ICC Banking Commission Conference opens in Dubai today
High profile finance and trade delegates from over 100 countries to discuss financial crisis at Dubai Chamber hosted event
A major ICC Banking Commission Conference entitled ‘2009 – Crossroads for Trade and Technology’, opens in Dubai today (Tuesday) with a challenging agenda of finalising the latest revision of the international rules for demand guarantees known as the URDG.
Organised by the International Chamber of Commerce at the Dubai Chamber Auditorium, the three-day event ends on Thursday, March 12. Around 500 delegates are expected to attend the final day-long Conference dealing with the negative impact on trade finance caused by the current global financial situation.
The topics of discussion during the Conference are anti-money laundering regulatory initiatives and forfaiting with their respective task forces. The delegates will also be analyzing a major ICC study on turmoil in the trade finance markets ‘Rethinking Trade 2009’. This study, which is based on the results of a survey held last month, is anticipated to form the basis of a case for preferential treatment of short-term trade finance transactions by global
regulators.
HE Eng Hamad Buamim, Director General, Dubai Chamber, said: “The world
financial community’s eyes are on Dubai as this major ICC Banking
Commission Conference opens in the emirate today. The delegates, who will be finalising the revision of URDG, will come out with a series of recommendations on reducing the effects of the current financial situation,” he said adding, “Dubai has always been on the forefront of serving the
business community worldwide and the outcome of this major event will go a
long way in showing to the world business community that Dubai means business despite the economic meltdown around the world.”
Added Buamim, “We have amongst us a large number of global experts in the field who will be joined by senior representatives of the local banking and financial institutions in debating issues and outlining concrete steps to support the provision of securing international trade finance. Their recommendations will have far reaching implications in the progression or recession of the global economy. Now is the time for all of us to find tangible solutions and work at grassroots level for a financially sound tomorrow.”
Buamim informed that this prestigious annual event, which was held in Athens last year, comes as part of Dubai Chamber’s mission of representing, supporting and protecting the interests of the business community in Dubai and will help in promoting Dubai as an international business hub. He said that it is the Chamber’s top priority to be the ardent facilitator of business especially in adverse situations.
The Director General of Dubai Chamber urged the business community to make use of this strategic forum to exchange views and ideas with its purpose of boosting mutual understanding.
The annual gathering of the global members of the ICC Banking Commission includes representatives of WTO, World Bank and leading global trade and finance banks from over 100 countries. The delegates and their local counterparts have the most daunting task of revising the URDG reflecting changes in trade and banking practice in the wake of the current stress in financial markets and its effects on the financial operations in the UAE. The outcome from the Dubai Conference is eagerly awaited by the global financial community at large. The main sponsors of the event are Mashreqbank and China Systems.
