Incoterms, H.S Code, Insurance and LC have great impact on International Business. If we do not have much knowledge on these aspects, we cannot manage International Business rightly.Incoterms are published by ICC (International Chamber of Commerce).Whole worlds goods are transported by 2020 version Incoterms. Incoterms® are the selling terms that the buyer and seller of goods both agrees to. The Incoterm® clearly states which tasks, costs and risks are associated with the buyer and the seller. The Incoterm® is agreed between the buyer and seller and states when the seller’s costs and risks are then transferred onto the buyers. They are accepted by governments and legal authorities around the world. The Harmonized Commodity Description and Coding System generally referred to as "Harmonized System" or simply "HS" is a multipurpose international product nomenclature developed by the World Customs Organization (WCO) based in Brussels.It comprises more than 5,000 commodity groups; each identified by a six digit code, arranged in a legal and logical structure and is supported by well-defined rules to achieve uniform classification.The system is used by more than 200 countries and economies as a basis for their Customs tariffs and for the collection of international trade statistics. Over 98 % of the merchandise in international trade is classified in terms of the HS.The HS contributes to the harmonization of Customs and trade procedures, and the non-documentary trade data interchange in connection with such procedures, thus reducing the costs related to international trade.Insurance Management is critical management of a company. Through proper insurance risk coverage we can minimize losses of our business.Incoterms, H.S Code, Insurance and LC Management in International Business is designed and articulated to sharpen participant’s knowledge and skills in doing and handling Export –Import business efficiently and successfully.LC is opened around the world under the latest rules of UCP/UCPDC . Step by step process and procedures have been described as participants can gather knowledge easily and implement the training result in the real life business. This course is planned such a way that within a short period of time the participants can sharpen their knowledge in L/C mechanism to do International Business successfully. Precipitants will be truly benefited just walk away from the training room. In international business major and safest mode of payment is L/C. For importing, we need to open the import L/C. For export you need to receive Export L/C for successful business deal. L/C has certain rules and procedure to manage. As per Bangladesh Import policy importer must open the L/C to import the goods (exceptions applied in some cases). Either for Import L/C or export L/C , technical knowledge on L/C rules and procedure, its possible financing and necessary risk management through insurance coverage is required. Due to mismanagement of those aspects, companies may fall in deep hassle and incur huge loss in Business.Export –Import business is one of the hot industries of the new millennium. Export –Import business becomes more and more rewarding, both in terms of profit and personal satisfaction.But the Export-Import field is not the sole purview of the conglomerate corporate trader, the big guys make up only about few percent of all exporters. Which means that the other major percent of exporters--the lion's share are small outfits like yours will be--when you're new, at least.Thinking of finding new markets for your products or services? Exporting is one way to increase sales and grow your business. While the rewards of exporting can be great, it is not without risks.
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