Shipping

JB : INCOTERMS 2020 and Its Interpretation in International Trade and Shipping Documentation

Scheme: HRDCorp Claimable Courses

Programme Details

Since the domestic market saturated, the organization has to make a move into global supply chain management in order to get their materials for manufacturing products. Import and export activities required the person in charged to understand deeply the business and logistics terms to be used. It is crucial for organization in reducing logistics cost by using correct INCOTERMS and international documentation. The impact of wrong terms and documentation might increase costs due to each country carry different rules and regulation in handling import and export of goods. Since the historic 9/11 attacked USA, ICC has taken tremendous discussion globally to update necessary related circumstance in International Trade which the new INCOTERMS 2020 will be implemented by 1st. January 2020.

Incoterms 2020 is more comprehensive and precise which is adapted for the 21st century that offer increased legal certainty in sales transactions between and within countries as well as within customs-free blocks. These rules will help traders, bankers, law firms and all others involved in international trade avoid misunderstanding by clarifying costs, risks and responsibilities of both buyers and sellers.