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Tofail urges bankers, insurers to adopt Incoterms |
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August 2, 2000
Dhaka (UNB) - Industries Minister Tofail Ahmed yesterday called upon the country's bankers and insurers to embrace updated international commercial terms (Incoterms) to bring dynamism in business. "It's important to adopt these terms as the world trade is going under one umbrella and our goods are going to other destinations more and more," he said inaugurating a workshop on "Incoterms 2000 and Transport Documents" at a local hotel. He said taking up the terms would help increase the country's export and import trade. International Chamber of Commerce-Bangladesh (ICC-B) organized the two-day workshop with ICC-B president Mahbubur Rahman in the chair. Some 91 officials of banks, NGOs, trade associations, private business houses, multinational companies, freight companies and international oil companies registered their name with the ICC-B to take part in the workshop. ICC Incoterms like C&F, CIF, FOB, etc. are applied and used by importers and exporters worldwide, which specify the obligations for delivering goods as per international contracts. Mahbubur Rahman said the Incotermes had to be revised due to the impact of technology and changing market practices. "Through modifications to the earlier editions, these changes have been made to be compatible with the contemporary commercial needs," he informed. He said updating of the Incoterms was necessitated because of increased possibilities of misinterpretations and disputes due to globalisation, uncertainties of different interpretations of the commercial terms in practice, spread of customs free zones and pulsating increase of e-commerce. "It's inevitable that with the dominant surge of e-commerce, labour-intensive and paper-driven methods will be made obsolete. So, it's imperative we must take up the challenge and face the situation head on," the ICC-b president said. He said the intensified global movement of goods by sea, air, land and rail involve agreements between the buyers and the sellers as well as the carriers. The agreements like Airway Bills and Bills of Lading incorporate various instructions aimed at ensuring that goods are delivered safely, timely and according to terms and conditions, Mahbubur Rahman said. He said: "Problems may arise if instructions are not complied with and in the event these may not be applicable or acceptable everywhere…We need to update our knowledge in the changing pattern of business transactions and its documentation." |