Global Trade Finance, Standard Chartered Bank
The wait is finally over A new UCP is born.
International trade enters a new phase with the introduction of the UCP600 û the sixth version of the standards since their inception that governs billions of dollars in documentary credits business each year. The unanimous approval of the new version by the ICCÆs Banking Commission on 25 October 2006, marks the culmination of deliberations that spanned over the last three years, involving a painstaking review of over 5000 comments received from the various consulting groups and National Committees on the 15 drafts that were circulated prior to its finalisation. The effective...
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