Making trade finance cheaper and more accessible
The ICC Banking Commission is the largest commission at the ICC and is a leading global rule-making body for the trade finance industry. It produces universally accepted rules and guidelines for international banking practice.
These include documentary credits, forfaiting, demand guarantees, bank payment obligation and dispute resolution that help ensure access to finance and level the playing field.
Shaping frameworks
- Work through ICC Banking commission to help policymakers and standard setters create a regulatory framework that facilitates trade finance throughout the world.
- Technical Opinions Subcommittee – the subcommittee provides a forum for UK experts to review trade finance disputes i.e. non-payment and input opinions into the ICC Banking Commission Technical Opinions Working Group where they are considered alongside those of other countries in seeking a consensus opinion. Opinions are highly regarded and used in courts and dispute cases.
Implementing solutions
- Work through the Centre for Digital Trade and Innovation to implement the Electronic Trade Documents Act 2023, digitalise trade finance paperwork and prepare the ground for the integration of trade finance in real time transactions
- Work through the Trade Digitalisation Taskforce to reduce regulatory burden, tackle fraud and duplicate financing and cut AML/KYC bureaucracy
- Support Digital Assets legislation through Parliament with Law Commission
Promoting international best practice
- Ensure trade finance digitalisation is integrated into the Digital Trade Conference agenda.
- Deliver technical seminars/webinars and Masterclasses to promote best in class compliance with ICC rules and market standards.
- Encourage trade finance community to input into Trade for Prosperity publications