Wednesday Sep 25, 2024
Wednesday Sep 25, 2024
Tuesday, 25 November 2014 01:05 - - {{hitsCtrl.values.hits}}
The international commercial terms (Incoterms) rules are an internationally recognised standard and are used worldwide in international and domestic contracts for the sale of goods. First published in 1936, Incoterms rules provide internationally accepted definitions and rules of interpretation for most common commercial terms.
The rules have been developed and maintained by experts and practitioners brought together by ICC and have become the standard in international business rules setting. Launched in mid-September 2010, Incoterms 2010 came into effect on 1 January 2011. They help traders avoid costly misunderstandings by clarifying the tasks, costs and risks involved in the delivery of goods from sellers to buyers. Incoterms rules are recognised by UNCITRAL as the global standard for the interpretation of the most common terms in foreign trade.
| Global Shippers’ Forum (GSF) – Essential briefing for September/October “Rohan Masakorala, immediate past Secretary General of the Asian Shippers’ Council, and GSF expert on international trade and documentation has been invited by the International Chamber of Commerce (ICC) to be involved in a working group to assist in reviewing Incoterms and transport project. Rohan was the key proponent behind changes to the FOB (Free on Board) Incoterms and its recommended replacement by FCA (Free Carrier named place) requesting more clarity as Secretary General of the Asian shippers’ Council from 2009-2012 period. “The Paris based ICC has invited 20 voluntary experts from around the world to draw up new draft policy proposals for Incoterms and transport. The group’s proposals will subsequently be submitted to the relevant legal committees in ICC for further consideration. The remit of the working group is to modernise existing Incoterms, to improve clarity and use of Incoterms to avoid commerce disputes between buyers and sellers. The working group will also seek to address changes in business practices and international transport in line with technological change. “Rohan has been invited to participate in the ICC working group in a personal capacity as the CEO of the Shippers’ Academy Colombo but will also represent the interests of global shippers through the GSF. As proposals on changes to Incoterms emerge, GSF will consult its members on any proposed changes to international trading terms and recommendations.” When contacted Rohan who is also a board member of ICC Sri Lanka (ICCSL) said that he had been involved with developing and supporting ICC incoterms since 2009 as he represented the Asian Shippers’Council (ASC) and it was also in the interest of the organisation he represented hear in Sri Lanka since 2007, the Joint Apparel Association Forum (JAAF) of Sri Lanka who had supported him to take matters of interest for the benefit of the trade at ASC/GSF and ICC forums. This (incoterms + transport) was a new project of the ICC Paris to harmonise the understanding not only with buyers and sellers but the transport providers as well on how best to bring in the incoterms to better usage, he further said that: “The work done over the past year was reviewed in Paris on 6 November 2014, where the major contributors to the new draft were invited to discuss the way forward. This is at early stages and more cannot be discussed as they are still in draft stage.” Emily O’ Conner Senior Policy Manager – Commission on Commercial Law and Practice from ICC Paris is heading the discussions. The uniqueness of the ICC is thatit’snot just a global chamber network but a chamber that has lots of professionals working towards the betterment of the global business industry/environment and develop tools for global trade facilitation such as, ATA carnet, Incoterms, Certificate of Origin, Bank Payments and Collections, International Arbitration etc. If a business is interested in real global connections and network, ICC would be the best and the most respected chamber to be with. |
