ICC Banking Commission meeting opens in Dubai on Sunday

April 26, 2014 1:41 pm

The biannual ICC Banking Commission meeting hosted by Dubai Chamber of Commerce and Industry in partnership with the International Chamber of Commerce commences in Dubai today (Sunday) under the title, Dubai 2014 – Gateway to Sustainable Trade and Development.

The four-day meeting being held at the Chamber headquarters from April 27 to 30 is a major gathering of over 300 participants consisting of committee members of ICC Banking Commission as well as representatives of the World Trade Organisation (WTO) and the World Bank (WB), business leaders, finance experts, lawyers and government officials.

The selection of Dubai by the ICC Banking Commission as a fitting venue for their global event reiterates the emirate’s position as a major centre for international exhibitions, events and conferences as well as a leading global trade and finance hub.

The gathering will discuss 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.

Also, the 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.

Dubai has earlier hosted the ICC Banking Commission’s meeting in March 2009 under the title ‘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.