Improving the SMEs Access to Trade Finance DRAFT
in the OIC Member States
66
Table 7: RMB Adoption
Source: FI Metrix, 2013
The evolution of the RMB will certainly be a key influence on the development of intra-Asia
trade flows over the coming medium term, taking on increasingly global character and
influence as acceptance of the RMB and confidence in the underpinning economic and political
fundamentals continues to grow.
As with other markets around the globe however, the broader engagement of Asia-based
businesses in pursuit of international opportunities will be directly relevant to the objectives
and priorities of the COMCEC and of OIC Member States. Already, trade flows between Saudi
Arabia and China and between China and the UAE are the subject of attention. Additionally, the
long-standing commercial relationships between India and Indian expatriates, and business
partners across the MENA Region remain important.
There are increasing trade and investment flows between countries worldwide,
especially between Asia and the Middle East, which offer substantial opportunities for
the Islamic trade finance sector. Trade between the two economic blocks has grown
from USD804.9bln as at end-2010 to just under USD1.2tln as at end-2012.
Source: Insights: Islamic Trade Finance, MIIFC 2013