The International Chamber of Commerce (ICC)’s updated Incoterms 2020 rules is key for importers and exporters around the world, ICC Qatar General Secretary Khaled bin Klefeekh al Hajri has said.
Speaking at the ICC Qatar Incoterms 2020 training workshop, Hajiri said the updated Incoterm rules, which will come into force on January 1, 2020, will help importers and exporters understand their responsibilities and avoid costly misunderstandings.
He affirmed the Incoterms will also help businessmen know their contractual obligations and avoid the risk of any legal complications, especially as they take account of the recent practices in international trade.
He stressed the ICC Qatar’s interest to provide the Qatari business community with the latest upgrades in international business environment to help them keep pace with global developments.
The one-day event was held by ICC Qatar in collaboration with the London Institute of Banking and Finance (LIBF), sponsored by Qatar Development Bank, Exxon Mobil and Milaha.
Held under the Patronage of Qatar Chamber and ICC Qatar Chairman Sheikh Khalifa bin Jassim al Thani, the workshop informed attendees on the ICC’s latest terms issued last September.
The training was delivered by Robert Ronai, from the London Institute of Banking and Finance (LIBF).
On his part, Executive Director of Strategy & Business Development, QDB, Abdulrahman Hesham al Suwaidi underscored the importance of Incoterms, noting that they represented a key factor for the success of all elements of the international trade.
He said QDB sought to promote and support the national economy by providing support for small and medium enterprises (SMEs) in a view to enhancing the economic diversification policy adopted by the country.
He gave an overview on the bank’s role in the Qatari business community.
Acting Export Development Manager, QDB, Ali Sultan al Kuwari said the event constituted an important platform that enables attendees to learn about the efforts made to enhance Qatari exports and promote their competitiveness worldwide.
He also said that the QDB vision is based on Qatar development vision which attaches a great attention to SMEs and economic diversity, affirming that the bank’s export agency, “Tasdeer”, which was established in 2011, aims to develop and deliver Qatari products to all world markets, as well as support national economy.
Incoterms are a set of rules which define the responsibilities of sellers and buyers for the delivery of goods under sales contracts. They are published by the International Chamber of Commerce (ICC) and are widely used in commercial transactions.