UN endorses ICC's URF 800

News | 23 August 2017

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The United Nations Commission on International Trade Law (UNCITRAL) has formally endorsed the International Chamber of Commerce (ICC) Uniform Rules for Forfaiting (URF 800) at its 50th plenary session in Vienna.

The URF 800, the first internationally approved standardised rules of its kind for the forfaiting industry, was developed between the ICC and the International Trade and Forfaiting Association (ITFA) and came into effect on 1 January 2013, and were officially endorsed on 14 July 2017.

John Danilovich, ICC secretary general, said, “We are pleased to have the UN once again affirm ICC’s role as a setter of global rules and standards for the financing of trade. Harmonised global rules have a vital role to play in facilitating finance for small businesses looking to trade internationally.”

David Bischof, senior policy manager for the ICC Banking Commission, said, “This endorsement will go a long way in encouraging the banking and exporting communities to adopt URF 800 more widely for without recourse financing of international receivables, especially helping small and medium-sized enterprises to access adequate and affordable trade finance at all levels and ultimately growing total exports”.

The time delay between adopting the rules and endorsing them is down to lengthy formal procedures.

UNCITRAL congratulated the ICC in its official report for its contribution to the facilitation of international receivable financing and to international trade.

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