ICC-UAE examines role of trade finance in enhancing competitiveness

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Staff Report

Dubai: The UAE Chapter of the International Chamber of Commerce (ICC-UAE) and the Dubai Chamber of Commerce and Industry has recently organised and hosted the 6th ICC-UAE Trade Finance Conference, which attracted the participation of more than 100 representatives from the UAE’s business community.

The conference, held at Dubai Chamber’s premises, provided participants with an overview of economic trends and regulatory developments impacting trade finance, as well as new tools and technologies that are improving efficiency within the industry.

Addressing delegates at the conference, Humaid Mohamed Ben Salem, Chairman of ICC-UAE, highlighted the importance of trade finance in enhancing business competitiveness and stimulating international trade.

Ben Salem noted that the financial sector is one of the main pillars of the UAE’s economy, accounting for 10% of the country’s gross domestic product (GDP). He explained that the ICC plays an active role in promoting cross-border standardisation and facilitation, and added that the ICC-UAE Trade Finance Conference was organised to help corporate decision makers develop the right strategies to boost trade finance.

During the conference, presentations and sessions covered a wide range of issues and topics, including Dubai’s economic prospects, the impact of value- added tax (VAT) on the UAE’s banking sector, the emergence of structured trade finance, bank guarantees and credit insurance, as well as fintech and trade finance digitalisation.

In his remarks, Hassan Al Hashemi, Secretary General of ICC-UAE, presented an overview of Dubai’s economy and its growth prospects for the future. Vincent O’Brien, Member of the ICC Banking Commission’s Executive Committee presented the results of the ICC 2017 Trade Finance Survey, and shared valuable insights to help business leaders make informed decisions.