DUBAI: Dubai Chamber of Commerce & Industry, in cooperation with International Chamber of Commerce- UAE (ICC-UAE) organized a seminar about Incoterms 2020, which came into effect on January 1, 2020.
Incoterms rules, which were first launched in 1936 by the ICC are a common set of rules and guidelines to deal with the different practices and legal interpretation between traders globally.
Jehad Kazim, Legal Director, Dubai Chamber, welcomed the participants by pointing towards the dynamic nature of international trade and the need to continuously study and understand new developments impacting it.
“In such changing scenarios, the rules set by Incoterms serve as an interpretive source for proper and fair distribution of the costs and risks arising from the delivery of goods. These rules are universal, and provide clarity and predictability to businesses,” remarked Kazim.
The 11 Incoterms trade rules take into account the latest developments in commercial practice and have been updated to be more accessible and easier to use.
Touching upon the role of ICC-UAE in representing the interests of the UAE business community on a global platform and its close association with Dubai Chamber, Kazim appreciated that ICC-UAE has been true to its mission to advocate the standards and beliefs that the ICC stands for and makes trade work for everyone.
The seminar was facilitated by Vincent O’Brien, who is Member,Executive Committee of ICC Banking Commission and Chair of ICC Banking Commission, Market Intelligence Group. O’Brien, who is an expert in the field of international trade, has been instrumental in educating businesses here about the latest developments in international trade over the years.
O’Brien stressed on the importance of trade rules, and the importance and benefit of keeping trade flowing and borders open, especially in the times of trade wars and disputes.
He said that it is now more important than ever for trading companies to understand exactly their obligation under terms of trade for the sale of goods, especially across international borders. Determining when good have been contractually delivered and risk transfers from seller to buyer is mission critical in the current unpredictable environment.
According to O’Brien, the Incoterms rules are the global essential terms which guide traders in the import and export of global trade on a daily basis.
Participants were presented with case studies to help them understand the application of these rules, how to choose the most appropriate rule based on mode of transport and parties involved and the critical role these rules play in reducing operational payment risks. Seminars, like these, are part of the Chamber’s approach to update and inform its members on legal developments that impact their businesses and fall in line with the Chamber’s strategic objective of creating a favorable business environment and supporting business growth