Big shifts in trade and finance to be addressed at first ICC Banking Commission meeting in China

The meeting, which will include a technical workshop and a trade finance summit, will be attended by eminent banking professionals, international organizations and supervisory bodies from over 80 countries.

“The high-profile event entitled Beijing 2011: Big Shifts will bring together approximately 300 professionals to provide in-depth coverage of the key trade and finance challenges faced by the industry”, said Kah Chye Tan, Chair, ICC Banking Commission. “After a much awaited recovery from the financial crisis of the years 2008-2009, the hard-earned benefits of global trade advancement hang again precariously in the balance under the influence of the various economic, political and business forces at play today. It is thus a good time to discuss the way forward for the industry.”

In the current turbulent economic environment, there is a need to review forces at play in financial markets and seek durable solutions forged at the international level. “We’re at a crossroads in the global economy. Not only has investor confidence eroded again but the process of global policy coordination, advanced steadily by the G20 in recent years, has to become more effective,” said Thierry Senechal, ICC Senior Policy Manager. “There are lots of challenges associated with the rest of the journey in global banking and finance. The ICC Banking Commission has a responsibility to mobilize its expertise to continue promoting a fair trading system and helping to set up new rules to guarantee stability and confidence in the global financial markets”.

The two-day plenary of the meeting will start on Wednesday, October 26 with a strong appeal to the ICC international constituency. It will feature discussions on the commission’s 2012-2015 strategy and presentations of key projects in the areas of rules-drafting, including Banking Commission opinions, supply chain finance, forfaiting, international standard business practice, bank guarantees, the Basel III global regulatory environment and challenges of multi-banking

“The 80th Anniversary of the Banking Commission will be at the heart of our discussions in Beijing. During its 80-year history, the ICC Banking Commission leadership, members and experts have promoted the drafting of rules, which today have become standard business practice. The commission has also become known for its international community, with members from more than 85 countries”, said Jean-Guy Carrier, ICC Secretary General. “The 80th anniversary celebration will honour these achievements, while also examining the new challenges ahead of us. In other words, this meeting in Beijing is also about how we will operate in the future to support our members.”

Following the Banking Commission plenary of 26-27 October 2011, an ICC Trade Finance Summit will take place on 28 October. Primary multilateral institutions, including the International Monetary Fund, the World Bank, the European Bank for Reconstruction and Development, the Asian Development Bank, the Inter-American Development Bank, and other leading international trade banks will focus on the current challenges facing trade. “A series of panels will highlight the key ingredients of the big shifts taking place today, in particular shifting economic development model, shifting currencies and shifting financial markets and institutions,” said Yanling Zhang, Vice-Chair of the ICC Banking Commission. “Choosing Beijing as a venue for this prestigious event is a privilege, not only because China is the locomotive of the economy to lucrative Asian markets, but also because many global businesses are now based here.”