Dubai to host trade finance meet

Dubai Chamber of Commerce and Industry will host the first 2014 meeting of the International Chamber of Commerce (ICC) Banking Commission meeting from April 27 to 30 at the Chamber auditorium, under the title, Dubai 2014 - Gateway to Sustainable Trade and Development.

This important bi-annual meeting of the ICC Banking Commission, being held in Dubai for the second time, attracts over 300 global delegates and will be jointly organized by Dubai Chamber and International Chamber of Commerce (ICC) Banking Commission.

Hamad Buamim, President and CEO, Dubai Chamber, stated that this prestigious meeting of global banking and finance industry leaders is once again being held in Dubai and will directly help in promoting the emirate as a major centre for international exhibitions, events and conferences.

It will seal Dubai’s position as a leading global trade and finance hub while offering a fitting platform for global and local experts to exchange views and ideas as well as discuss the issues facing their sector.

This strategic event will also allow Dubai Chamber to consolidate its cooperation ties with the ICC Banking Commission whom the Chamber represents in the MENA region, he said.

“Over the past 83 years, the ICC Banking Commission has established itself as the pre-eminent global forum for the trade finance industry and is playing an increasingly influential role in drafting rules and standards adopted by business at large,” said Kah Chye Tan, Chair of the ICC Banking Commission.

“Our meeting presents participants with a unique opportunity for learning and networking with their peers and for engaging in thoughtful discourse on prevailing banking topics and on the industry as a whole,” he added.

Participants in the four-day meeting will discuss the challenges the industry faces in providing trade finance services around the world.

Discussions will be structured around strategic themes for the ICC Banking Commission, notably: global outlooks on markets, harmonising business practices, developing common terminology for supply chain finance and the impact of Know Your Customer (KYC) regulations and sanctions on business.

In addition to the plenary events, to widen the outreach of this Banking Commission meeting in Dubai, ICC Banking Commission task forces and working groups will gather at side events to discuss technical topics related to bank guarantees, anti-money laundering and compliance, factoring, forfaiting, legal issues, and regulation.

The selection of Dubai as the venue for this latest round of the ICC Banking Commission meeting came in light of the emirate enjoying a high reputation as a global hub for trade and finance as well as for its experience in hosting ‘2009 – Crossroads for Trade and Technology, when the three-day discussion focused on the challenges facing the global finance market and impact of the global financial crisis on the industry.

The ICC Banking Commission is the world’s essential rule-making body for the banking industry and has more than 600 members from 100 countries. The Commission, since its founding over eight decades ago, has gained a reputation as the most authoritative voice in the field of trade finance.

The ICC Banking Commission produces universally accepted rules and guidelines for international banking practice. Issues publications and market intelligence, sets the rules for dispute resolution, organises regular seminars and conferences every six months and collaborates with leading policy makers and trade associations world-wide.

In order to consolidate the position of Dubai as a global business hub, the ICC Regional Banking Commission Middle East and North Africa (Mena) was launched in the emirate last year.

The idea behind the launch was to coordinate efforts in the Mena region. It has also provided an opportunity for Dubai Chamber to play a broader role to meet increasing demands for premium trade finance information and up-to-date policy and market intelligence by the business community.

Follow Emirates 24|7 on Google News.