International Chamber of Commerce (ICC), The world business organization in collaboration with German Technical Cooperation (GTZ) is organizing a daylong workshop on the revised international trade rules for Letters of Credit (L/C) known as UCP 600 on February 26 at the Bangladesh-China Friendship Conference Centre (BCFCC) in Dhaka.

The workshop is expected to be inaugurated by the Bangladesh Bank Governor Dr. Salehuddin Ahmed under the chairmanship of ICC Bangladesh President Mahbubur Rahman.

Since mid 2006 the German Ministry of Economic Development and Cooperation (BMZ) and the German Technical Cooperation (GTZ) through its private sector development program named PROGRESS is supporting the ICC Bangladesh to strengthen its information unit. In this context, ICC Bangladesh in cooperation with PROGRESS organized the workshop on the new Uniform Customs and Practice for Documentary Credits (UCPDC).

A total of 130 participants from export oriented sector mainly readymade garments (RMG) are expected to attend the daylong workshop.

It may be mentioned that first time this kind of workshop for the RMG sector in Bangladesh to ensure that the exporters of the readymade garments industry are able to adhere to the new procedures. The workshop aims to inform the exporters of the readymade garment industry about the regulations of the new Uniform Customs and Practice for Documentary Credits. After more than three years of consultation with different stakeholders all over the world, the ICC Banking Commission, Paris has approved the new revision of UCP. It has to be strictly followed by all involved in international trade with effect from July 1, 2007.

Mentioned may be made here that currently, about three million female workers and their families depend on the jobs provided by Bangladesh’s readymade garment industry. A loss of jobs in this sector would hit the most vulnerable of Bangladesh’s people. Thus, supporting the industry’s sustainable growth is a direct contribution to the National Poverty Reduction Strategy Unlocking the Potential.