Bello Advises Stakeholders to be Conversant with INCOTERMS for Success of AfCFTA
The Execuive Secretary, Nigerian Shippers’ Council (NSC), Mr Hassan Bello, Thursday advised stakeholders involved in trade and transport in the country to ensure they are conversant with International Commercial Terms (INCOTERMS) to be able to enjoy full benefits of the African Continental Free Trade Agreement (AfCFTA).
Speaking during a sensitisation workshop on INCOTERMS organised by his Council in collabortion with International Chamber of Commerce (ICC), Bello such knowledge will save the stakeholders from issues of disputes and litigation, including waste of time and resources in international transaction.
The NSC CEO referred to a document published in September, 2019 saying this will help stakeholders in making choices in trade terms that would be of benefit to the country.
According to him, “It is pertinent for every stakehokder in the trade and transport sector in Nigeria to be conversant with incoterns because it is not only relevant in international trade but in local trade as well.
“When there is adequate understanding of the rules, it will mitigate trade dispute and litigation, waste of time and resources
“AfCFTA started in Nigeria in January, 2021 and Nigeria as the largest economy in Africa must put necessary things in order to understand the right application in incoterns 2020 for Nigerian stakeholders
“It will create awareness, one will be able to make appropriate choices of the rules in the trading transactions so that our economy will benefit from such rules
“Most of you are aware that INCOTERMS are trade commercial terms and it is the international chamber of commerce to provide international rules for the interpretation of commonly used terms of trade
“They are also aimed at curtailing to a readable degree the disagreement and other things that associate with different interpretations of such trade terms in different countries
“Incoterms term has gone through many amendments and the last which is the recent version which is incoterms 2020 published since October, 2019.
“On the issue of delay, it is very explicit on the issue of obligations and responsibilities of the parties in the contract, taking into account some complexities that usually arise which include security related obligations with carriage and costs”.
The Secretary General of International Chamber of Commerce ( ICC), Mrs Olubunmi Osuntuyi said that the document published about two years ago would be of immense importance for Nigerian businessmen who want to enter into international relationships.
Osuntuyi said, “This document became effective on first of January, 2021, it recognises that there are trade terms that we need to put in place so that we don’t short-change ourselves as we go into international relationship with exporters and importers”
Speaking during a sensitisation workshop on INCOTERMS organised by his Council in collabortion with International Chamber of Commerce (ICC), Bello such knowledge will save the stakeholders from issues of disputes and litigation, including waste of time and resources in international transaction.
The NSC CEO referred to a document published in September, 2019 saying this will help stakeholders in making choices in trade terms that would be of benefit to the country.
According to him, “It is pertinent for every stakehokder in the trade and transport sector in Nigeria to be conversant with incoterns because it is not only relevant in international trade but in local trade as well.
“When there is adequate understanding of the rules, it will mitigate trade dispute and litigation, waste of time and resources
“AfCFTA started in Nigeria in January, 2021 and Nigeria as the largest economy in Africa must put necessary things in order to understand the right application in incoterns 2020 for Nigerian stakeholders
“It will create awareness, one will be able to make appropriate choices of the rules in the trading transactions so that our economy will benefit from such rules
“Most of you are aware that INCOTERMS are trade commercial terms and it is the international chamber of commerce to provide international rules for the interpretation of commonly used terms of trade
“They are also aimed at curtailing to a readable degree the disagreement and other things that associate with different interpretations of such trade terms in different countries
“Incoterms term has gone through many amendments and the last which is the recent version which is incoterms 2020 published since October, 2019.
“On the issue of delay, it is very explicit on the issue of obligations and responsibilities of the parties in the contract, taking into account some complexities that usually arise which include security related obligations with carriage and costs”.
The Secretary General of International Chamber of Commerce ( ICC), Mrs Olubunmi Osuntuyi said that the document published about two years ago would be of immense importance for Nigerian businessmen who want to enter into international relationships.
Osuntuyi said, “This document became effective on first of January, 2021, it recognises that there are trade terms that we need to put in place so that we don’t short-change ourselves as we go into international relationship with exporters and importers”
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