KITA held ‘International Trade Dispute and Foreign Exchange Management
- 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."