The Memorandum of Understanding was signed by Mr. Andre Went, CEO of Qatar Exchange and by Mr Epaminondas Metaxas, CEO of the Cyprus Stock Exchange.

In the signing ceremony, Mr. Went stated that “I am delighted to see this Memorandum of Understanding signed between the two exchanges, hoping that it will help enhance the economic cooperation between the two countries.

The Memorandum of Understanding clearly fits in a range of agreements that have been signed between the State of Qatar and the republic of Cyprus and it signals the willingness of the two countries to cooperate and develop this relation further. The signing ceremony today is just a beginning of further cooperation between the two exchanges. We will soon start the work that has to be done in order to implement the scopes of cooperation included in the Memorandum of Understanding. I look forward to a long and mutually beneficial relationship between Qatar Exchange and the Cyprus Stock Exchange.”.

On his part Mr Metaxas, Director General CEO of the Cyprus Stock Exchange, thanked the Qatar Exchange and said he was confident that the Memorandum of Understanding will prove to be a useful instrument not only to further strengthen the level of cooperation between the two exchanges, but also to open new areas of business opportunities for the market participants both in Qatar and in Cyprus.

The purpose of this Memorandum of Understanding is to establish and implement a procedure of mutual co-operation and agreement between the two Exchanges, primarily for the purpose of facilitating the execution of functions assigned to them, the exchange of information, the proper dissemination of information and the promotion of the integrity of the markets. This Memorandum of Understanding provides a framework of co-operation, which includes the existence of a channel of communication between the two Exchanges, the increasing mutual recognition and the exchange of information of legal and technical content.

The ceremony was attended by Mr Panicos Kyriakou, ambassador of the Republic of Cyprus to the State of Qatar and Mr Rashid Al-Mansoori, Deputy CEO of Qatar Exchange.

Full press release here

Pekris & Theodorou LLC is a Cyprus law firm with Cyprus lawyers and other legal experts on legal matters involving Cyprus law, EU law and international law.The above should be used as a source of general information only. It is not intended to give a definitive statement of the law and is subject to the disclaimer.

The Incoterms rules were first published in 1936 and are today recognized by UNCITRAL (United Nations Commission for International Trade Law) as the global standard for the interpretation of the most common terms in foreign trade.

They provide a series of standardised terms governing the costs, risks and practical arrangements of the sale of goods and aim at helping traders avoid costly misunderstandings by clarifying the tasks, costs and risks involved in the delivery of goods from sellers to buyers.

The recent revision takes into account the latest developments in commercial practice, and updates and consolidates some of the former rules. The new rules have introduced a new classification system which divides the 11 Incoterms rules into two distinct groups:

Rules for any mode of transport: EXW FCA CPT CIP DAT DAP DDP
Rules for waterway transport: FAS FOB CFR CIF

Other significant amendments include changes to deal with cargo security and insurance, and the rules have been generally updated to make them more user friendly and mirror the modern language of international trade.

It should be noted that depsite the adoption of the new rules, parties to a contract for the sale of goods can agree to choose any version of the Incoterms rules to apply. In such a case it is important to clearly specify the chosen version of Inctoterm used.
For further information please contact Nicholas Theodorou at Pekris & Theodorou LLC.

n.theodorou@cyadvocates.com

The above should be used as a source of general information only. It is not intended to give a definitive statement of the law and is subject to the disclaimer.