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

The workshop was inaugurated by the Bangladesh Bank Governor Dr. Salehuddin Ahmed. The inaugural function was chaired by ICC Bangladesh President Mahbubur Rahman. Chairman of ICCB standing Committee on Banking and visiting expert from Europe Vincent OBrien also spoke at the inaugural session.

The Governor in his inaugural address said that Bangladesh Bank has always been encouraging financial institutions to improve their management efficiency so that they can provide better, efficient, prompt and cost effective services to their clients. Therefore, he strongly suggested and hoped that the banks will draw up long term plan so that the young professionals could be equipped with knowledge of modern tools and techniques to excel in their career as Bankers. He observed banks should invest sufficiently in training their officials for strengthening the banking sector to play its assured role in the socioeconomic development of the country as well as stand competitive in a globalised market.

The Governor also suggested it was equally necessary for the trade bodies of the country to come forward in imparting training for business executives to deal with international trade.

ICC Bangladesh President Mahbubur Rahman in his speech urged upon the Central Bank to take appropriate steps for updating Foreign Exchange Regulation 1947 and Bangladesh Exchange Control Guidelines keeping in view the changing need of business.

Emphasing the need for capacity building of the professionals and to safeguard Bangladesh interest in international trade ICCB President said Banks and Financial Institutions, stakeholders like RMG industries as well as everyone involved in import and export trade, there is no alternative to training; both in the product knowledge, contract and documentation.

To face the new challenges in the globalised world, ICCB President suggested Bangladesh Bank/BIBM to develop a regular programme on Trade-related Human Skill Development where all stakeholders can undergo training for improve efficiency. ICC Bangladesh will be delighted to extend its cooperation in this field.

Another important area the central bank may address is to provide strategic guidelines to Banks and Financial Institutions and monitor how they are developing their staff within that guideline to pass the test or certification arranged by Bangladesh Bank. The bankers and exporters could also be persuaded by the Central Bank to take CDCS certification, the benchmark certification project of ICC for documentary credit professionals all over the world Mahbubur Rahman said.

Mr. Mamun Rashid, chairman of ICCB Standing Committee on Banking mentioned that 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 and it will be strictly followed by all involved in international trade with effect from July 1, 2007.

ICCB Vice Presidents Latifur Rahman and Samson H. Chowdhury, senior business leaders, CEOs of Banks and Financial Institutions attended the inaugural session of the event.

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).

ICC Bangladesh selected 130 participants from export oriented sector mainly readymade garments (RMG) out of about 200 participants. It may be mentioned here a workshop of this kind has been organized for our Apparel Industry to ensure that the exporters of RMG to adhere to the new procedures. The workshop aims to inform the exporters of the readymade garment industry about the regulations of the new UCPDC.

Two more workshops on UCP 600 will be held on February 27 and 28 both in Dhaka and Chittagong respectively, targeted at professionals of banks, financial institutions, law firms and other businesses.