🌟 Editor's note

Editor’s Note | Week of 31 March 2026

By Carter Hoffman

Happy Easter to all of those celebrating this weekend! We hope that you’ve managed to take some time away from the hustle and bustle of it all and enjoy a few days with friends and family to recharge.

It was a short and quieter week for the TTP team last week, which gave us some time to welcome a few new members to the team and work on putting together the latest insights for you from our time in Paris and Lisbon.

Across the rest of the week, we have been covering developments linked to digital trade, including new legislation recognising electronic bills of lading coming out of the Netherlands, as well as continued activity around tokenisation and digital assets in treasury and payments.

Alongside that, we also looked at how AI could help address the expertise gap in trade finance operations, a topic that continues to come up as institutions balance growing complexity with limited resources.

As always, there is plenty to read and watch.

Until next time — stay hoppy.

— The TTP Editorial Team

Slow Read

Gridlock in Yaoundé: a wake-up call for the WTO

There is no avoiding it: the failure of the WTO Ministerial Conference in Yaoundé, Cameroon to deliver concrete outcomes should serve as a clear warning. The WTO remains critical as the operating system of the global trading system. However, the alerts are flashing for an upgrade and reboot. The majority of governments are pressing the button, but a few are holding back.

We should have been coming home with a WTO reform and modernisation programme, two major plurilateral deals involving over 80% of the world (investment, digital trade) and an extended ban on taxing digital content over the border (Moratorium on Customs Duties on Electronic Transmissions). It was all on the table on the penultimate day and would have injected a welcome boost to business confidence at a time when it is urgently needed.

Instead, no concrete agreements were reached in Yaoundé, and negotiations will now continue in Geneva. The moratorium has lapsed, meaning governments may begin taxing digital content across borders, despite no agreed definition of what this is, nor any coherent implementation plan for it. The hard truth is that without reforming its decision-making process, the WTO will remain unable to achieve multilateral or plurilateral trade deals.

The impact of national and entrenched dogmatic positions was evident last week, particularly in the roles played by India and the US, where progress on workable deals was derailed in just 12 hours. For those not in the room, this reflects the current reality. These dynamics are unlikely to shift in the near term, even though the majority of WTO members remain pragmatic, open to compromise, and keen to move forward whether through plurilateral initiatives or broader reform of the WTO system.

It raises serious questions when those making decisions about the system avoid engagement or accountability to its users. In Yaoundé, industry was largely excluded from discussions, despite being willing to contribute practical solutions. Nor is it acceptable for a single country to block progress for 130 others. The effective “veto” created by the consensus principle is being used to stall positive initiatives, holding back broader progress across the system.

One positive takeaway was the leadership shown by 66 countries in moving ahead to implement the E-commerce Agreement (ECA). This is excellent news for digital trade and 21st-century commerce, so credit is due to this group. They have shown that progress is possible when there is leadership and determination. Let’s hope the larger investment facilitation group of 130 countries is inspired to follow a similar pathway.

So where does the WTO go next? I would strongly suggest that WTO members start with some serious self-reflection. Rule number one of change is that it begins with an ending. We need to draw a line under what has been happening and acknowledge it for what it is, so that progress can be made. WTO members are trying to move forward while carrying the baggage of the past and then wondering why progress is not happening. The answer is to leave that baggage behind and click ‘upgrade’. Reboot.

It would also be useful for those blocking progress to be reminded of the WTO’s purpose: raising living standards and driving prosperity for all. This includes paying attention to the real world, where people and small businesses are struggling with rising costs.

I am proud that we were there in force. We cannot be faulted for making our voice heard, not just for ourselves, but also for those who could not be present. We consistently advocated for progress. Even though the process was dominated by some with greater influence, we still made our case.

So where do we go now? For industry, the answer is to work where there is a shared willingness to move forward. While these discussions were taking place, the EU and CPTPP announced a trade partnership. The ECA group is a large bloc of like-minded countries advancing initiatives, and we should support them as well. Be pragmatic, go with the willing, and follow the action until the multilateral community can present a credible reform plan that includes a solution for how decisions are made. We are not short of ideas. What is needed now is the collective will to act, and to act with urgency.

Trade digest

Treasury, payment and global banking digest

TTPulse: Bureau Veritas and Trade Technologies partner to simplify global trade processes

🔸Bureau Veritas and Trade Technologies, Inc. have partnered to simplify international trade processes. It would link inspection and conformity documents directly with trade finance workflows, speeding up validation and delivery for Letters of Credit.

