In a new paper issued on 20 May 2020, ICC estimates that as much as US$ 5 trillion in market capacity will be needed to return trade volumes close to 2019 levels in 2021. With the World Trade Organization projecting that the effects of COVID-19 could cause merchandise trade to drop by over 30% this year, ICC has cautioned that a rapid economic recovery will only be possible if sufficient credit is available to bring trade close to its pre-pandemic trend over the next 18 months.

You will find both the official statement of Secretary General John W.H. Denton AO and the full call for action Trade financing and COVID-19 on the ICC Website.