Thursday 24 September 2020

Sharjah Chamber introduces members to Incoterms 2020

UAE, December 9, 2019

The Sharjah Chamber of Commerce and Industry yesterday (December 8) organised a training workshop to introduce its members and employees to the latest rules and terms included in the updated version Incoterms ( International Commercial Terms) 2020.

The Incoterms are a series of pre-defined commercial terms published by the International Chamber of Commerce (ICC) relating to international commercial law.

The training, which was held in collaboration with the International Chamber of Commerce UAE (ICC UAE) and London Institute of Banking & Finance (LIBF), targeted mainly SCCI members and employees including sales and purchasing managers, agents, customs brokers, transport companies, credit professionals, trade advisors, international bankers and lawyers, said a statement.

Delivered by Bob Ronai, Incoterms 2020 Drafting Group member, the training aimed to familiarise Sharjah’s business community and SCCI members with Incoterms 2020’s new terms and rules, which will be in use for the next 10 years.

Held at the SCCI’s headquarters, the event was attended by Mohammed Ahmed Amin Al Awadhi, director general of the Chamber, and Fatima Khalifa Al Muqrab, head of International Cooperation, SCCI, BOD Member of ICC UAE, as well as other SCCI members and representatives of various commercial and industrial sectors in Sharjah.

Al Awadhi expressed his deep gratitude and appreciation to the ICC and LIBF for their fruitful cooperation and helping develop and explain the latest version of Incoterms 2020.

During the training, Ronai outlined the history of Incoterms, which was first published in 1936 by ICC and helped facilitate the international trade movement, being an acceptable terms followed as a common protocol for importers and exporters.

Ronai highlighted the most important updates on Incoterms 2020, which included 11 clauses and explained in details the new rules, which are related to costs, risks and obligations between buyer and seller in import and export transactions.

He stressed the importance of these rules, especially in reducing or eliminating uncertainties arising from different interpretations in countries.

Incoterms are a series of pre-defined commercial terms published by the International Chamber of Commerce and is updated every ten years or so in an effort to keep up with the changes that take place in international trade, it stated. – TradeArabia News Service


More Industry, Logistics & Shipping Stories

calendarCalendar of Events