HSBC has a strong commercial presence across India. They also have a Trade Service to facilitate the flow of trade between the country and its trading partners. They have both obligations and liabilities under this service.
HSBC’s obligations and liabilities under a Trade Service
HSBC is the sixth-largest public business in the world. It has offices in several regions and serves more than forty million clients. It is listed on the London Stock Exchange, Hong Kong Stock Exchange, and the Hang Seng Index. It is a global provider of financial services to single proprietors, corporations, partnerships, nonprofits, and government entities.
There are four major HSBC business units. These are HSBC Bank, HSBC Global Banking & Markets, HSBC Global Private Bank, and HSBC Insurance Agency (USA) Inc. Each of these business units has been involved in several scandals and controversies over the years. The Financial Stability Board has placed HSBC in its systemically important banks list.
HSBC has been cited for its role in large-scale tax evasion schemes, money laundering, and other criminal activities. Its Mexican branch was the financial institution of choice for drug cartels and money launderers. In addition, HSBC Mexico had lax AML controls.
Indian Trade Service officers play a key role in trade negotiations
ITS Officers are the trade policymakers for India at the World Trade Organisation (WTO). The officers are assigned to different states, and work to create an enabling environment for trade and growth. These officers are also involved in the formulation of policy, and the negotiation of rules for safeguards and trade remedy measures. They are also tasked with conducting policy level studies to prepare for future policy making.
ITS Officers are recruited through the UPSC civil services examinations. Once recruited, they start their career as an Assistant Director-General of Foreign Trade (DGF) or Deputy Director-General of Foreign Trade (DGF). After four years, they are promoted to Joint Director-General of Foreign Trade (JDGFT) or Deputy Director-General of Foreign (DGF). They are also able to advance to Joint Secretary or Additional Secretary level positions.
Several studies have found that there is a relationship between commercial presence and trade in services. However, the effect of these relationships is not well understood. There is a need for a more empirically-based understanding of the relationship. The trade in services sector is one of the most overlooked and under-researched sectors, yet it is a vital part of the economy. The services sector is particularly important in Australia, a country with one of the world’s largest services-intensive economies.
Commercial presence is defined as the presence of a service supplier in another country. This presence occurs when the supplier sets up an on-the-ground presence in the consumers’ market. It is also known as cross-border supply. This relationship is more significant in services than goods.
Commercial presence is defined in the Manual of International Trade in Services as a supply mode of trade where a service supplier establishes a presence in another country. This presence may include the presence of a natural person who is present to provide a service to a consumer in that country.
During the final quarter of 2021, trade in services reached a new high. This includes not just financial services, but also the more mundane ones like shipping and communication equipment. The most important fact is that trade in services reached a record high of $1.6 trillion, a 25% increase over the previous year. The value of services in 2021 was more than twice as high as in the previous decade, according to estimates from the World Bank.
The Global Trade Update, which was released by the United Nations Conference on Trade and Development (UNCTAD) on 17 February, indicates that there is a lot of progress being made in the second half of 2021, despite an expected decline in trade volume. The good news is that it’s a slow recovery, and by the time it’s over, the real value of international trade will have reached its level in 2019. However, this recovery is not quite as robust as the one following the global financial crisis of 2010. Live Services Group has more information on it.
The most obvious benefit of the year-over-year growth is that trade service is a lot easier and cheaper. Many services, including financial services, make it easier and cheaper for manufacturers to produce and export merchandise.