International Chamber of Commerce launches revised Incoterms 2020

These rules will help prepare business for next century of global trade

KARACHI: The International Chamber of Commerce (ICC) has launched the revised “International Commercial Terms” (Incoterms® 2020), which will help prepare business for the next century of global trade.

Facilitating trillions of dollars in global trade each year, the Incoterms rules are a commonly accepted set of definitions and rules governing commercial trade activity.

Incoterms rules are applied by companies for countless business transactions worldwide, supporting the ICC’s vision to enable business to secure peace, prosperity and opportunity for all.

Incoterms rules are the world’s essential terms of trade for the sale of goods. Whether you are filing a purchase order, packaging and labelling a shipment for freight transport, or preparing a certificate of origin at a port, the Incoterms rules are there to guide you.

The Incoterms rules provide specific guidance to the individuals participating in the import and export of global trade on a daily basis.

ICC Pakistan hosted the launching ceremony and introductory workshop on Incoterms 2020 in Karachi on October 21, 2019. The workshop was conducted by an international expert on Incoterms, ICC Director of Multilateral Rules for Trade & Investment Emily O’Connor, who oversaw the development of Incoterms 2020 rules.

The workshop focused on major changes to the revision of Incoterms rules. A full public presentation of the new rules and demonstration through case studies of the major changes and processes was provided by the trainer.

ICC Pakistan National Committee Chairman Tariq M Rangoonwala expressed his appreciation of the efforts of its banking commission and chairman Ahsan Aziz and the ICC itself for having chosen Karachi to be among the first major cities to make this international launch of Incoterms 2020.

He said, “This is also a very good occasion for trade bankers, freight forwarders, exporters, importers, regulators and shipping companies to interact as well as to understand from an international expert about the changes and implications in Incoterms rules.”

Speaking on the occasion, HBL Head Global Operations Nassir Salim said, “HBL is Pakistan’s largest commercial bank and we endeavour to support efforts that foster sharing of knowledge and best practices across the economy.”

Published in The Express Tribune, October 25^th, 2019.

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