TDAP Sensitize Exporters On Banking Channels For Eurasia, CAR

Trade Development Authority of Pakistan (TDAP) organized an awareness session to sensitize exporters about available banking channels for financial transactions between Pakistan and countries of Eurasia and Central Asia

KARACHI, (UrduPoint / Pakistan Point News - 24th Jan, 2024) Trade Development Authority of Pakistan (TDAP) organized an awareness session to sensitize exporters about available banking channels for financial transactions between Pakistan and countries of Eurasia and Central Asia.

The main objectives of the event organized at TDAP headquarters in Karachi were to provide a platform for networking and knowledge-sharing for empowering exporters with the necessary information to navigate the complex landscape of international transactions, said a statement issued here.

The event witnessed the participation of over 30 attendees in person and more than 50 participants online which demonstrates the growing interest and importance of cross-border trade in the region.

Chief Compliance Officer Industrial and Commercial Bank of China (ICBC), Shamwail Sohail, addressing the session provided attendees with a comprehensive understanding of the working dynamics of ICBC Pakistan.

He delved into the ways ICBC facilitates Pakistani and Chinese businesses and banks in settling cross-border transactions, as well as meeting the financing needs of both countries.

Shamwail Sohail elucidated ICBC's role in arranging Renminbi (RMB) transactions, encompassing buying, selling, borrowing, or lending for participating banks in Pakistan. He emphasized the bank's commitment to facilitating seamless financial transactions between Pakistan, Eurasia and Central Asia.

Addressing the sensitive nature of transactions, Sohail emphasized “All types of transactions with sanctioned countries, customers, entities, and products (sanctioned targets) were strictly prohibited for ensuring compliance with international regulations."

The session, inaugurated by the Director General of Media, Research and Publications Division (MRPD), welcomed both physical and online participants and expressed gratitude for the significant turnout. He highlighted the importance of such sessions in fostering stronger economic ties between Pakistan, Eurasia and Central Asia.

The session concluded with an engaging question-and-answer session, allowing participants to seek clarification on various aspects of cross-border transactions. Sohail expertly addressed the queries, providing valuable insights and guidance to the exporters present.