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Trade Finance Week, a week-long gathering organised by the International Chamber of Commerce (ICC) Austria, has become renowned in the trade finance industry.
In three conferences over five action-packed days, the 170 participants from more than 40 nations come together to discuss topics such as bank guarantees and letters of credit.
Trade Finance Global spoke with Eleonore Treu, director of Trade Finance Week at ICC Austria, to learn more about the essence of the event, its significance, and the three pillars that define it: engage, connect, and celebrate.
Engage
Engagement lies at the heart of Trade Finance Week.
Treu said, “The engagement part shows that our focus is as an educational platform. We do drafting sessions and technical sessions for those who work daily with demand guarantees or with letters of credit.”
The event addresses complex subjects like indirect guarantees, sanctions, and compliance, which are especially pertinent in today’s challenging times. By engaging with industry experts and sharing knowledge, Trade Finance Week strives to enhance understanding and expertise in the field of trade finance.
Connect
Connectivity is another key element of the week-long event.
Vienna, known historically as the lighthouse to the east, has retained its significance as a bridge between different regions, and Trade Finance Week embodies this historic role, aiming to bring the International Chamber of Commerce closer to people worldwide.
Treu said, “Not everyone attending Trade Finance Week is a member of their National Committee or even knows about the National Committees. So we want to introduce them to the structure of the ICC and our values.”
Additionally, participants eagerly anticipate updates from the Banking Commission, including the forthcoming release of the new Standard Banking Practice. This publication, along with the revised electronic versions for collections and letters of credit, fosters connectivity by providing valuable resources free of charge.
By facilitating connections and disseminating essential information, Trade Finance Week strengthens the global trade finance community.
Celebrate
Trade Finance Week also believes in celebration, and Vienna, known for its art of hosting, offers the perfect backdrop for the occasion.
Treu said, “We wanted the participants we haven’t seen in such a long time to enjoy the conference. We do a lot of very intense sessions here, so there has to be some celebration that we are all back in Vienna.”
Amidst the intensive sessions and in-depth discussions, there are moments to rejoice and savour the experience, and after a prolonged absence due to the pandemic, many participants are delighted to be back in person, reconnecting with peers and celebrating their shared passion for trade finance.
Trade Finance Week recognizes the importance of balancing serious work with moments of celebration, creating an environment where attendees can enjoy the conference fully.
Trade Finance Week 2024
Treu said, “Please take out your calendar because the next Trade Finance Week will be from the 3rd to the 7th of June 2024 – please join us.”
Much like past editions, next year’s Trade Finance Week will embody the spirit of engagement, connection, and celebration within the trade finance industry.
Through its educational platform, it will empower professionals with the knowledge and skills needed to navigate the complexities of trade finance; by fostering connections and facilitating networking opportunities, it will strengthen the global trade finance community; and by providing moments of celebration amidst the hard work, it will create an atmosphere of camaraderie and joy.
Trade Finance Week is an event that plays a significant role in shaping the future of international trade, and the impact of the event will continue to resonate, driving innovation and growth in the trade finance industry for years to come.
