Qatar Development Bank (QDB), through its export arm “Tasdeer,” has organised a workshop on “International Commercial Terms,” in collaboration with the International Chamber of Commerce–Qatar and the Qatar Chamber, to promote local exports and support the country’s overall economic development.
The workshop stems from the bank’s commitment to supporting Qatari exporters and working together with relevant stakeholders to overcome obstacles and offer seamless operations in minimising any misunderstandings during contractual transactions.
QDB chief executive officer Abdulaziz bin Nasser al-Khalifa said in his welcome speech, “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.”
He said the workshop was proof of the significant national efforts QDB had 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,” he added.
Al-Khalifa said the critical part of the workshop was raising and educating Qatari exporting companies and 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,” al-Khalifa said.
Tasdeer executive director Hassan al-Mansouri 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. We are confirming this by participating in events, activities, business conferences, and organising 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,” al-Mansouri added.
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 worldwide who favour global trade terminology. These rules aim to remove or lessen any uncertainty arising from the translation and interpretation of the different rules in different countries being used on a regular basis in sales contracts.