Mastering import, export terminologies a must

If you do import and export trade transactions or planning to trade goods, it’s a must to master INCOTERMS (International Commercial Terms used in shipping goods on land, air and sea).

While the revised set of rules on Incoterms in all international trade transactions has taken effect globally seven years ago, many exporters and importers, traders, bankers, insurers, freight forwarders, carriers and the people handling such transactions, namely business owners, treasurers, CFOs, procurement officers, trade negotiators and many lawyers are still unaware of these changes. They make mistakes in the use of these trade terminologies that jeopardize their businesses.

It has cost them loss of business opportunities, delays in deliveries and receipt of products and additional legal costs to solve their problems.

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 its special yearly seminar on the topic entitled “INCOTERMS: Revised international rules in the interpretation of Trade Terms” on March 9, at the Manila Marriott Hotel, Pasay City.

These revised set of INCOTERMS is a more concise version of the previous one 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 and all other seminars including other international trade training seminars such as Business’ guide on how to import goods to the Philippines, Mastering the use of Letters of Credit, Standby LCs, UCP 600 and ISBP 2013, Model templates in international sales contracts, check

www.cgbp.org or call Manila at (02) 8427148/59; 556-8968/69; Cebu at (032) 5123106 to 07.

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.

He is the accredited trainer of the International Chamber of Commerce in Southeast Asia.

This is a limited-seats-only event and pre-registration is required.