ICC new incoterms boost global trade, says Qatar Chamber official

The ICC updated incoterms, which will enter into force on January 1, 2020, “are of particular importance for importers and exporters around the world,” according to Qatar Chamber board member and ICC Qatar general secretary Dr Khaled bin Klefeekh al-Hajri.Al-Hajri made the statement during the ICC Qatar Incoterms 2020 training workshop held yesterday at the Ritz-Carlton Hotel, Doha.The one-day event, organised by ICC Qatar, in collaboration with the London Institute of Banking and Finance (LIBF), was sponsored by Qatar Development Bank (QDB), Exxon Mobil, and Milaha. The training was delivered by LIBF’s Robert Ronai.Held under the patronage of Qatar Chamber and ICC Qatar chairman Sheikh Khalifa bin Jassim al-Thani, the workshop informed attendees on the ICC latest terms issued last September. Al-Hajri also said these incoterms help importers and exporters understand their responsibilities and avoid costly misunderstandings, affirming that they also help parties know their contractual obligations and avoid the risk of any legal complications, especially as they take account of the recent practices in international trade.He stressed ICC Qatar’s interest to provide the Qatari business community with the latest upgrades in international business environment to help members keep pace with global developments.QDB’s executive director of Strategy & Business Development Abdulrahman Hesham al-Suwaidi extended his appreciation to Qatar Chamber and ICC Qatar chairman Sheikh Khalifa for organising the workshop, which aims to raise awareness in the business community on the recently-issued terms of the ICC.Al-Suwaidi underscored the importance of the incoterms, noting that they represented a key factor for the success of all elements of the international trade. He said QDB sought to promote and support the national economy by providing support for SMEs in a view to enhancing the economic diversification policy adopted by the country.QDB acting export development manager Ali Sultan al-Kuwari said the event constituted an important platform that enables attendees to learn about the efforts made to enhance Qatari exports and promote their competitiveness worldwide.He also said QDB’s vision is based on Qatar’s development vision, which attaches a great attention to SMEs and economic diversity, affirming that the bank exports agency ‘Tasdeer’, which was established in 2011, aims to develop and deliver Qatari products to all world markets, as well as support the national economy.