USMCA Review set to reshape North American supply chains

🔸The upcoming review of the United States-Mexico-Canada Agreement (USMCA) aims to update the agreement to address new economic realities, including competition from China, supply chain resilience, energy policy, and artificial intelligence.

Veem and Visa expand partnership with global virtual accounts solution

🔸Veem has expanded its collaboration with Visa by launching a new virtual accounts solution that enables businesses to collect, hold, and disburse funds across the U.S., Canada, the UK, and Europe.

https://www.linkedin.com/feed/update/urn:li:activity:7445090553064714240/

SUPPLY CHAIN FINANCE AND FACTORING IN SAUDI ARABIA: DRIVING REGIONAL GROWTH

Trade Treasury Payments (TTP) is a media partner for this FCI session on how supply chain finance is evolving in Saudi Arabia and across the region.

Tuesday, 7 April 2026
15:00 – 18:00 (GMT+08:00)
Zoom

https://www.linkedin.com/feed/update/urn:li:activity:7445086930607874048/

Celebrating 100 years of credit insurance and surety

Now live.

At Trade Treasury Payments Studios, Eleanor Hill speaks with Richard Wulff from ICISA - International Credit Insurance & Surety Association on how credit insurance has evolved into a global market and why it still remains widely misunderstood.

They discuss the scale of the sector, its role in supporting global trade, how it held up under pressure, and the challenges ahead, from regulation to limited awareness and expansion into underserved markets.

“It shows that we are underpinning the global economy. It shows that we can handle the heat.”

If you want a clear view of where the industry stands and where it is heading next, this is worth your time. Click here for the full video interview.

https://www.linkedin.com/feed/update/urn:li:activity:7444756304448974849/

Video | Trade distribution around the world. How’s it done? How to do it.

At the 2026 BAFT (Bankers Association for Finance and Trade) International Trade and Payments Conference in Jersey City, Deepesh Patel (TTP) spoke with Jonathan Lonsdale (Santander) and Ryan Hollar-Gregory (MUFG) about the mechanics of trade asset distribution.

The secondary market is no longer a back end balance sheet tool. It is how banks manage a billion dollar ticket when they only have appetite for two hundred million. Ryan Hollar Gregory and Jonathan Lonsdale broke down the shift from bank to bank activity to a broader market involving private debt funds and asset managers.

Success now depends on getting the legal foundations right before attempting to scale. As the investor base evolves, having this distribution capability is becoming critical to winning large deals. Click here for the full video interview.

https://www.linkedin.com/feed/update/urn:li:activity:7444754636810481664/

TTPulse: Australia to amend export-finance laws to strengthen fuel security amid Iran conflict

🔸Australia plans to amend export-finance laws to bolster fuel security as the ongoing Iran war disrupts global supply chains.

🔸The government will introduce new powers allowing the export-finance agency to underwrite private sector fuel purchases to increase local supply.

🔸Prime Minister Anthony Albanese announced the amendments will be introduced in parliament on Monday to support fuel imports amid localised shortages.

🔸Australia imports approximately 90% of its fuel and currently holds 39 days’ worth of petrol and 30 days of diesel and jet fuel.

🔸Despite supply disruptions, including the cancellation of six fuel shipments from Asia and shortages at several hundred fuel stations, the government states that overall supply remains strong.

🔸The new fuel security powers aim to ensure the continued availability of fuel for Australians amid ongoing geopolitical tensions.

https://www.linkedin.com/feed/update/urn:li:activity:7444405366806736897/

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Did You Know? 

Easter may be a time of reflection, but behind the scenes of global trade, things are rarely quiet. One lesser known fact is that even something as simple as moving goods across borders still depends on paperwork that is only just beginning to go digital. In the Netherlands, electronic bills of lading have finally been given the same legal standing as paper ones, marking a small but meaningful step towards a more modern system. It is a reminder that while Easter celebrates renewal, parts of global trade are only now catching up with the digital age, slowly shedding old habits in favour of something more efficient.

Another curious insight comes from the world of international cooperation. Despite representing the backbone of global commerce, major trade talks can still stall at the last moment, with decisions hinging on just a handful of voices. Yet, in a more hopeful twist fitting for Holy Week, a group of 66 countries recently pushed ahead with new digital trade rules on their own, covering a large share of global trade. It shows that even when progress feels delayed, momentum has a way of building elsewhere. Much like the spirit of Easter, renewal does not always arrive all at once, but it does find a way forward.

Trade Treasury Payments (TTP)