ICC UAE hosts ‘Global Trade Facilitation Summit 2022’

Dubai, UAE: The International Chamber of Commerce, United Arab Emirates (ICC UAE) organised the ‘Global Trade Facilitation Summit 2022’ for international trade, finance and business professionals to re-connect as the world emerges from the pandemic and to turn challenges into opportunities.

Integrated with Expo 2020 Dubai the hybrid summit commenced on March 14, 2022 and was attended in-person by 270 delegates at the Dubai Chamber auditorium, while 1,272 delegates from over 72 countries participated virtually.

The week-long summit brought the leaders of global trade facilitation programmes together, with the core agenda being driven by interactions surrounding the work of Multilateral Development Banks (MDBs).

Key MDBs at the summit included: Asian Development Bank (ADB), Afreximbank, African Development Bank (AfDB), European Bank for Reconstruction & Development (EBRD), International Finance Corporation (IFC – Private Sector Arm of World Bank), and International Islamic Trade Finance Corporation (ITFC).

In a panel session moderated by a World Trade Organisation (WTO) representative, the MDBs outlined how their respective trade facilitation progammes are helping emerging markets trade their way back to recovery.

Participants at the summit gained unique insights into trends, developments, legal and technical issues impacting global trade and finance, while discussions on supply chain challenges, digitalisation and sustainability were substantive elements of the summit.

In his address to the summit’s delegates, H. E. Humaid Ben Salem, Chairman of ICC UAE, said: “The summit, organised at this critical time for the trade community, brought together leaders and practitioners in the facilitation of international trade and finance. The work being done is commendable and it is inspiring to see so many countries join hands with focus and determination to make business work for everyone, every day, everywhere – the central value proposition of the ICC.’’

Hassan Al Hashemi, Secretary General of ICC UAE, added: “The trade facilitation programmes of the Multilateral Development Banks played a huge role in keeping supply chains moving during the pandemic, with all of them increasing the level of their trade finance supports. This successful model must be expanded to increase inclusiveness of developing countries in the trade finance world.”

A key element of the event was ‘The ICC Digital Challenge – show me what you’ve got!’, where fintech companies competed for the award of Best Digital Showcase of the Global Trade Facilitation Summit 2022. Traydstream was declared the winner by a panel of judges, based on its innovative solutions to optimise workflow and management of electronic and paper documents in international trade and finance.

Concluding the summit, Vincent O’Brien, Director of ICC UAE, said: “We have lived up to the theme of the summit: Connect the Trade World and Shape the Future.”

The grand finale of the summit was a complimentary excursion for all delegates to Expo 2020 hosted by Dubai Chamber.