The public seminar organized by the Trade Finance Association of Bankers on the theme "Increasing Opportunities in International Trade - Are You Risk Covered?" on Saturday, 14 November 2009 at the Grand Ballroom, Galadari Hotel, Colombo was a resounding success with the Association having to turn down some of the last minute applications due to exceeding capacity.

This seminar was conducted to fulfill one of the objectives of the Association, to engage in educational activities for the trade practitioners. This seminar was aimed at importers, exporters, bankers engaged in trade services and financing, and businessmen who are eager to venture into International Trade in a whole new economic order presented after the Global meltdown and the local post conflict scenario.

The best of the Trade specialist conducted the seminar and gave the participants a very good opportunity to educate themselves on how to identify appropriate resources, select the best options according to the situation, minimize risks and maximize returns in International Trade Business. The Seminar included a wide range of topics related to International Trade

Azam Omardeen, Assistant Vice President – Trade Services, NDB Bank, handled the subject of Trade Contracts. He stressed the importance of having a properly drawn out Trade Contract to create a better understanding between the Buyer and the Seller and help resolving disputes even in a court of law. He also explained some of the provisions of ICC’s Incoterms2000 and how they could be used to avoid lengthy Trade Contracts whilst including a number of obligations of the buyer and of the seller to it.

Parama Dharmawardene, Consultant, Sampath Bank, President of the Trade Finance Association of Bankers (former Deputy General Manager, Sampath Bank), made a presentation on Documentary Credits and Collections by using a number of interesting case studies to bring out the learning points on the subject.

He explained the obligations of the Issuing and Confirming banks, the role of the nominated bank, issues relating to the issuing / confirming bank’s undertaking, the repercussions of incorporating various clauses in LCs. He went on to discuss issues relating to documentation and valid or invalid reasons for refusal.

Ms. Shanthi Gooneratne - Head of Corporate Credits DFCC Vardhana Bank handled the Financing of Imports and exports and explained the need for financial discipline by importers / exporters and how a package of financial facilities should be structured in order to ensure that an importer / exporter can carry out his business without running to financial difficulties.

Sabry Ibrahim, Senior Deputy General Manager (Risk & Compliance), Peoples Bank, clearly explained the products available to manage Foreign Exchange Risks and the strategies that could be adopted in managing these risks.

Dilruk Ranasinghe, General Manager, Sri Lanka Export Credit Insurance Corporation, explained the export credit insurance facilities offered to the exporters and the commercial banks by SLECIC.