Doha Hosts ICC Banking Commission Meeting

Doha, February 18 (QNA) - Doha hosts the biannual meeting of the International Chamber of Commerce (ICC) on 25-29 March 2012, with some 400 banking leaders and executives from 50 countries expected to attend. The event, which is being organized in association with Qatar National Bank, will discuss the current volatile economic climate and recent ICC market intelligence on trade finance. This year s event, entitled "Reframing the Future of Trade Finance", will also review ICC works-in-progress, such as the International Standard Banking Practice revision, the drafting of Bank Payment Obligation and forfaiting rules and the international regulatory framework for banks, also known as Basel III, ICC has said in a press release. A special Arbitration and Banking Summit will be held on the final day. The meetings will also include consultations with heads of global trade from major international banks on ICC's G20 policy input. Part of a series of regional consultations led by the ICC G20 Advisory Group around the world, the experts at the Doha meeting will help to frame business positions on stimulating jobs and growth, ahead of the upcoming G20 Summit in Mexico. "Despite the global economy, it is an exciting time to do business in Qatar, thanks to the opportunities created by massive public and private investment in various industry sectors," said HE Sheikh Khalifa bin Jassim bin Mohammad Al-Thani, Chair of ICC Qatar. "It is important to highlight the concrete business opportunities this affords and indeed the path of change across the whole MENA region," Sheikh Khalifa said. For his part, ICC Banking Commission Chair Kah Chye Tan said, "Twice a year the ICC Banking Commission meeting brings together bankers, business leaders, finance experts and government officials to encourage dialogue, make policy recommendations, and develop rules to improve trade finance." "Market conditions going into 2012 are grim. Bankers and traders are facing eroding confidence in volatile markets," Tan added. "The ICC Banking Commission has carefully selected a world-class line-up of leading experts in trade and finance to help decipher today s mixed economic messages." International speakers and panelists at the Doha meeting include Neil Esho of the Basel Committee on Banking Supervision, and Akshay Randeva, Director Strategic Development of Qatar Financial Center, as well as representatives from The World Bank, International Finance Corporation, European Bank for Reconstruction and Development, Asian Development Bank and International Monetary Fund. The Commission on Banking Technique and Practice acts to prepare new uniform rules, to update existing uniform rules for documentary credits, collections and bank-to-bank reimbursements and to adapt international banking practices to automatic data processing techniques. It works in conjunction with the International Commercial Practice Commission and with other international bodies on demand guarantees. The Banking Commission meets twice a year, once in Paris, once in another location. Commission meetings consider drafts of the new UCP revision, draft Opinions concerning queries on ICC rules submitted by ICC national committees, reports from the Task Force on Guarantees and special reports on items such as electronic commerce and trade finance. Meetings are open to members nominated by ICC national committees and also to guests for one meeting only, after which they have to become members in order to attend. (QNA)