KITA News and Reports
  • KITA held ‘International Trade Dispute and Foreign Exchange Management Seminar’
    2018-09-10

     KITA held ‘International Trade Dispute and Foreign Exchange Management Seminar’

     -  Focused on trade consultation cases shared check points of trade practice for export beginners -

     

    The Korea International Trade Association (President Kim Young-joo) held the 'International Trade Dispute and Foreign Exchange Management Seminar' on September 5 at the Trade Tower in Samseong-dong. The committee members of the ‘TradeSOS’, trade consultation channel, run by KITA, participated as lecturers and introduced the consulted cases mainly focusing on the difficulties that companies actually experience in the process of import and export transactions.

     

    Kim Young Jin, an international lawyer working as a counsel in international contracts part, explained the cases of disputes related to the three major parties of the contract: the parties involved, objects and payment. Kim emphasized, "In order to prevent a conflict, it is important to carefully review the clause in detail from the contract writing stage."

     

    A committee member Lee Suk-jae, who provides consultation service in the foreign exchange and exchange risk areas, delivered a presentation on the key points of foreign exchange businesses such as basic knowledge of the exchange rate, constituents of export and import unit price calculation and applicable exchange rate and the violation cases of the foreign exchange management law. Me. Lee said, "Korea's foreign exchange rates are likely to fluctuate due to external environmental influences. Therefore, we need to continuously monitor the trend of foreign exchange and be sensitive about hedging."

     

    Lee Kwon-jae, the head of Membership service center, said, It is to provide export know-how as well as direct and indirect experiences to other companies by sharing the real trade consultation cases. He also added, We are planning to hold regional tour seminars in major cities in the second half of this year, starting in Busan on August 31."

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