ICC supports ITFA

The Paris-based multilateral trade body is best known in the forfaiting market for its Uniform Customs and Practice for Documentary Credits and other key rulebooks for facilitating international trade.

It has now constituted a Forfaiting Task Force that has commented on the Primary Guide soon to be released by ITFA.

We expect that the head of the ICC’s Banking Commission, Thierry Senechal, will make a presentation at ITFA’s Prague conference in September. In addition the ICC will continue to be a key point of reference assisting ITFA to ensure that the conduct of our industry is in line with international standards. Sean Edwards, Co-chairman of ITFA’s Market Practice Committee comments, “On the basis of our fruitful experience to date we are currently examining what other work and projects ITFA and the ICC can carry out together.”