Learn the new set of Incoterms

MANILA, Philippines — The International Chamber of Commerce (ICC) first introduced the International Commercial Terms (Incoterms)  in 1936 to establish a commonly accepted definition and rules related to the delivery of goods between trading partners worldwide. These refer to the different terminologies used by traders, importers, exporters, customs brokers, logistics companies, non-life insurers and bankers in the shipment of goods via land, air and sea.

The new set of Incoterms has been released on Sept. 10 and is set to take effect worldwide on Jan. 1, 2020. These changes will have a tremendous impact on the trade documentation and will have critical implications on your businesses. Understanding these new rules and incorporating their use in sales contracts eliminates the uncertainties, errors and costly mistakes in the interpretations created in trade transactions.

To educate the different stakeholders on this, the Center for Global Best Practices, in collaboration with the International Chamber of Commerce, is hosting a training program titled “Incoterms 2020: Revised International Rules on the Interpretation of Trade Terms” to be held on Oct. 28 at the Makati Shangri-La Hotel, Makati City. This program will highlight the amendments made and how these changes will affect the relationship between the buyer and the seller.

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.

Registration is open to the general public. Check www.cgbp.org for details and a complete list of other international trade programs or call landlines in Manila (+63 2) 842-7148/ 59 or (+63 2) 556-8968/ 69 and Cebu (+63 32) 512-3106 or 07. Interested participants are encouraged to pre-register early to ensure seat availability and to avail of the early payment and group discounts for those registering three or more attendees.