About This Video
At the ICC (International Chamber of Commerce) Global Banking Commission Meeting in Paris, Trade Treasury Payments (TTP) spoke with Vincent O’Brien, Director of ICC UAE, about how the organisation is supporting members amid the ongoing uncertainty and disruption in the Middle East.
While external conditions remain unpredictable, trade continues to move. “I’d say that it’s business as usual.” O’Brien said.
Behind that relative stability, however, sits a noticeable increase in activity. ICC UAE has seen a rise in engagement from members seeking clarity and support as they make sense of the evolving market conditions and they mean for their businesses.
O’Brien said, “ I must say it has changed… We’re much busier engaging with our members in terms of keeping business and trade flowing.”
Much of this increased demand is coming in the form of technical queries, as banks and corporates look for practical guidance on how to apply established ICC rules in more complex or uncertain operating environments.
These queries reflect the day-to-day realities of executing trade transactions under pressure. “The key topics at the moment are [number one] delivery and risk transfer under Incoterms… Number two would be extension provisions, probably under demand guarantees. And number three, I think, would be expiry dates and expiry events under standby letters of credit… and again, demand guarantees,” O’Brien said.
Across these areas, the focus is firmly on providing guidance tied to widely used rulebooks, including UCP 600, ISP98, and URDG 758. “So very practical guidance is required. And I think we’re doing a pretty good job,” O’Brien added.
Despite the challenges, the UAE continues to position itself as a stable and reliable partner in global trade, even as the wider environment shifts.
“I’ll be returning home to a very harmonious home, a home for more than 200 nationalities… the United Arab Emirates is a resilient and totally reliable partner,” he said.
As ICC prepares to host its Global Banking Commission Meeting in Dubai in 2027, the emphasis remains on ensuring that trade continues to function, even when conditions are far from certain.
Key Topics
- Business activity in ICC UAE has increased, with greater engagement from members.
- Delivery and risk transfer under Incoterms are the most frequent technical queries.
- Demand guarantees and extension provisions are a major area of focus.
- Expiry dates and events under standby and commercial letters of credit require practical guidance.
- The UAE continues to operate as a stable and reliable trade partner despite global unpredictability.
Key Insights
Expert Analysis
Incoterms continue to shape the core of delivery and risk conversations, while demand guarantees and standby letters of credit require precise understanding of extension and expiry provisions. ICC UAE’s growing workload reflects both the complexity of modern trade and the confidence that members place in its guidance. The UAE’s stability and multicultural foundation reinforce its position as a trusted global partner, making it a natural host for the ICC Global Banking Commission meeting in 2027.— Vincent O'Brien
Key Findings
- Business in the UAE remains largely uninterrupted, with only occasional short disruptions.
- ICC UAE is experiencing significantly higher engagement from members
- The top three technical topics are Incoterms delivery and risk transfer, demand guarantee extensions, and expiry issues under standby and commercial letters of credit.
- Practical, rule based guidance is the primary need.
- The UAE is viewed as a harmonious and dependable environment for trade.
Implications
- Banks and corporates must stay current with ICC rules to avoid operational delays.
- Increased technical queries suggest rising complexity in cross border trade.
- Clear guidance on expiry events and extensions can prevent disputes.
- The UAE’s reliability strengthens confidence in regional and global supply chains
- The upcoming 2027 ICC Global Banking Commission meeting positions Dubai as a centre for trade dialogue.
Key Takeaways
- Trade in the UAE remains resilient, active and well supported, with ICC UAE providing the technical clarity and practical guidance needed to keep global commerce moving.
