Ratio Magazine :: The Inside Track to East Africa’s Economies - EAC Regional: Press Releases: Maritime Stakeholders Meet over International Trade Terms

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EAC Regional: Press Releases: Maritime Stakeholders Meet over International Trade Terms

Tuesday, 28 July 2009

Nairobi, 27 July 2009 --- Poor understanding of international maritime trading terms has been blamed for the low benefits accruing from the sector in Kenya and the Eastern Africa region. In light of this, a workshop aimed at streamlining and increasing profitability of international trade, the maritime and insurance industries in the region is set for Thursday, 30 July 2009 in Eldoret.

The forum is aimed at equipping stakeholders in the maritime sector with a practical knowledge of appropriate use of International Commercial Terms commonly referred to as Incoterms.

The workshop organized by the Kenya Maritime Authority (KMA) in conjunction with the Kenya Shippers Council (KSC),the Inter-governmental Standing Committee on Shipping (ISCOS) and Export Promotion Council (EPC) will provide a training opportunity for local players in the industry in regard to international terms used in export-import trade.

“This workshop is aimed at among other things, empowering shippers in Kenya and in the rest of the EAC region, and particularly along the Northern Corridor transit axis on various matters related to maximization of economic benefits from international trade,” said Mrs. Nancy Karigithu, the KMA Director-General.

Similar forums have been held in the past at Mombasa, Nairobi and Kisumu and more are scheduled to take place in regional countries including Uganda, Rwanda and Burundi in effort to increase the contribution of appropriate use of Incoterms to the economies of the respective countries.

Organizers of the event will have the opportunity to publicize the functions, activities and achievements of their respective institutions by highlighting the role the public and private sector stakeholders are supposed to play in promoting foreign trade. It is estimated that the maritime industry handles close to 95% of Kenya’s total foreign trade.

Incoterms 2000 are a set of international rules governing the relationship between a buyer and a seller in the international sale contract. In their application they cover various aspects of the supply chain management including clearance responsibilities, insurance among others.
Stakeholders in the industry will be taken through ways of ensuring their security when they enter international sale agreements in regard to the extent of liability in case of damage/loss or theft at a time when the threat of piracy at sea is so real. “In view of the inherent weaknesses therefore, there is need to create awareness amongst our local shippers so that they are more careful in applying the Incoterms,” said Karigithu.

She said there is also need to continuously sensitize the shippers on the Incoterms 2000 so that they may derive maximum benefits from the contracts of sale by applying the best deals possible. It is expected that with a clear understanding and subsequent implementation of these rules and terms, the local transport and insurance sector will grow as they will be given priority as opposed to over-reliance on foreign firms.

Other benefits include job creation, increased earnings, reduced expenses in foreign currency and improved national trade balance. Kenya is expected to increase its export turnover and in effect ensure a balance of trade with reduced imports. Sellers will also determine the points at which their risks and responsibilities start and end in order to avoid paying unnecessary costs of storage and bearings risks so as to increase the times of capital turnover.

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