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Posted On: 7 September 2014 11:44 am
Updated On: 12 November 2020 01:52 pm

Qatar Development Bank organizes a workshop on "international commercial terms"

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Qatar Development Bank (QDB) organized through its export arm ‘Tasdeer,’ a workshop on ‘International Commercial Terms,’ in collaboration with the International Chamber of Commerce - Qatar and Qatar Chamber, to promote local exports and support the overall economic development Qatar aspires to achieve.

The workshop stems from the bank's commitment to supporting Qatari exporters and to work together with relevant stakeholders to overcome obstacles, to offer seamless operations to minimize any misunderstandings during contractual transactions.

Mr. Abdulaziz bin Nasser Al Khalifa, Chief Executive Officer of Qatar Development Bank, welcomed attendees during his speech, commenting: "QDB has proved its leadership in the development of the private sector by promoting the concept of economic diversification, in line with the National Vision 2030. This workshop is proof of the significant national efforts we have undertaken to nurture a knowledge based society, by investing in human capital to improve the business community in Qatar, according to the National Plan 2011-2016. QDB’s support of the export community, particularly non-oil exports, proves the effectiveness of our strategy through the reflected steady increasing numbers in non-oil exports of the State of Qatar."

Al-Khalifa added, "A critical part of the workshop is raising and educating the exporting Qatari companies, discussing terminology and symbols that are internationally compatible and accredited by the International Chamber of Commerce. Generating this clarity impacts international business transactions or operations of international procurement, ensuring Qatari companies are best placed for bargaining processes in exporting to the world markets."

And Mr. Hassan Al Mansouri, Executive Director of "Tasdeer" the export arm of QDB said: "The bank is here to support the business community in various ways and harness the potential that will work on the development and growth of economic activity, and we are confirming this by participating in events, activities, business conferences and organizing workshops in order to provide the best platforms for companies and factories to discuss and identify the most important and latest economic developments, whether it’s local, regional or international."

It is noteworthy international terminology consists of three characters and relates to the practices of overall contractual stipulations, aiming to clearly deliver tasks, costs and risks that are related to the transfer and delivery of goods. These terms have been adopted by governments, law enforcement agencies and translators around the world who favor global trade terminology. These rules aim to remove or alleviate any uncertainty arising from the translation and interpretation of the different rules in different countries, being used on a regular basis in sales contracts.