The rules provide for increased attention to security in the movement of goods, the need for flexibility in insurance coverage depending on the nature of goods and transport
As Bangladesh's trade is expanding every year, practice of new safety standards for international trade has become essential, Commerce Minister Tipu Munshi said at a workshop on Incoterms 2020 on Sunday.
The workshop was the first knowledge-sharing session on the latest revised version of incoterms, which is one of the key frameworks that regulate international trade. Its eighth version became effective globally from January 1, 2020.
The Bangladesh chapter of International Chamber of Commerce (ICCB) organised the workshop at a city hotel to introduce the Incoterms 2020 before the country's corporate sector.
The commerce minister further said that Bangladesh achieved 8.15 percent GDP in fiscal year 2019 and became the fastest-growing in the Asia-Pacific Region according to the Asian Development Bank.
Almost 125 participants from banks, law firms and national companies attended the day-long workshop to acquaint themselves with all the rules of Incoterms 2020.
The new rules provide for increased attention to security in the movement of goods, the need for flexibility in insurance coverage depending on the nature of goods and transport and the call by banks for an on-board bill of lading in certain financed sales under the FCA rule.
The ICC Bangladesh President Mahbubur Rahman summarised the new provisions of incoterms 2020.
On behalf of the banking community, Syed Mahbubur Rahman, chief executive officer and managing director of the Mutual Trust Bank Ltd, emphasised the need for having appropriate technical know-how for safeguarding trade transactions.
ICCB Banking Commission Chairman Muhammad A Rumee Ali in his welcome address, advised the participants to acquaint themselves with all the rules of Incoterms 2020 and include appropriate guidelines in trade contracts to avoid possible risks and disputes over transactions.
He also suggested to follow the Bangladesh Arbitration Act and the rules of the Bangladesh International Arbitration Centre for settlement of disputes.
The ceremony was also attended by ICCB Vice President Rokia A Rahman, ICCB Executive Board Member Mir Nasir Hossain, Uttara Group Chairman Matiur Rahman, former Bangladesh Bank executive director Ahsanullah, former Sonali Bank managing director Mohammad Hossain and ICCB Secretary General Ataur Rahman among others.