Speaker 1: Hello, and welcome to Trade Finance Talks. I'm George Billen, Editorial Assistant at TFG. And today, we're here at ICC Austria's Trade Finance Week in Vienna. Today, I'm delighted to be joined by Inessa Amadoubekian, Head of Financial Institutions and Trade Finance at ID Bank Armenia and Chair of the Banking Committee at ICC Armenia. Today, we'll be talking about the role and interaction of national committees within the International Chamber of Commerce and discussing best practices in trade finance. Inessa, welcome to Trade Finance Talks. So, firstly, could you tell us, who are you, where are you from, and what do you do?

Speaker 2: Hello, George. And thank you very much for this opportunity. I'm Inessa from beautiful country of Armenia. And I currently serve as a Head of FI and Trade Finance at ID Bank in Armenia. My responsibilities include maintaining and opening correspondent accounts with banks and also relationship with international financial institutions. I'm also engaged in managing and supervising trade finance operations. I would like to add that I'm as well participating in international banking community, being Executive Board Member at ICC National Committee Armenia, as well as Chair of the Banking and Finance Commission Armenia.

Speaker 1: Thank you. So, you've mentioned that you're the Chair of the Armenian Banking Committee. But for those who are not as familiar with the structure of the International Chamber of Commerce, could you maybe explain the role of a national committee such as ICC Austria

Speaker 2: or ICC Armenia? Certainly. International Chamber of Commerce works through the global network of national committees, which serve as local branches of ICC in different countries. So, national committees like ICC Armenia or ICC Austria, they serve as a bridge between global initiatives of ICC and the specific needs of local businesses in their regions. They promote international trade and provide valuable resources and advocacy as well as policy recommendation in order to support local businesses. So, by the way, if you are interested to make a real impact both on the local and global scale, joining your national committee can be a fantastic way to do so. So, think global

Speaker 1: and act local. Thank you. And so, do the national committees

Speaker 2: interact with each other? Yes, absolutely. The beauty of ICC network is that it is highly interconnected. Various national committees interact regularly. And for example, during international conferences, forums, workshops and seminars, they come together to address common challenges and share best practices. Recently, in May, during the EBRD annual meeting in Yerevan, we had an honor to host Eleanor from ICC Austria at our ICC Armenia headquarters in Yerevan. And as a result of our fruitful meeting, we are currently working on a joint project together. This collaborative approach actually helps to address the needs of local businesses and, at the same time, promotes the global trade opportunities worldwide. And ICC Austria Trade Finance Week is one of the best examples

Speaker 1: of such collaboration. So, changing hats for a moment, as a speaker at the 19th Global Conference on Bank Guarantees, you presented a subject on streamlining guarantee conditions for efficiency and compliance. What are your top three takeaways that practitioners

Speaker 2: should always pay attention to? First of all, it was a great honor for me to participate in such a fabulous event as a speaker. And as I talked in my presentation, the top three takeaways for the practitioners in the field of bank guarantees is, the first one, it's an importance of precise wording because in the bank guarantee world, every word counts. And preciseness will help in avoiding disputes and misunderstandings. Another takeaway is about making incorporation of ICC rules and best practices into the guarantee wordings. And the last one, in my opinion, is the technological integration, which helps to streamline the operations, to enhance compliance, and overall, make these guarantee processes

Speaker 1: more effective and efficient. So, I guess the key points are precise wording, best practice, and technology. How do you view achieving this?

Speaker 2: Great question. And in order to achieve all these points, we need first to conduct regular training for practitioners to enable collaboration between industry stakeholders. And also, there is a need for constant improvement in the field through initiatives such as ICC Austria Trade Finance Week. Thank you. And finally, Inessa,

Speaker 1: what was your favorite moment of Trade Finance Week so far?

Speaker 2: Oh, actually, Trade Finance Week had such a lot of memorable moments. But if I have to choose one, it would probably be the case studies on bank guarantees, letters of credit, and ICC opinions so far. The mood and the atmosphere in the room was, I may say, electric because there were lively discussions with the best experts in the field. And there were both serious discussion and also fun moments. So, it's always engaging when you share insights with the people with the people who are in the same field as you and share the same interests.

Speaker 1: Thank you. That was Inessa Amirbekian from ID Bank Armenia and Chair of the Banking Committee at ICC Armenia. And we're here at ICC Austria's Trade Finance Week in Vienna.

Speaker 2: Inessa, thank you for joining us. Thank you very much, Judd.