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A set of rules on the issuance and use of letters of credit.
The UCP is utilised by bankers and commercial parties in more than 175 countries in trade finance. Some 11-15% of international trade utilises letters of credit, totalling over a trillion dollars (US) each year.
The latest revision was approved by the Banking Commission of the ICC at its meeting in Paris on 25th October 2006. This latest version, called the UCP600, formally commenced on 1st July 2007.