Bankers and businessmen raise their skills in trade financing29.01.2007 / Press-service
For the first time in Kazakhstan new version of "Uniform Customs and Practice for Documentary Credits" – UCP 600 will be presented. The rules will come into force on July 1, 2007. UCP 600 brings time and situational changes to documentary credits processing. New rules for documentary credits regulate banks’ procedures in documentary operations taking into account 0 years of expertise in problem solving. Thus, rules on inter-bank compensation, period of document check, insurance documents were changed.
New edition of the document was adopted after three-year preparation period and final editing, which took place in Paris in summer 2006, during an open meeting of International chamber of Commerce, with assistance of banking experts and clients.
Banks and client, specializing in external trade activities, have been waiting a long time for this event – introduction of new edition of the Rules. However there is not much information about the rules introduced due to a limited number of people who participated in the discussions. That is why we organized a seminar in Kazakhstan. The number of already registered participants (over 50) and their status proves the interest to the matter. These are National Company "Kazakhstan Temir Zholy", "Gosudarstvennaya Strakhovaya Korporaciya" (State Insurance Corporation), "Tehnodom", "SMATCompany", representatives of banks from Uzbekistan, Belarus, Azerbaijan, Mongolia, Tajikistan, - says Dina Abdykalykova, Executive Director of Bank TuranAlem.
During training interactive form will be discussed following questions: banks’ liabilities in the process of trade financing, time limitations for documents, insurance and transportation documents, disputable matters and mistakes in Incoterms 2000 application, buyers’ and sellers’ risks and liabilities, structured trade financing and financing by ECAs. Lecturer – Johan Bergamin, structured financing consultant, ING Bank, the Netherlands. Training will take place in Almaty, on 29-30 January, 2007, in Intercontinental Almaty Hotel – The Ankara in Kazakhstan. Organizer of the training – Bank TuranAlem and ING Bank.