President of ICC Bangladesh Mahbubur Rahman further said in some cases Bangladesh did not adapt itself with the updated rules and as a result external business of the country suffers from incongruent trade practices.

Rahman made the observation while inaugurating an ICC workshop on 'Understanding the UCP 600' in Chittagong, according to a press release.

"We at ICC Bangladesh have been receiving an increasing number of complaints from various countries about non-payment of documentary credits by a number of banks on various pretext; which are more often than not, in violation of UCP rules adopted by the banks worldwide," said ICC-B chief.

"Sometimes, it is also seen that our importers seek legal protection against payment in violation of UCP and seek court injunction restraining the bank from payment even when bankers are willing to pay," the ICC-B added. "This lowers the image and credibility of local banks internationally and thus credit rating of Bangladesh goes down to a further low."

Terming the new UCP more simple, transparent and user-friendly, the ICC-B president urged professionals to be well acquainted with the UCP 600, which will come into effect all over the world from 1st of July.

President of Chittagong Chamber of Commerce and Industry (CCCI) Saifuzzaman Chowdhury said information technology has brought about dramatic change in global trade and commerce to ensure safety and security in receipt of goods and payment.

"Slow paced paper based mode of transaction is being replaced by fast moving mode."

"Often buyer and seller are not known to each other. Here, comes up the risk of trade transaction. Buyer needs to mitigate the risk of non-receipt of goods and seller the risk of non-payment. Here, documentary credit mechanism helps in mitigating the risks of both, buyer and seller," Saifuzzaman said.

Vincent O'Brien, ICC expert from Europe, also spoke at the inaugural session. About 60 senior and mid-level executives of banks, insurance and shipping companies attended the daylong workshop.