Organised in partnership with Standard Chartered Bankprovided an overview of the role of banks in international trade finance.

Speakers at 'Legal & Practical Aspects of International Trade Finance' seminar at head office of Dubai Chamber of Commerce and Industry. - Supplied photo

As part of its efforts to apprise the business community with the latest aspects of international trade finance, the Dubai Chamber of Commerce and Industry recently concluded the 'Legal & Practical Aspects of International Trade Finance' seminar at its head office.

Organised in partnership with Standard Chartered Bank, the seminar which was attended by stakeholders in the field of trade finance operations from the UAE, provided an overview of the role of banks in international trade finance.

It also shed light on the current practical and legal challenges facing banks, carriers and traders while also focusing on primary trade finance instruments, recent dispute cases and lessons to be learnt as well as the position of the International Chamber of Commerce on the impact of sanctions on banks' trade obligations.Jehad Kazim, director of the legal services department, Dubai Chamber, stated that the significance of understanding the legal and practical aspects of international trade finance has become immensely important in line with the resurgence of international trade in the GCC region, especially Dubai which has become a global hub for trade finance.

She added that Dubai-based banks and traders deal extensively in global trade finance and the seminar updated them with the recent trends in the area including the obligations and challenges faced by the parties operating in the field. It also armed them with the knowledge to speedily expedite their business transactions.

Haytham El Maayergi, head of transaction banking for the UAE, Standard Chartered Bank, said: "Throughout our five decade journey in the UAE, we have always strived to contribute to social and economic development in the country by leveraging our extensive global network and our capabilities to ensure our client's international needs are catered wherever they are." business@khaleejtimes.com