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Published:July 30th, 2012 11:03 EST
INCOTERMS and The Building of An American Virtual World Trade Center

INCOTERMS and The Building of An American Virtual World Trade Center

By Harvey Carroll, Jr.

INCOTERMS and the building of an American Virtual World Trade Center that returns America to Supply Side Economics instead of the current Buy Side Economics that has us at a near 1 Trillion Dollar a year Trade Imbalance.

 

There are nearly 7,000 languages in 196 countries with more than a dozen legal systems, with the intent to facilitate international trade and commerce.

 

If this is not difficult enough, there are the difficulties in the national, state and local cultural complexities and confusion. All of which adds to the real potential for deadlines delays and budget constraints.

 

In general, international trade and commerce consist of a number of common steps consisting of financial and/or like compensation, contractual agreements that could fill a briefcase. Such as purchase, and the terms to which such goods get from point A to point B and a host of other points via freight forwarding agreements. Then a number of transportation post port, warehousing, distribution, and even go into retail and beyond.

 

If one of these steps are not taken, then the agreement breaks down, and a whole series of cause and affect issues arise. This can obviously result in a many number of potential looses, and the need for legal claims and remedies.

 

The brilliance of the International Chamber of Commerce ("ICC") created INCOTERMS in 1936 and has improved upon them ever since to improve upon global trade and commerce.

 

INCOTERMS is a set of uniform terms help facilitate global trade and commerce by uniformly applying a Trade and Commerce Language to purchase and shipping agreements.

 

The link`s here show many of the past and current ICC versions of INCOTERMS, to assist those involved in global trade and commerce to understand which responsibilities that the seller and/or purchaser have in any number of the possible trade transactions.

 

Youtube video

Helpful Charts

 

I wrote this to encourage the development of an American Virtual World Trade Center and also to encourage each and every city, and state within American, to link into the Virtual World Trade Center in the absence of our World Trade Center that was destroyed in the 9/11 Terrorist Attacks. I really believe that this is the way of the future for American trade and commerce.

 

If it were up to me I would create a national mandate that every city list it`s trade transportation (road, rail, water, air, etc), and industries on a Virtual World Trade Center. I would also mandate that the United States Postal Service (USPS) be at the forefront of facilitating the American Virtual World Trade Center and its quest to advance Trade and Commerce via the placing of INCOTERMS on their walls next to the Most Wanted, and seriously expand the USPS as an INCOTERMS facilitator for freight forwarding/shipping/exporting of American goods.

 

America`s economic statecraft depends upon trade and commerce. In the future I hope to see America return to a more balanced and/or more favorable Supply Side Economics as opposed the current Buy Side Economics. NAFTA and Free and Unfair Trade Deals with China and other nations has led to America having nearly 1 Trillion Dollar a year trade imbalance costing Americans jobs, wealth and limiting America`s ability to yield our economic statecraft tools.