December 10, 2012
Pakistan Edible Oil Refiners Association (Peroa) in collaboration with Federation of Oils, Seeds and Fats Association Limited (Fosfa) is organising a two day seminar ie Peora – Fosfa Trade Seminar in Karachi on December 11 and 12.
The Federation of Oils, Seeds and Fats Associations (Fosfa) is a professional international contract issuing and arbitral body concerned exclusively with the world trade in oilseeds, oils and fats with 975 members in 79 countries.
These members include producers and processors, shippers and dealers, traders, brokers and agents, superintendents, analysts, ship-owners, and others providing services to traders.
Fosfa has an extensive range of standard forms of contracts covering goods shipped either CIF, C&F or FOB, for soyabeans, sunflower seeds, rapeseed, and others, vegetable and marine oils and fats, refined oils and fats, from all origins world-wide, for different methods of transportation and different terms of trade. Internationally, 85 percent of the global trade in oils and fats is traded under Fosfa contracts.
The Federation’s contracts incorporate a dispute procedure involving arbitration by experienced individuals from within the trade. The Chief Executive Officer of Fosfa, the immediate past president and speakers are arriving to address the seminar.
Pakistan is the third largest importer of palm oil and other soft oils. In addition to that Pakistan imports one million tons of oil seeds. All these contracts are governed by Fosfa terms and conditions. This seminar will give immense opportunities to the edible oil industry to understand the Fosfa terms which are acceptable globally. Peora which represents edible oil refineries in Pakistan always take initiative to create awareness amongst their members and the edible oil industry. In this respect, they have organised this seminar which is first of its kind as Fosfa delegation is visiting Pakistan for the very first time.