Shippers must keep abreast of ‘INCOTERMS 2020’, the official rules for the interpretation of trade terms, Madam Benonita Bismarck, Chief Executive Officer (CEO) of the Ghana Shippers’ Authority (GSA), has said.
She advised them to also be conversant with other trade laws, practices and agreements that regulated sales and carriage of goods by the multi-modal transport and logistics network.
This will facilitate the businesses of importers and exporters, promote and increase the country’s international trade and also improve foreign exchange earnings, the CEO noted.
Additionally, those laws and practices were also critical to helping the country to achieve the ‘Ghana beyond Aid’ agenda.
Madam Bismarck, addressing a forum on ‘INCOTERMS 2020’, which was organised by the GSA in Kumasi, on the theme, “Understanding International Trade Rules”, said international trade played a crucial role in the world economy.
Therefore, it was important for Shippers to understand the gravamen of trade rules.
She said the forum was aimed at educating shippers on the developments on the international trading scene and equipping them to be more competitive on the international market.
It specifically centred on ‘INCOTERMS 2020’ as developed by the International Chamber of Commerce as the official rules for the interpretation of trade terms.
Also, it clarifies parties’ obligations, risks and costs associated with the global transportation and delivery of goods.
Madam Bismarck also noted that shippers updating themselves with current terms will help them stay competitive on the international trade arena, resolve disputes amicably and deliver on their contractual obligations.
She said though the COVID-19 pandemic had taken a toll on the economy, the government was implementing fiscal measures to mitigate the adverse effects and provide relief for businesses.
She implored shippers to consider the option of alliances through partnerships, mergers and joint ventures to keep their businesses afloat in these difficult times.
She pledged GSA’s resolve to continue to protect and promote the interest of shippers by dissemination of timely and relevant information and educational activities to help shippers take well-informed decisions.
Mr. Isaac Tersiah Ackwerh, Kumasi Branch Manager of the GSA, said the Kumasi branch was also committed to providing relevant support through focused education and advocacy to boost import and export activities of shippers in the region.
He said the forum would help members to fully appreciate the ramifications of contract terms they incorporate into their sales and delivery contracts, to minimise delays and unplanned costs.
Madam Gertrude Adwoa Ohene Asienim, a Maritime Shipbroker and Consultant, also took participants through the understanding of International Trade Rules.