ICC Pakistan hosts the Launching Ceremony and Introductory Workshop on Incoterms® 2020
30 Oct 2019


The International Chamber of Commerce has launched the revised "International Commercial Terms" (Incoterms® 2020), which will help prepare business for the next century of global trade. Facilitating trillions of dollars in global trade each year, the Incoterms® rules are a commonly accepted set of definitions and rules governing commercial trade activity. Incoterms® rules are applied by companies for countless business transactions worldwide supporting ICC's vision to enable business to secure peace, prosperity and opportunity for all. Incoterms® rules are the world's essential terms of trade for the sale of goods. Whether you are filing a purchase order, packaging and labelling a shipment for freight transport, or preparing a certificate of origin at a port, the Incoterms® rules are there to guide you. The Incoterms® rules provide specific guidance to individuals participating in the import and export of global trade on a daily basis.


The Incoterms® rules feature abbreviations for terms, like FOB ("Free on Board"), DAP ("Delivered at Place") EXW ("Ex Works"), CIP ("Carriage and Insurance Paid To"), which all have very precise meanings for the sale of goods around the world. Incoterms®2010 is the most current version of the rules to date. This latest edition of the Incoterms® rules included an increased obligation for buyer and seller to cooperate on information sharing and changes to accommodate "string sales."



ICC Pakistan hosted the Launching Ceremony and Introductory Workshop on Incoterms® 2020 at Karachi on 21st October 2019. The workshop was conducted by an international expert on Incoterms Ms. Emily O' Connor, Director of Multilateral Rules for Trade & Investment at ICC who oversaw the development of Incoterms®2020 rules. The workshop focused on the major changes to the revision of the Incoterms® rules. A full public presentation of the new rules and demonstration through case-studies of the major changes and processes was provided by the trainer.


Chairman Pakistan National Committee of the International Chamber of Commerce (ICC Pakistan) Mr. Tariq M. Rangoonwala expressed his appreciation of the efforts of its Banking Commission and Chair Mr. Ahsan Aziz and ICC itself for having chosen Karachi to be among the first major cities to make this international launch of Incoterms® 2020. He said, this is also a very good occasion for trade bankers, freight forwarders, exporters, importers, regulators and shipping companies to interact as well as to understand from an international expert about the changes and implications in Incoterms® rules.


Speaking at the occasion, Nassir Salim, Head Global Operations-HBL said "HBL is Pakistan's largest commercial bank and we endeavor to support efforts that foster sharing of knowledge and best practices across the economy. This workshop will improve the overall awareness levels of parties involved in international trade i.e. the business community of Pakistan, shipping companies and bank on the new Incoterms. This increased awareness would facilitate a deeper understanding of trade transactions and the associated risks. In line with the country's approach, HBL recently held seminars across different cities of the country, where we engaged our client base on how to strengthen governance and standards for trade. Being this workshop's partner underlines HBL's efforts at further enhancing compliance standards both at HBL and across the country.”


Mr. Ahsan Aziz, GM Head International Compliance HBL and Chair of the Banking Commission of ICC Pakistan on the occasion thanked ICC and Ms. Emily O' Connor to accept our invitation to conduct this important workshop at Karachi. He also thanked all participants, Partner and Sponsors for their support.


Mr. Babar Badat, Immediate Past President of FIATA and Chair of the IRT-TIR Commission of ICC Pakistan emphasized on the importance of Incoterms in the transport, logistics and shipping industries. He informed that the latest version, Incoterms® 2020 contains many changes to rules which apply to billions of dollars of international trade each year.


The workshop was partnered by Habib Bank Limited, sponsored by USAID and Habib Metropolitan Bank Ltd., and supported by Standard Chartered Bank Pakistan.


About International Chamber of Commerce

The International Chamber of Commerce (ICC) is the world's largest business organization with a network of over 6.5 million members in more than 130 countries. ICC is the only private sector organization which enjoys Observer Status at the United Nations and has close working relationships with other intergovernmental organizations including WTO, the G8 and the G20. We are the world business organization.


The fundamental mission of ICC is to promote international trade, responsible business conduct and a global approach to regulation through a unique mix of advocacy and standard setting activities together with market leading dispute resolution services. ICC was founded in 1919. Today it has a unique network with the power to influence policy in more than 130 countries.


Please see photographs of the event:


About ICC Pakistan

The Pakistan National Committee of the International Chamber of Commerce (ICC Pakistan) was founded in 1955 and participated actively in ICC affairs. In 1960 the PNC-ICC hosted the International Businessmen's Conference at Karachi under the auspices of the Commission on Asian and Far Eastern Affairs of the International Chamber of Commerce (CAFEA-ICC). ICC Pakistan was reorganized in 1999 and is a consultative body to senior policy makers providing voluntary guidelines and information, which help to facilitate legislation allowing for the development of a conducive and enabling environment for direct investment protection provisions, trade & transport facilitation, intellectual property, Digital Economy, IT & Telecom, Energy & Environment, Documentary Credits, Trade Finance rules and other programmes for facilitating growth in international trade and investment.


ICC Pakistan is the National Guaranteeing and Issuing Organization for the Istanbul Convention for temporary admission under ATA Carnets and the UN TIR Convention 1975. The UN TIR Convention is overseen by the International Road Transport Union (IRU) of which the Pakistan National Committee of the ICC is the Associate Member in Pakistan.


Source: ICC Pakistan