Trade finance trends, legal opinions, trade document analysis, and sustainability and digitalisation updates… what more could you want out of an industry event?

These topics, and more, were all discussed at ICC Austria’s Trade Finance Week 2024 in Vienna, where Jyodh Bilan, Editorial Assistant, Trade Finance Global, was joined by Eleonore Treu, Director of ICC Austria’s Trade Finance Week, to reflect on two decades of the event and future prospects.

Reflecting on Trade Finance Week 2024

The 18th Global Conference on Letters of Credit opened on the fourth day of Trade Finance Week, concluding a successful event. 

According to Treu, the week was incredibly busy, but left everyone feeling like they walked away with a lot more information. The sessions all covered topics such as sanctions and compliance, artificial intelligence, digitalisation, e-bills of lading, and the current legal landscape. 

Notably, discussions on the current regulatory environment in light of the latest EBA proposal on the classification of guarantees were of particular importance.

Secrets to the success of Trade Finance Week

After two decades of ICC Austria successfully hosting Trade Finance Week, there are several clear key elements behind this achievement, principally the community, the location, and the team behind the event. 

Treu said, “It is a layered answer, but I think it always starts with the community…the trade finance community is quite a crowd. They are something, and they are also closer to family perhaps.” 

Another factor is Vienna itself. In particular, it is a central location, which is particularly useful for Central Asia, with excellent connections to the Balkans, the Caucasus region, and North Africa. Treu said, “It is reachable, and of course, it is very beautiful.” 

The ICC Austria team is a third important factor behind the longstanding success of the event. Treu said, “We have been putting our heart into that conference week for close to 20 years. Next year we will celebrate our 20^th Global Conference on Bank Guarantees…I think I have hosted 12 or 13 of those. Next year is going to be an exciting year.” 

Looking ahead to 2025

Trade Finance Week 2025 will take place from the 19^th to the 23^rd of May. Whilst remaining in Vienna, the venue location will be changed after a fruitful run with longstanding partner, Raiffeisen Bank International (RBI). 

Treu said, “We are moving to a different space to market the change visually as well. Then, be excited about the agenda. I am getting a tonne of new ideas, but the overall motto will be “change”.” The event will continue in its efforts to attract partners with a passion for education and seek to facilitate connecting like-minded industry participants.

The post VIDEO | Celebrating two decades of Trade Finance Week with Eleonore Treu appeared first on Trade Finance Global.

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.

The post Engage, connect, celebrate. What is trade finance week? appeared first on Trade Finance Global.

Featuring: Bob Ronai, Import-Export Services Pty Ltd., Member of the ICC Incoterms Steering Committee

Hugo Verschoren, Consultant, goVer Trade Technologies.

Host: Eleonore Treu, ICC Austria

As the golden rule, we often say that Letters of Credit do not deal in contracts, but in documents; which is basically another way of describing the independent principle that rules trade finance instruments, such as Demand Guarantees, or Letters of Credit.

However, some documents, for example, transport documents – such as the Bill of Lading – a beneficiary needs to present are directly linked and a direct result of the underlying contractual relations. To allocate costs, risks and tasks of the transport in an international commercial transaction, parties more often than not, rely on the ICC Incoterms rules which have been recently updated.

In this video, the following topics are covered and discussed:

• Introduction – Incoterms Rules and Letters of Credit
• FCA, FAS & FOB – How not to get your goods stuck in the port!
• On Board Bills of Lading
• Can you use Incoterms Rules with Letters of Credit?
• Ex Works (EXW) and Letters of Credit
• Using FCA, CPT & CIP with Letters of Credit
• On Board Bills of Lading and Letters of Credit
• Can you use Letters of Credit in the D Rules?
• Letters of Credit and the UCP
• Does FCA work with a Letter of Credit?
• Will FCA and an Air Waybill work together?
• The F Rules (FAS, FOB, CFR & CIF) and Letters of Credit
• Case Study: LCs for purchasing coal – China / South Africa route using DAP
• Case Study: LCs for kitchenware shipments – Hamburg / Casablanca using FOB
• Finding out more about Incoterms Rules
• Conclusions

Disclaimer: The information and opinions expressed do not represent or purport to be legal advice. Neither the relevant expert(s) nor ICC Austria accept any liability for loss, damage or cost (howsoever caused) suffered by any person acting or refraining from acting as a result of the information and opinions provided here.

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