Congress on International Settlements held in Minsk

How to avoid accounts receivable and build clear mechanisms for transactions with banks? This was discussed on February 11 at the Congress on International Settlementsorganized by the Belarusian Chamber of Commerce and Industry.

The choice of the topic is not accidental, it worries almost all enterprises that are engaged in foreign economic activity. Now the trend of moving away from payments in dollars and euros continues. If until 2020, most of the cross-border settlements of our enterprises were in American and European currencies, now transactions in Russian rubles and Chinese yuan are coming to the fore.

International settlements are a complex topic. And here, theory alone is not enough. Practical solutions are needed. After all, the markets are different, there is no single recipe for all countries. Yes, partners are increasingly switching to national currencies in transactions. And alternative schemes are also being discussed on platforms such as BRICS or SCO. But it is important for enterprises to know all the intricacies of paying a specific buyer country.

According to the results of 2024, our foreign trade turnover is more than 100 billion dollars. It has increased by 5% compared to 2023. Exports grew by 3.5 to 49.5 billion. Today, our export markets include more than 150 countries of the world. And sometimes a crash course is needed not only for distant markets, but also for Russian regions.

VitalyVabishchevich, Head of Department at Belarusian Chamber of Commerce and Industry:

"Whatever the enterprise does, whatever activity it carries out, any commercial economic activity is accompanied by the fact that you ultimately need to pay money. Either you are an exporter, and you sell a product, and you want the payment to be guaranteed. Or you are an importer, and you need to make a payment. There have always been problems in this area. And today, of course, these problems are even more sensitive, but there are ways out. Our economy is growing and developing, foreign trade turnover is growing, so payments are coming. But in order to minimize risks, of course, it is necessary to be more advanced in these matters."

The congress brought together 400 bankers and businessmen. The topicsrange from drawing up a foreign trade contract to what is recognized as force majeure, when exactly you need to go to the Arbitration Court.

Denis Meleshkin, Deputy Chairman of the Belarusian Chamber of Commerce and Industry:

"Special areas for communication have been created. You can come up to the forum at any time, talk to the bank, ask some questions, because not all questions can be voiced from the podium, especially under certain restrictions imposed against the Republic of Belarus by unfriendly countries. There are platforms where you can communicate, ask and try to resolve your specific issue."

Today they discussed how to reduce risks in settlements with non-residents and residents, ensure the fulfillment of obligations and work on prepayment if you are a supplier or buyer. These tools not only help to avoid accounts receivable, but also allow one to build clear mechanisms for conducting transactions with banks in advance, which is especially important in modern conditions.

Irina Chuvakhina, Chairperson of the Association of Trade Finance Professionals:

"All markets that our enterprises enter are new, therefore, to a certain extent, complex. And banks, of course, follow their clients. And for us, it is just as difficult a task as for business, to develop these areas."

The current dialogue means new approaches in the interaction of the BelCCI and business. For the first time this year, the chamber developed a membership card for companies. And the congress is just the first event of the year. The next ones are scheduled in March on marketplaces.