Recent court cases in Singapore have shone a spotlight on the serious perils of relying on a letter of indemnity (LOI) in lieu of presentation of shipping documents.
The ICC Banking Commission held its 2023 Annual Meeting as a virtual event conducted via the Zoom online platform. An ICC Official Opinion session attracting more than 200 participants took place on 18 April, followed by a Plenary session on 19 April.
The Singaporean government launched eGuarantee@Gov, a simple and secure digital process whereby businesses and individuals can provide Electronic Bank Guarantees to Singapore Government agencies.
The 2nd Global Trade Facilitation Summit (GTFS2023), themed “Trade Transformation and Technology”, took place at Dubai Chambers, Dubai, UAE, 13-17 March 2023.
In advance of Ramadan 2023, the Pakistan government listed tea as an essential commodity in order to meet high domestic demand for tea, and the government ordered State Bank of Pakistan to issue mandatory instructions for banks to open letters of credit for tea, declaring tea a ‘primary import’.
