In a time when global geopolitical and macroeconomic relationships are becoming increasingly strained, the international trade community needs to find ways to collaborate and share best practices.
This is precisely what the ICC is doing with their international and local chapters.
At the International Chamber of Commerce (ICC) Austria Trade Finance Week 2024 in Vienna, Jyodh Bilan, Editorial Assistant at Trade Finance Global, was joined by Innesa Amirbekyan, Head of Financial Institutions and Trade Finance, IDBank Armenia and Chair of the Banking Committee of ICC Armenia, to discuss the role of national committees within the ICC and to discuss best practices in trade finance.
The role of national committees in the International Chamber of Commerce
The ICC is structured in such a way that it works through a global network of national committees that serve as local branches in different countries, such as Armenia and Austria. These diverse national committees serve as a bridge between the ICC’s global initiatives and the specific needs of local businesses in their respective regions.
Therefore, they seek to promote international trade, make resources available, and provide advocacy and policy recommendations to support local businesses. Interested parties are always invited to join their respective national committees to enhance transformational impact.
Amirbekyan said, “Think global and act local.”
Interaction between national ICC committees is a particularly important element in order to enhance the impact of the ICC’s work at both a local and global scale.
Amirbekyan said, “The beauty of the ICC network is that it is highly interconnected. Various national committees interact regularly.” Examples of this interaction include exchanges during international conferences, forums, workshops, and seminars, where ICC members come together to address common challenges and share best practices.
For example, at the European Bank for Reconstruction and Development (EBRD) Annual Meeting in Yerevan in May, ICC Armenia hosted Eleonore Treu of ICC Austria at the ICC Armenia headquarters. Amirbekyan said, “As a result of our fruitful meeting, we [ICC Armenia and ICC Austria] are currently working on a joint project together.
This collaborative approach actually helps to address the needs of local businesses and at the same time, promotes global trade opportunities worldwide, and ICC Austria Trade Finance Week is one of the best examples of such collaboration.”
Key takeaways from the 19th Global Conference on Bank Guarantees
Having presented at the 19th Global Conference on Bank Guarantees on the subject of streamlining guarantee conditions for efficiency and compliance, Amirbekyan had several takeaways for practitioners. One concerns bank guarantees and the importance of using precise wording in order to avoid disputes and misunderstandings.
Another concerns the incorporation of ICC rules and best practices into the wording of guarantees. In addition, technological integration is essential in order to help streamline operations, enhance compliance, as well as make guarantee processes more effective and efficient overall.
In order to achieve these key goals of ensuring precise wording, enhancing best practices, and technological integration, regular training of practitioners is required in order to enable collaboration between industry stakeholders. There is also a need for constant improvement in the field through initiatives such as the ICC Austria Trade Finance Week.
Highlights from ICC Austria Trade Finance Week 2024
The 2024 Trade Finance Week had of course had many memorable moments. Top highlights for Amirbekyan were the case studies on bank guarantees, letters of credit, and ICC opinions.
Amirbekyan said, “Yhe mood and the atmosphere in the room was electric because there were lively discussions with the best experts in the field. And there were both serious discussions and also fun moments. So it is always engaging when you share insights with people who are in the same field as you and share the same interests.”
