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IBP holds workshop on Incoterms-2000

KARACHI: M Saleem Umer, General Manager, Institute of Banking, Finance and Management, on Thursday emphasised proper understanding and correct use of the standard trade terms prescribed by the International Chamber of Commerce. Addressing a workshop on Incoterms-2000 organised by the Institute of Bankers, Pakistan, he said this was essential so as to reduce costly misunderstandings and legal disputes among importers and exporters, banks, insurers, transporters, forwarders and all those associated with international trade. Saleem Umer gave a clause by clause explanation of trade terms with emphasis on the rights and obligations of the importers and exporters in the sales contract, the cost and non-cost implications, risks and cost factors.

He also dilated on the problems in international trade and requisite documentations to avoid inherent risks.