Debate persists on when an independent undertaking is issued: upon leaving the issuer’s control or only when advised to the beneficiary. Various rules clarify issuance timing.
The 2022 Global Trade Facilitation Summit, a two-day event providing opportunity for international trade, finance, and business professionals to re-connect as the world emerges from the pandemic and address industry challenges and opportunities, took place 16-17 March 2022 at Dubai Chamber in Dubai, United Arab Emirates. Offered as a hybrid event, the GTF Summit attracted 270 in-person attendees and nearly 1,400 delegates from over 72 countries participated virtually.
The event was driven by interactions surrounding the important work of multilateral development banks (MDBs). In a pair of panel sessions, officials from six MDBs outlined how their trade facilitation progammes are assisting emerging markets with recovering and revitalizing trade activity. Moderated by Dr. Marc Auboin of the World Trade Organisation (WTO), the sessions featured leaders from International Islamic Trade Finance Corporation (ITFC), International Finance Corporation (IFC), European Bank for Reconstruction & Development (EBRD), Asian Development Bank (ADB), African Export-Import Bank (Afreximbank), and African Development Bank (AfDB).
Participants gained insights into trends, developments, legal matters, and technical issues impacting trade and finance. Discussions on supply chain disruption, digitalization and sustainability were major elements of the GTF Summit as well.
The event also included “The ICC Digital Challenge – Show Me What You’ve Got!” where FinTech companies vied for the title, “Best Digital Showcase of the Global Trade Facilitation Summit 2022”.
Pictured (left to right): Cyril Bitanda, Afreximbank Manager of Trade Sales; Steven Beck, ADB Head of Trade and Supply Chain Finance; Okechukwu Ihejirika, Afreximbank Senior Manager of Trade Services; Makiko Toyoda, Head of the IFC’s Global Trade Finance Programme; Dr. Rudolf Putz, Head of EBRD’s Trade Facilitation Programme; Vincent O’Brien, ICC UAE Director; Gwen Mwaba, African Export-Import Bank Director & Global Head Trade Finance; Dr. Marc Auboin, WTO Counsellor; Lamin M. Drammeh, AfDB Head of Trade Finance; Basel Al-Hussein, ITFC Private Sector Advisory.
Following competition in which representatives from six FinTechs showcased their industry enhancements, Traydstream’s platform, presented by Co-Founder & Chief Commercial Officer Uzair Bawany emerged with top honours as determined by a three-person panel of judges based on its innovative solutions to optimise workflow and management of electronic and paper documents in international trade and finance.
Addressing the audience, ICC UAE Chairman H. E. Humaid Ben Salem said:
“The Summit organized at this critical time for the trade community brought together leaders and practitioners in the facilitation of international trade and finance. The work being done is commendable and it is inspiring to see so many countries join hands with focus and determination to make business work for everyone, every day, everywhere – the central value proposition of the ICC.”
ICC Secretary General Hassan Al Hashemi added:
“The trade facilitation programs of the multilateral development banks played a huge role in keeping supply chains moving during the pandemic with all of them increasing the level of their trade finance support. This successful model must be expanded to increase inclusiveness of developing countries in the trade finance world.”
Pioneered by ICC UAE, the GTF Summit followed the 2022 Dubai Trade Law & Compliance Conference on 15 March conducted in cooperation with IIBLP, LIBF, and Coastline Solutions. After the Summit, an excursion to Expo 2020 Dubai ensued on 18 March.
“We have lived up to the Summit’s theme to ‘Connect the Trade World and Shape the Future’”, said ICC UAE Director Vincent O’Brien who added that “plans are already underway for the 2023 Global Trade Facilitation Summit”.
Debate persists on when an independent undertaking is issued: upon leaving the issuer’s control or only when advised to the beneficiary. Various rules clarify issuance timing.
On 15 Feb 2023, DCSA members pledged to issue 50% of bills of lading (B/Ls) electronically by 2028 and 100% by 2030, aiming to cut costs and boost global trade.
