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Mastering Import and Export Terminologies

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 or ill equipped in understanding these changes. They make mistakes in the use of these trade terminologies that jeopardize their business. It has cost them loss of business opportunities, delays in deliveries and receipt of products and additional legal costs to solve their problems. 

Understanding these revised rules and incorporating their use in sales contracts will eliminate the uncertainties, errors and costly mistakes in the interpretations created in trade transactions.  These new rules have tremendous impact on trade documentation and critical implications for their businesses, especially in the carriage of goods between seller/ buyer, export and import clearance requirements, allocation of costs between seller & buyer, acquisition of cargo insurance and assumption of risks for loss and damage.

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 yearly seminar on the topic entitled “INCOTERMS: Revised International Rules in the Interpretation of Trade Terms” on Friday, March 9, 2018 at the Manila Marriott Hotel, Pasay City, Philippines.

These revised set of INCOTERMS is designed to be more concise than the previous version 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. 

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.

Since 1992 he has been conducting highly specialized training in Jakarta, Bangkok and Singapore, Malaysia and the Philippines where he recently conducted this program at the Bangko Sentral ng Pilipinas and the American Embassy.  He also 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, London. He will teach everything one has to know on how to apply INCOTERMS for business advantage.

Those into trading, import and export, sales, insurance, logistics, treasury and finance, audit, and entrepreneurs who has a need for movements of goods locally and internationally would benefit greatly from this event. Those registering 3 or more may avail of the group discount and interested participants may also avail of the early payment savings.  This seminar will include the seminar kit, snacks, sumptuous lunch buffet and certificate of attendance.  This is a limited-seats-only event and pre-registration is required.  

Others interested in this seminar may also like the following Best Practices programs:

2) Revised ISBP on LC Transactions (November 28 & 29, 2018)
3) Business Guide on How to Import Goods to the Philippines
4) Model Templates in International Sales Contracts

The Center for Global Best Practices also accepts in-house training and consulting for individuals, families, and corporate clients. For complete details and a complete list of other best practices seminars, you may check www.cgbp.org or call Manila lines at (+63 2) 842-7148 or 59; 556-8968 to 69; Cebu lines at (+63 32) 512-3106 to 07 and Baguio at (+63 74) 423-5148. 


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