MANILA, Philippines - While the new set of rules on Incoterms (shipping terms used for land, air and sea) in all international trade transactions has taken effect globally on Jan. 1, 2011, many exporters and importers, traders, bankers, insurers, freight forwarders, carriers and the people handling such transactions namely treasurers, CFOs, procurement officers, trade negotiators are still unaware of these changes.
To educate the business community and the general public, the International Chamber of Commerce in collaboration with the Center for Global Best Practices, will hold a special seminar (with accreditation from the Supreme Court for the Mandatory Continuing Legal Education of lawyers) on the topic entitled “Incoterms 2010: Revised International Rules in the Interpretation of Trade Terms†on June 14 at the Peninsula Hotel in Makati City, Philippines.
Four terms under the current Incoterms 2000 were taken out, and two new terms DAT (Delivered At Terminal) and DAP (Delivered At Place) have been added. Incoterms 2010 promises to be very concise and more relevant to business transactions and cargo security issues which are now at the forefront of the transportation agenda of all countries and governments. For details, check www.cgbp.org or call Manila lines at (02) 842-7148/59; 556-8968/69; Cebu lines at (032) 512-3106 to 07 and Baguio at (074) 423-5148.
This special program will feature Singapore-based expert, Victor Tan, an authority in the field of trading and banking, and with 15 years of banking experience covering areas of international trade finance, remittances, guarantees, import and export. He has worked with various International Banks since 1977 starting with Standard Chartered Bank, Amsterdam-Rotterdam Bank, Bangkok Bank, Royal Trust Merchant Bank and lastly Barclays Bank, where he was deputy head, Trade Finance.