Continuing a long tradition of providing the global trading community with the most up-to-date trade tools, the International Chamber of Commerce (ICC) launched the latest revision of its internationally-recognized trade terms Incoterms® 2010.

The new rules for any mode or modes of transport for shipment of goods all over the world will come into effect on 1 January 2011.

“Revisions have been made to ensure that the wordings of the Incoterms® rules clearly and accurately reflects present-day trade practices,” ICCB President Mahbubur Rahman said while inaugurating the workshop on Incoterms 2010 organised by International Chamber of Commerce-Bangladesh in the city Monday.

ICCB President emphasized the importance of understanding the new rules of Incoterms 2010 by all especially the bankers and the countrys export oriented industries. Any deviation from the new rules will result in cancellation and/or withholding of payment against L/Cs, he opined.

International commercial terms, the Incoterms® rules – were first created by ICC in 1936 to help traders avoid misunderstandings by clarifying the costs, risks, and responsibilities of both buyers and sellers in the delivery of goods.

Representing a radically new concept in an industry regulated by local rules of law, the rules caused a sensation in the international business world when ICC first introduced them because they were a first real attempt to bring legal certainty to business transactions while simplifying the drafting of international contracts, ICCB President mentioned.

ICCB President added that the Incoterms® 2010 rules take into account developments in global trade since they were last revised in 2000. These include changes in cargo security, which has been at the forefront of the transportation agenda for many countries since 9/11, and the increased use of electronic communications in business transactions.

Internationally reputed and highly experienced practitioner of International Trade Finance and a long standing member of the ICC Banking Commission Mr. Vincent O Brien conducted the workshop and spoke on the occasion. Citibank N.A. Country Officer & Chairman ICCB Standing Committee on Banking Mamun Rashid also spoke on the occasion.

Mamun Rashid mentioned that in Bangladesh, not all the Incoterms are allowed by the central bank and thus, relevant for us. He expressed his hope that this workshop will disseminate the required knowledge and skills in understanding the advantages and disadvantages of the various options that all concerned need to conceive.

A total of 126 senior and mid-level executives from banks and financial institutions attended the workshop. The next workshop on Incoterms 2010 organised by ICC Bangladesh will be held in the city today (Tuesday) for exporters.