DCCI to put spotlight on global trading tools

The event, which was inaugurated by HE Eng Hamad Buamim, Director General, Dubai Chamber of Commerce and Industry, had two prominent guest speakers, Mr Pradeep Taneja from Bahrain and Mr Vincent O' Brien from Ireland, both members of International Chambers of Commerce Banking Commission, giving an overview of UCP 600 articles concerning international trade.

The case-driven seminar delivered by leading world experts in Letters of Credit operations and the practical application of international trade finance rules helped participants understand the Uniform Customs and Practice for Documentary Credits UCP 600 that impact international sales contracts since its introduction in July 2007 and its comparison with the old rules UCP 500.

HE Eng Hamad Buamim said,

"The Letters of Credit & UCP 600 Seminar goes in line with Dubai Chamber's policy and mission to represent and protect the interests of the business community in Dubai, as well as enhance their knowledge on critical issues related to the mechanism of Unified Customs and Practice for Documentary Credits that impact international sales and contracts."

"This significant seminar also provides the opportunity to exchange experience and share practical information about UCP 600 and how to use letters of credit as a risk minimizing tool in international trade and establish a good understanding about global trading to make Dubai a favorable business and investment centre ," said Buamim.

A number of 116 participants attended the seminar including importers, exporters, forwarders, carriers, bankers, consultants and attorneys. The seminar discussed in length the major changes in UCP 600 Articles, its application in day to day business, the interpretations of commercial contracts, issuing banks and their responsibilities, methods of negotiation and examination of legal documents. The participants also got a chance to network and build up new business contacts at the day-long event.