ICC-Georgia organises seminar on ICC rules, letters of credit and bank guarantees

On June 3 and 4 ICC-Georgia organised a two day course on letters of credit and bank guarantees, (UCP 600, ISP 98, URDG 758), the first such course in Georgia. As ICC has recently substantially modernised and modified those rules it is very important for banking sector staff to keep up to date with the changes, implementation and interpretation of those rules.

All the leading banks participated in the seminar and gained an insight into developments in bank guarantees. It was also a very valuable event for business people active in export and trade finance and investment projects.

ICC has three main activities: rules formulation, arbitration and policy. Because its member companies and associations are themselves engaged in international business ICC has unrivalled experience of making rules that govern the conduct of business across borders. Although these rules are voluntary, they are observed in countless thousands of transactions every day and have become part of the fabric of international trade. As the underlying mission of ICC-Georgia is to promote trade and investment ICC-Georgia is planning to continue to organise such seminars in future, bring in ICC experts and facilitate global business integration.

The International Chamber of Commerce is one of the most influential business organisations in the world, active in 130 countries with hundreds of thousands of members. It is a representative body which authoritatively speaks on behalf of enterprises operating in various sectors worldwide. It enjoys close cooperation with the United Nations and other intergovernmental organisations, including the World Trade Organisation and G8.

President of ICC-Georgia Fady Asly said that the seminar is very timely because from July 1 new rules and regulations will be applied. He also highlighted the top level expertise of Pavel Andrie, secretary to the banking commission of ICC Czech Republic, who led the seminar. The participants received certificates of attendance and said that the experience they had gained would further enhance their professional careers.