增加了合规和资本的要求。在某种程度上，这些新增的合规需求又对出口产生的抑制作用。（ On the other hand, the global financial crisis of 2007–08 led governments in many countries to address shrinking domestic demand by encouraging businesses to boost exports. Conversely, the 2007–08 financial crisis also led to an increase in compliance（合规） and capital requirements. In some instances, these additional regulatory requirements have acted as a disincentive to export.）

合规和资本的要求对全球贸易的冲击-Impact of compliance and capital requirements on world trade
  • 巴塞尔银行监管委员会-Basel Committee on Banking Supervision
    巴塞尔银行监管委员会制定了在全球范围内主要的银行资本和风险监管标准。（The Basel Committee on Banking Supervision (BCBS) has created a framework that provides national regulators with resilient and credible regulatory guidelines that specify capital requirements. These are known as the Basel accords（巴塞尔协议）. These guidelines are then translated by local regulators into national regulations. For example, banks in the EU are subject to the Capital Requirements Regulation and Directive. In Singapore, banks are subject to regulatory instruments issued by the Monetary Authority of Singapore based on the Basel accords. These instruments include Acts of Parliament, directions (directives and notices), guidelines and codes. The US Federal Reserve has issued directives on how the Basel rules apply in the USA.）
  • 风险加权资产-Risk-weighted assets
    用于评估银行对抗风险损失所需保持的最低资本充足率。An estimate of risk that determines the minimum level of regulatory capital a bank must maintain to deal with unexpected losses.
  • 巴塞尔协议二和三-Basel II and III
    巴塞尔协议的逐次修订，对银行的监管越来越严格，风险加权资产（资本充足率）进一步增加。（Since the publication of Basel II in 2004, banks have faced stricter rules for payments and all activities that involve risk. The financing of international trade is no exception. These rules were strengthened following the financial crisis with the publication of Basel III. As a result, banks have had to set aside a greater amount of risk‑weighted assets. In 2017, the BCBS set out further reforms to Basel III. See the Factfind panel at the end of this section.）
  • 其他法规及制裁-Other regulations and sanctions
    对于反洗钱的法规逐年增加。部分银行因违反制裁规则而受到处罚。对于军民两用货物的管控也进一步影响了货物流转（Regulations against money laundering are also increasing. In addition, banks are required to comply with sanctions that have been imposed on various countries. Some banks have faced severe penalties for breaching sanctions. Regulations governing the trade in dual‑use goods（双重用途货物，军用和民用） have also increasingly affected the smooth processing of transactions.）
    所有的法规都致力于减少风险敞口。许多银行通过对贸易金融的自查终止了部分客户关系。这反过来阻碍了全球贸易融资，对全球贸易产生了消极的影响。（All these regulations have led to a reduction in risk appetite. Many banks have reviewed their international trade finance activities resulting in the cessation（终止） of many client relationships. This has, in turn, impeded access to trade finance for companies of all sizes worldwide and threatened to have a negative impact on the evolution of world trade.）
新冠疫情对经济的破坏-Covid-19 pandemic devastates economic growth
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CITF-TOPIC 1-Risks involved in international trade 学习笔记

国际贸易的风险-Risks involved in international trade
挑战-Challenges
  • 文化与语言的差异。Cultural and language differences – difficulties in communication may cause delays or  misunderstanding resulting in additional costs.
  • 证明文件及其他手续。Documentation and other formalities – certain jurisdictions（司法管辖） may have complex documentation requirements that are different to the importer or exporter’s home country. These may affect both goods and services.
  • 运输及保险。Transport and insurance – it generally takes more time to ship goods over long distances. Additional costs relating to transport and insurance could be incurred.
  • 政治的考量。Political considerations – protectionism（贸易保护主义）, through the imposition of tariffs (关税) or quotas （配额）on imports, can have a significant impact on international trade.
  • 经济的考量。Economic considerations – legislation or taxation policies（法律及税收政策） can have an adverse impact（反向影响） on the expected profit from trade.
风险-Risks
  • 交易对手的风险。Counterparty risk – any commercial contract carries a certain degree of counterparty risk. However, enforcing contractual rights against a business located in another country can be more difficult than in the case of a domestic counterparty.
  • 汇率的风险。Foreign exchange risk – foreign currencies may be used for settlement. This can lead to unexpected financial gains or losses, unless managed very closely.
  • 合规风险。Compliance risks – smaller businesses may not have the resources to employ legal expertise to deal with different laws, regulations and sanctions(制裁) imposed by various jurisdictions.
  • 金融犯罪风险。Financial crime risks – international trade can sometimes act as a front for money laundering and fraud.  www.examcn.net
  • 欺诈。Fraud – it is easier to commit fraudulent acts where security is poor. Cybersecurity （网络安全）is, therefore, of increasing importance. If IT systems are weak, forged（伪造） documents or money may be sent to bank accounts under the control of fraudsters instead of to the seller’s bank. In countries where security is poor, domestic trade carries a similar level of risk to  international trade.
  • 其他操作风险。Other operational risks – employee error, fraud and communication issues（通讯问题） could be more likely to occur in some less developed countries.

 

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CITF-TOPIC 1-Business entities 学习笔记

商业实体-Business entities

商业实体的生产活动就是追逐利润，当然也有例外如NGO。Business entities provide a product or service for their customers with the aim of generating a profit for their owners or investors. There are exceptions to this rule. Not‑for‑profit organisations such as  charities and non‑governmental organisations (NGOs) do not share this aim.

注意：NGO 组织很多，如红十字会（Red Cross）,绿色和平组织（ Greenpeace） 和无国界医生（MSF,Médecins Sans Frontières）等。（除此之外，还有各种各样的NGO，需要客观地看待，有些是带着政治目的渗透在各个经济活动之中）

了解你的交易对手-Understanding your counterparty

谈判地位-Bargaining position
交易对手的商业类型决定你的谈判地位和竞争力。（The business type of your counterparty will determine your bargaining position and comparative strength. It will also have an impact on the price your counterparty will be prepared to pay as a buyer or will charge if it is a seller. It may additionally have an impact on payment terms. A large corporate in a favourable competitive position may be able to put pressure on its buyer to pay in advance. It could also be in a position to force its sellers to allow deferred payment terms that are favourable or advantageous to itself. ）

争端解决机制-Disputes settlement
不同规模的企业使用不同的法律手段解决争端，所以非常有必要了解交易对手及与其潜在争端。（Large corporates with legal departments（法务部） and dedicated legal advisers（专业的法律顾问） often opt to settle disputes through litigation（诉讼）. They also have the time and resources to stretch lawsuits as long as possible in order to ‘draw the longest straw’. On the other hand, smaller businesses generally endeavour to reach agreement by negotiating compensation（补偿） or the like. Some smaller businesses make use of outsourced legal counsel（外包律师）. It is, therefore, important to understand your counterparty and the nature of potential disputes that may arise from doing business with them.）

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