BNP Paribas, UAE, organised a conference on the new version of the Uniform Customs and Practices for Documentary Credits (UCP 600) which comes into force from July 1, 2007, replacing UCP 500.

The conference, held recently in Hilton Abu Dhabi, was part of the bank's trade advisory activity.

The presentation focused on the changes in the new UCP 600 and their practical day-to-day applications in handling letters of credit (LCs) and negotiation of relative documentation, said an official spokesman.

The UCP consists of a set of comprehensive terms and conditions governing the handling of documentary credits by banks. It is published by the International Chamber of Commerce (ICC) and adopted by banks worldwide.

The conference comes a few months before the UCP 600 entering into force and aims at explaining the practical measures to be taken into consideration by businesses using documentary credits in the aim of anticipating changes and applying these new terms and conditions on time.

This event was part of BNP Paribas' endeavor to provide quality services and advice to its customers with regards to Trade Finance activities. BNP Paribas is an established authority in terms of financing trade activity worldwide and advising traders on effective solutions to minimise risk and optimise profit.

BNP Paribas clients enjoy the support of 170 trade professionals in 84 countries thanks to the BNP Paribas Trade Centre global network. The network combines knowledge of the markets, expertise on trade and the most advanced technologies.

Addressing the conference which had mostly BNP Paribas UAE corporate clients, Michael Pereira, country head, BNP Paribas UAE, said: "Trade Services remains one of the cornerstones of our activities in the Gulf region, which continues to witness the ambitious growth for our various business lines.

"Our Trade Center in Dubai is the largest amongst BNP Paribas Trade Centers in Europe and the Middle East. We feel privileged to be able to arrange one of the first such conferences in Dubai for our corporate clients to discuss the UCP 600 changes and their impact on their regular trade business."

The conference was addressed by Philippe Vexlard, head of Europe, Gulf and Egypt, Global Trade Services, BNP Paribas, and Patrick Creis, engineering & technical Advisor, Global Trade Services, BNP Paribas.TradeArabia News Service