The China International Chamber of Commerce International Trade Terms Interpretation General Committee was established in Beijing a few days ago. The committee will participate in the revision of the General Principles of Interpretation of International Trade Terms on behalf of the overall interests of the Chinese economic and trade community. This is the first time that the Chinese economic and trade community has participated in the formulation of global economic and trade rules.
The General Principles for the Interpretation of International Trade Terms are formulated by the International Chamber of Commerce and are the basic international rules for international trade. In order to adapt to the rapid development of international trade and new changes in the field of international trade practice, the International Chamber of Commerce plans to complete the revision of the General Principles of Interpretation of International Trade Terms in the second half of 2010.
Different from the past, China’s specially established revision committee will combine the requirements of all domestic parties to form an opinion that can represent the overall interests of the Chinese business community and submit it to the headquarters of the International Chamber of Commerce. The voice of the Chinese economic and trade community will be reflected in this important global economy. In the revision of the rules.
Zhang Wei, vice president of the China International Chamber of Commerce, believes that the interpretation and definition of trade terms is directly related to whether trade can proceed smoothly, reflecting the objective reality of international trade development. Defining a more concise and accurate definition of trade terms and clarifying the risks will lay a good foundation for Chinese companies, especially domestic SMEs, to fully and correctly apply trade terms.
"As a rapidly growing trading power, the participation in the formulation of the 'rules of the game' in international trade reflects the true voice of Chinese companies, and the significance is extraordinary." Zhang Wei said.
Relevant legal circles believe that as China's share of global trade rises, participation in the formulation of international rules is in China's interest, and the revision of international practices must fully reflect the interests of China's trade.
It is understood that the revision committee has a total of 6 consultants and 47 members, from relevant government departments, universities, research institutions, and economic entities in the fields of international trade, law, finance, insurance, and transportation.
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