The G20 and the Need to Reinvigorate International Trade
At present, in the post-Brexit landscape, international trade is both uncertain and struggling. As such, it’s perhaps unsurprising that the subject has been the focus of much of the recent G20 summit.
During the summit, Chinese President Xi Jinping declared the need for G20 nations to avoid protectionism. Instead, Jinping claimed that countries must “enhance mutual understanding” to face a “crucial juncture for the world economy”.
Expanding on these remarks, he told the conference, “The world today is undergoing profound changes never seen before. It’s imperative we blaze a new trail to bring an innovative, invigorated, interconnected and inclusive world economy and a new round of robust growth.”
Xi added that “growth drivers from the previous round of technological progress are gradually fading, while a new round of technological and industrial revolution has yet to gain momentum,” asking the leaders present to become an “action team, instead of a talk shop.”
Xi’s call for globalization is at odds with Britain’s decision to leave the EU. However, most world leaders—crucially including President Obama—are also calling for international collaboration to ease uncertainty on international trade that is currently engulfing markets.
Brexit puts $1.3 trillion worth of global trade at stake, and world leaders are rightly worried about the uncertainty in the future of international trade.
How does this affect your business? It’s reassuring to hear that world leaders are beginning to take steps to navigate the uncertainty surrounding international trade. However, as these things always are at an international political level, any trade deals will take time.
Sell invoices. You can sell your invoices for cash through companies such as Touch Financial. Here you can get quick cash on the value of the invoices that you’re owed by customers within 24 hours of the invoice being raised. This is all without impacting on your customers and easing any cashflow issues you have.
Downsize and use freelancers. If you’re still struggling, then downsizing may be a better option, especially if you have large sums that need to be paid. If you don’t need a full-time staffer, then don’t employ them. It’s far cheaper to employ a freelancer from somewhere like PeoplePerHour. Then, you only pay them for the exact amount of work they do; making it far cheaper than a full-time salary.
So there we have it. Uncertainty remains in the political system, but cooperation exists at the top level. While politicians are creating a deal, be careful of your cashflow.
Ben Barlow is a freelance finance writer specialising in stocks and shares, forex and ISAs. After studying business at Lancaster University, Ben worked at a number of financial institutions in London and New York and is now following his passion for writing.