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International Chamber of Commerce (ICC)-Bangladesh President Mahbubur Rahman urged the banking professionals Thursday to be equipped with up-to-date international trade tools to avoid disputes.
He was speaking at a roundtable on Moving into the new UCP organised by the ICC-Bangladesh with support from the Citigroup in the city.
The roundtable was organised to help trade practitioners to formulate a set of recommendations on the first complete UCP draft to be forwarded to the ICC Banking Commission in Paris for consideration.
The ICC-Bangladesh president said bankers with sufficient knowledge and expertise can only help the buyers and sellers in advance before entering into an agreement based on the UCP.
Mahbubur Rahman warned the bankers and stakeholders that once the UCP 600 was finalised, it would remain in force at least for next ten years.
"It is very important that we take the opportunity to scrutinise the latest draft carefully and submit our suggestions for incorporation in the UCP 600," he added.
Toufiq A Chowdhury, director (CGPS) of Bangladesh Institute of Bank Management (BIBM), and SM Ahsan Habib, associate professor, presented the keynote paper highlighting the basic differences of UCP 500 and UCP 600.
About 60 senior and mid-level officials from Bangladesh Bank, commercial banks and the Commerce Ministry took part in the discussion of the latest draft.
Mamun Rashid, chairman of ICC Bangladesh Standing Committee on Banking Technique and Practice and CEO of Citibank N.A. Bangladesh, ICC-Bangladesh vice presidents Latifur Rahman and Samson H Chowdhury, executive board members Aftab-ul Islam and Nasir A Chowdhury also attended the roundtable.
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