Shippers should use right Incoterms for secured trade transaction

Business News of Monday, 5 October 2020

Source: GNA

2020-10-05

Tema PortTema Port

Gertrude Ohene-Asienim, Chairperson of the West African Branch of the Institute of Chartered Shipbrokers (ICS), has encouraged shippers to use the right International Commercial Terms (Incoterms 2020) in their trade transactions.

That, she said, would bring clarity to obligations of contracting parties involved in trade, significantly reduce negotiation time and eradicate arguments about who to blame when goods get damaged or lost during transit.

She said it would also show commercial professionalism, particularly when dealing with suppliers outside Ghana.

Mrs Ohene-Asienim gave the advice while addressing members of the Greater Accra Regional Shippers Committee (GARSC) at its third quarter meeting in Accra.

The meeting, the 109th in the series since the establishment of the GARSC, is to make known to shippers the relevance of the Incoterms 2020 in international trade and the prospects of the newly-introduced Integrated Customs Management System (ICUMS) by the Ghana Revenue Authority (GRA)-Customs Division.

Mrs Ohene-Asienim explained that even though all old contracts between trade parties under Incoterms 2010 remained valid, it would be more prudent if Shippers employed the use of Incoterms 2020 in all their current negotiations.

“Incoterms are the single most effective measure to reduce risk and exposure in relation to delivery of goods,” she said.

Mrs. Esther Amekudzi, a Senior Revenue Officer of the GRA Customs Division, and a member of the ICUMS Task Force Team, said even though the new customs management system was developed to reduce clearance costs and time in line with the World Customs Organisation (WCO) Trade Facilitation Agreement, it was however experiencing some technical challenges.

She therefore appealed to shippers to remain calm as GRA-Customs and all stakeholders worked around the clock to address the challenges to enable users to enjoy the full complement and benefits of ICUMS.

Over 60 representatives from companies, trade associations, MDAs and other stakeholders participated in the sensitisation forum.

The GARSC is one of the 10 Regional Shipper Committees established by the Ghana Shippers Authority (GSA) to bring together shippers, trade related agencies, service providers and other relevant stakeholders in the shipping and logistics industry to discuss pertinent issues affecting the industry for redress.

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