Seminar on 'Trade terms - What are your risks and obligations?'

The Trade Finance Association of Bankers (TFAB) will hold a seminar on "Trade Terms - What are your Risks and Obligations?" today from 3.30pm to 5.30pm at the Bank of Ceylon, Auditorium, third Floor, No.4 Bank of Ceylon Mawatha, Colombo 1.

TFAB is conducting this seminar to fulfil one of its objectives, to engage in educational activities for trade practitioners by holding lectures, seminars, workshops and other activities.

The seminar is aimed at educating importers and exporters on the importance of ICC's Incoterms (International Commercial Terms) and the advantages of its effective usage in the day to day international trade contracts.

It has been observed that although "Incoterms" which were developed by the International Chamber of Commerce is 1936 and revised a number of times at periodic intervals to keep abreast of the changes especially in the transport industry and the developments in Information Communication Technology, which has not been taken advantage of by most importers and exporters in Sri Lanka, to its desired potential.

Incoterms can have a direct impact on a company's business. It's essential that buyers and sellers in international trade know their obligations under the various trade terms and the status of their shipment in terms of ownership and responsibility.

The resource person for the seminar will be Consultant, Sampath Bank, President of the Trade Finance Association of Bankers (former Deputy General Manager, Sampath Bank) Parama Dharmawardene who has many years' experience in international trade business.