ICC India Roadshow – ICC Rules for Trade – ICC Tools for Trade
ICC India, in association with ING Vysya Bank, organised three seminars on “ICC rules for trade – ICC tools for trade” on February 27, February 29 & March 02 in New Delhi, Chennai and Mumbai respectively. These seminars were attended by bankers, corporates, exporters, importers and consultants..
Mr. Vincent O‟Brien, Chair, ICC Banking Commission, Market Intelligence Group (MIG) led the seminars. Mr O‟Brien is a highly experienced practitioner of International trade finance being a long-standing member of the ICC Banking Commission. He has more than 20 years international trade banking experience and has delivered trade finance technical assistance and training in more than 70 countries worldwide.
He is also a regular and respected contributor to international trade finance publications such as Documentary Credits Insight, Global Trade Review, LC Monitor and Documentary Credit World.
The seminars were addressed by Mr. Ashok Ummat, Executive Director, ICC India, at New Delhi and Chennai and Mr. Raghu Mody, President, ICC India, at Mumbai. From ING Vysya Bank, Mr Vasant Shanbhag, Head- Trade Finance Marketing, ING Vysya Bank, addressed the participants at New Delhi and Mr. Amit Bagri, Head – International Clients Group, ING Vysya Bank at Chennai and Mumbai. In his remarks, Mr Raghu Mody, President, ICC India mentioned that with the effects of the global financial and economic crisis still being felt in most countries, businesses need to take even more stringent measures to ensure that their transactions are watertight.
Understanding the new provisions of Incoterms® 2010 and how the changes impact users will provide businesses with the confidence and legal certainty to trade in unfamiliar markets and save both time and money.
Mr Mody also mentioned that in the context of the global financial crisis, the recently published ICC Global Trade Finance survey which gleaned hard facts from more than 100 countries reported that „34% of respondents indicated an increase in the percentage of documents refused on first presentation‟ and „94% of respondents experienced increased pressure from applicants to refuse documents during 2010‟.
In his presentation, Mr O‟Brien focussed on UCP 600 & revised Incoterms 2010 rules and presented case studies on experience of users of ICC trade facilitation rules. He highlighted the practical application of the technical rules of Incoterms and UCP600 – to manage risk, reduce costs, eliminate unnecessary discrepancies and enhance security of payment and international trade cash-flow.