14 August 2007
MUSCAT -- The Omani Centre for Investment Promotion and Export Development (Ociped), in association with Bank Sohar, is organising a seminar on 'Uniform Customs & Practices (UCP 600)' on September 10.
The seminar, to be held at the Oman Chamber of Commerce & Industry (OCCI) Auditorium, is in line with Ociped's objective to develop non-oil Omani origin exports.
Ociped has invited Prof Harkirat Singh of Indian Institute of Foreign Trade (IIFT), New Delhi, India to conduct the seminar. The International Chambers of Commerce, Paris (ICC) has developed Uniform Customs & Practices since 1927 with regular changes of the articles to accommodate changes in banking, transport, insurance trade etc.
The seventh revision in UCP 600 contains 38 articles and is applicable from July 1 this year all over the world.
Letter of credit issued by importers or received by exporters after July 1 will be subject to Uniform Customs & Practices for Documentary Credits 2007 revision ICC Brochure 600.
Aiman Ambusaidi, director of Export Development of Ociped, emphasised the need for exporters/importers to understand the basic objectives of the changes made by ICC, which are simple, clear and user friendly.
Mustafa Ali Mukhtar, head of trade and finance, Bank Sohar, informed that it is a big challenge for exporters to understand UCP 600 articles so as to secure payments without delays and avoid rejection of payments by the bank. He urged exporters to take full advantage of the seminar.
Aiman Ambusaidi of Ociped urged the general managers and the finance managers of the exporting/importing companies & banks to register their participation with Infoline LLC which is the event manager, on telephone number 24162510.
MUSCAT -- The Omani Centre for Investment Promotion and Export Development (Ociped), in association with Bank Sohar, is organising a seminar on 'Uniform Customs & Practices (UCP 600)' on September 10.
The seminar, to be held at the Oman Chamber of Commerce & Industry (OCCI) Auditorium, is in line with Ociped's objective to develop non-oil Omani origin exports.
Ociped has invited Prof Harkirat Singh of Indian Institute of Foreign Trade (IIFT), New Delhi, India to conduct the seminar. The International Chambers of Commerce, Paris (ICC) has developed Uniform Customs & Practices since 1927 with regular changes of the articles to accommodate changes in banking, transport, insurance trade etc.
The seventh revision in UCP 600 contains 38 articles and is applicable from July 1 this year all over the world.
Letter of credit issued by importers or received by exporters after July 1 will be subject to Uniform Customs & Practices for Documentary Credits 2007 revision ICC Brochure 600.
Aiman Ambusaidi, director of Export Development of Ociped, emphasised the need for exporters/importers to understand the basic objectives of the changes made by ICC, which are simple, clear and user friendly.
Mustafa Ali Mukhtar, head of trade and finance, Bank Sohar, informed that it is a big challenge for exporters to understand UCP 600 articles so as to secure payments without delays and avoid rejection of payments by the bank. He urged exporters to take full advantage of the seminar.
Aiman Ambusaidi of Ociped urged the general managers and the finance managers of the exporting/importing companies & banks to register their participation with Infoline LLC which is the event manager, on telephone number 24162510.
© Times of Oman 2007
