Bills of Exchange are formal financial instruments used to facilitate payment in domestic and international trade. They involve three parties: the drawer (usually the seller), the drawee (typically the buyer), and the payee. The drawer issues the bill, instructing the drawee to pay a specified amount either immediately (at sight) or on a future date. Once accepted by the drawee, the bill becomes a binding obligation. Bills of Exchange are transferable and can be used for financing, discounted with banks, or endorsed to third parties — providing liquidity and legal certainty in trade transactions.
For centuries trust has been the backbone of trade. From the interpersonal to the communal to the national and now to the international, the expansion of trust methodologies has enabled… read more →
Digital technologies are changing the way we live, work, and trade. As WTO Director-General Ngozi Okonjo-Iweala often says, the future of trade is digital, and it must be inclusive.
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