Oil Ping Pong GamesData about the Activity of Moldovan Commercial Banks on January 31, 2021Banking 2020 - pandemic, profitableWeird 2020: humility, depression, rebellion, accepting a new realityThe Hunger Games of the foreign exchange marketHow to tame liquidity?Veaceslav IONITA: The government killed the business, but flirted with the populationIs it possible to combine the health care of the nation and budget revenues from bad habits?People and Business: Natural and Unnatural SelectionAlexandru BURDEINII: Being ethical becomes vital in business nowadaysValeriu Lazar: The biggest stupidity one can do now is to fire peopleMarin CIOBANU: We are creating opportunities for business development in Moldova, not only in free economic zones2019: three steps forward, two steps back.Plamen MILANOV: 13 persons became millionaires in Moldova within a year due to the lotteryVictor SHUMILO: The sale of hybrid cars exceeded the sales of cars with traditional fuels in 2019."Bewitched by the "Annus Mirabilis". The main events of 2018 Trucks will be able to cross the Moldovan border much quickerAbout the "second coming" and control over the banking system of MoldovaPrivatization of Air Moldova: 2000 vs 2018. To find 10 differences!The Head of USAID Office in Moldova Karen Hilliard: "We promote the idea that winemaking and tourism are integral whole"The Secrets of the Moldovan Foreign Exchange Market - 2017 15 years of leasing business in Moldova: through diversification to expansionMoldovan Leu vs Geopolitics. How does the currency rate interplay with government, entrepreneurs and world’s processes?10 years ago construction of the Trans-Oil terminals in Giurgiulesti port startedDoes it take $200 million out of consumers' pockets to implement European Directives? Who protects the new edition of the law on internal trade?State Securities Market 2014-2016: The Ministry of Finance calculates the losses, investors - income.It will affect each and every one and you won’t find it funny.A careful attempt to pass the dead zoneT-Bills market: The Ministry of Finance is chasing for money, investors - for profitability. Both should be ready for any scenario.The money that can be washed…Phoenix with the Arab capitalMoldova’s Key Macroeconomic IndicatorsPrices at filling stations

The Chamber of Commerce and Industry of Moldova (CCI) with the support of USAID conducts free webinars on international trade and force majeure

The Chamber of Commerce and Industry of Moldova (CCI) with the support of USAID conducts free webinars on international trade and force majeure

Since the beginning of the pandemic outbreak, entrepreneurs have been forced to address many issues, and almost all of them boiled down to one thing: how to save business, people and minimize losses inflicted by the crisis.

This year, the International Chamber of Commerce (ICC) has published the new INCOTERMS 2020 rules covering commercial relations, and primarily essential international relations, that is, there have been introduced changes in the delivery terms. Exporters and importers, at times, were not able to find solutions to trade-related issues and get expert advice from specialists.

In other contractual relations, especially at the beginning of the quarantine, almost everyone used to raise the following questions: is the pandemic force majeure, how to get the appropriate certificate, is it needed if the partners want to further cooperate, but cannot fulfill their current obligations yet...

In fact, there are many more questions. But one way or another, everyone wants to get an answer, or at least listen to an expert opinion.

Highlighting these two issues, the Moldovan Chamber of Commerce and Industry, in partnership and with the support of the USAID Moldova Structural Reform Program, has launched two series of webinars in the second half of November 2020. The first one is in support of exporters: „INCOTERMS 2020 Delivery Terms”; the second: “Aspects concerning the approval of force majeure obstacles and obtaining the corresponding certificate in commercial relations.”

INCOTERMS 2020 Delivery Terms

The INCOTERMS 2020 rules, issued under the auspices of the Paris International Chamber of Commerce, are recognized and accepted internationally. These terms determine the obligations, risks and costs borne by the buyer and seller in foreign trade transactions.

As noted by the President of the Chamber of Commerce and Industry, Sergiu Harea, due to the correct use of INCOTERMS 2020, companies will be better prepared to enter international markets, but also minimize business risks. “This series of INCOTERMS webinars is very important for the business environment, especially now that commercial relations are fraught with high risk due to the pandemic,” he stressed.

Speaking about USAID's support for this project, Douglas Muir, Director of the USAID Moldova Structural Reform Program, stressed that such innovative seminars are of great interest in the business environment and this series is aimed at working with entrepreneurs from the regions. “We hope these trainings will help boost economic activity, especially now that it is hit by the coronavirus pandemic,” said Douglas Muir.

Five seminars are held from November 11 to 24 for entrepreneurs from Soroca and Orhei; Cahul and Ungheni; Chisinau and Hincesti; Balti and Edinet (November 20); Gagauzia and the left bank of the Dniester (November 24).

During the opening ceremony of the series of seminars on INCOTERMS 2020 Delivery Terms, the Moldovan Chamber of Commerce (CCI) and the USAID Structural Reform Program signed a Memorandum of Understanding, which provides for bilateral cooperation in the digitization of the process of issuing certificates of origin; promoting and digitizing the process of obtaining a certificate of force majeure approval; enhancing the potential of the business environment while using INCOTERMS 2020 delivery terms in international trade.

Force Majeure Webinars

The second cycle of free webinars for entrepreneurs: “Aspects concerning the approval of force majeure obstacles and obtaining the corresponding certificate in commercial relations,” starts on November 17.

Webinars are held by the President and Vice-President of the International Commercial Arbitration Court at the CCI of Moldova, Dumitru Postovan and Dumitru Visterniceanu, under the auspices of the Chamber of Commerce and Industry (CCI) within the framework of the Academy of Exporters. They are intended for professionals working in the field of logistics, export, import, sales, law and insurance companies’ staff.

The webinars are held in the context of the latest changes that occurred in Moldova’s legislation; in particular on September 11, 2020, amendments to the Law on the Chamber of Commerce and Industry took effect. These amendments entitles the CCI to certify force majeure circumstances due to natural disasters, regulatory / administrative acts, actions or omissions or other phenomena / events (beyond the control of the debtor); circumstances that can be used as a justifying obstacle to default.

These legislative changes ensured the alignment of the legal framework with the provisions of the Civil Code, in which the concept of “force majeure” was replaced by the concept of “obstacle justifying the default.”

According to Sergiu Harea, the CCI has elaborated a procedure that is in line with the recommendations of the Paris International Chamber of Commerce. “During 2020, the Chamber of Commerce and Industry has received about 200 requests with a significant percentage being economic agents affected by the pandemic (about 70%) and natural disasters in the agricultural sector,” the Chairman of the CCI stressed. “With the support of USAID, we are committed to digitizing this process so that filing and issuing business permits can be done electronically, easier and faster.”

Douglas Muir, Director of the USAID Moldova Structural Reform Program, in turn, noted that “The justifying obstacle (force majeure) is one of the provisions that are always found in agreements between economic partners. This year, due to the pandemic, the significance of this provision has grown exponentially and has caused a number of misunderstandings in the business environment. That is why it is important that the force majeure situation is as clearly defined and understood as possible by all contracting parties. This reduces the number of court cases.”

Five webinars on this topic are held from November 13 to 25 for entrepreneurs from Chisinau and Hincesti, Soroca and Orhei (November 17), Cahul and Ungheni (November 18), Gagauzia and Ribnita (November 24), Balti and Edinet (November 25). //16.11.2020 - InfoMarket.