The International Chamber of Commerce (ICC) Ghana in collaboration with West Blue Consulting, the technical support providers for Customs, GRA has launched Incoterms 2020 in Accra.
Incoterms is an acronym for International Commercial Terms, which is a trademark of the International Chamber of Commerce registered in several countries.
The Incoterms rules serve as a guide and provide specific guidance to individuals participating in the import and export of global trade on a daily basis.
Addressing participants at the event, a deputy Minister for trade and Industry, Carlos Ahenkorah said the launch of the incoterms will provide an atmosphere for trade expansion in the country.
He said the African continental free trade area aside deepening intra African trade will also translate to lower import prices.
“Ghana stands to benefit significantly from the AfCFTA and its anticipated positive impact on growth through a number of channels including a huge market outlet, high investment, deepening into African trade, welfare benefits from lower import prices, production efficiency, increase in output, higher value added jobs and exports,” he said.
According to the deputy Minister for trade and Industry, a three-year reform initiative coordinated by the ministry of trade and industry will be implemented to make Ghana one of the most transparent and efficient business environment in Africa.
Carlos Ahenkorah also said the trade ministry has developed a trade facilitation roadmap to improve efficiency and risk management with the following benefits.
“The ministry of trade and industry have been at the heart of this structural change with the implementation of aggressive industrialization agenda and a focus on deepening intra-regional trade,” he stated.
The Secretary General of ICC Ghana, Emmanuel Doni Kwame, explained the benefits of the launch of the Incoterm 2020 to trade in the country.
“It’s been launched for people to go through to know the new set of voluntary rules that govern trade and based on that to decide on the set of incoterms rules they need. It guides both buyers and sellers in international trade. If you’re an importer or exporter you should know which set of rules will help your business,” he explained.