With the growing importance of global sourcing, international trade has become an essential aspect of almost all business enterprises. However, different contractual laws, different currencies, different languages and different trade practices make it more complex than domestic trade. The logistics involved are also complicated and there are lots of uncertainties / risks which need to be managed proactively by today’s professionals.
This two-day workshop will introduce you to the concepts of Incoterms 2020 and Letter of Credit Operations and empower you to carry out international trade with more confidence.
What Will Students Learn?
- Understand and appreciate the complexities and risks associated with international trade
- Identity the tasks, costs and risks associated with Incoterms rules
- Identify the most suitable Incoterms rule to be used in a particular trade scenario
- Understand the different trade payment methods and their implications in international trade
- Learn how to open and operate a letter of credit
- Understand the importance of various trade documents
- Minimize risks associated with international trade
What Topics are Covered?
- Risks associated with international trade
- Role of the International Chamber of Commerce
- Classification of Incoterms rules
- Connotation and usage of the each rule
- International trade payment methods
- Payment through documentary collections
- Payment through documentary letter of credits
- International trade documents
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