MANILA, Philippines — As the new set of Incoterms took effect worldwide last Jan. 1, these changes will have a tremendous impact on trade documentation and will have critical implications on businesses. Understanding these new rules and incorporating their use in sales contracts eliminate the uncertainties, errors and costly mistakes in the interpretations created in trade transactions.
Incoterms refer to international commercial terminologies used by traders, importers, exporters, customs brokers, logistics companies, non-life insurers, bankers in the shipment of goods via land, air and sea. Embedded in these terminologies are the trade rules that clearly define the seller’s and buyer’s obligations as part of a contract.
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 the following dates and venues: Jan. 28, 2020 at the EDSA Shangri-La Hotel, Mandaluyong City; Jan. 31 at the Seda Ayala Center Cebu, Cebu City; and Feb. 4 at the Quest Hotel Clark, Pampanga. 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, a certified trainer of International Chamber of Commerce. He is an authority in the field of trading and banking, 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 for trade finance. He holds a Master of Business Administration degree from University of Strathclyde, UK and is a qualified Life Associate Member of the Chartered Institute of Bankers in London.
Registration is open to the general public. Check www.cgbp.org for details and a complete list of other international trade training programs, or call landlines in Manila (+63 2) 8842-7148/ 59 or (+63 2) 8556-8968/ 69 and Cebu (+63 32) 512-3106 or 07. Interested participants are encouraged to pre-register early to avail of discounts and to ensure seat availability.