International Chamber of Commerce Prepares to Launch Incoterms® 2020

Paris and New York, April 22, 2019 – The International Chamber of Commerce (ICC) is preparing for the publication of Incoterms® 2020, an update of the renowned regulations that define the responsibilities of buyers and sellers operating in the international trade system, according to ICC’s American national committee, the United States Council for International Business (USCIB).

Facilitating trillions of dollars in global trade each year, the “international commercial terms,” or Incoterms® rules, are a commonly accepted set of definitions and rules governing commercial trade activity.

“The revised Incoterms® rules will have a direct impact on traders throughout the United States and the world,” according to USCIB President and CEO Peter Robinson. “It will be important for everyone involved in cross-border business to familiarize themselves with the changes. We will be working to educate our members and the business community at large on the most important changes.”

Nearly a century ago, following a series of studies conducted in the 1920s, the Paris-based ICC concluded that there was a need for the creation of a common protocol for importers and exporters everywhere. The first set of Incoterms® rules was published by ICC in 1936. Since then, ICC has periodically revised the Incoterms® rules to reflect changes in the international trade system.

For the past decade, Incoterms® 2010 has provided critical guidance to importers, exporters, lawyers, transporters and insurers across the world. ICC is preparing for the official release of Incoterms® 2020 later this year.

USCIB said that, joining with ICC chapters around the world, it plans to roll out training programs and seminars alongside the worldwide publication of the new terms.

“Now more than ever, participants in the global trading system require guidance and clarity,” Robinson said. “With the emergence of new technologies, government policies, and environmental regulations, Incoterms® 2020 will provide a common framework for the future of trade.”

USCIB has established a central information page on its website for all the latest developments surrounding the introduction of Incoterms® 2020. Go to uscib.org/about-incoterms-2020 for more information.

About USCIB:
USCIB promotes open markets, competitiveness and innovation, sustainable development and corporate responsibility, supported by international engagement and regulatory coherence. Its members include U.S.-based global companies and professional services firms from every sector of our economy, with operations in every region of the world, generating $5 trillion in annual revenues and employing over 11 million people worldwide. As the U.S. affiliate of several leading international business organizations, including ICC, USCIB provides business views to policy makers and regulatory authorities worldwide, and works to facilitate international trade and investment. More information is available at www.uscib.org.

Contact:
Jonathan Huneke, USCIB
jhuneke@uscib.org, +1 212.703.5043

 

Business Guide to Trade and Investment, Vol. 2

Business Guide to Trade and Investment
Volume 2 – International Investment
by Arthur E. Appleton and Patrick F.J. Macrory

Focusing on Investment, this book provides an overview of rules applicable to making and protecting foreign investments. It will enable the business community, in-house counsel, and government counsel to better understand the types of protection provided by international investment agreements and investment contracts, as well as the range of issues that arise in the arbitration of investment disputes.

With contributions from 25 legal experts, the book addresses:

  • preliminary issues that an organisation contemplating making a foreign investment must consider;
  • sources of investors’ rights with respect to their investments;
  • the substance of investors’ rights;
  • important jurisdictional issues;
  • the process of investor-state dispute settlement.

User Friendly

Throughout the book, business guidance can be found in shaded boxes. Case descriptions and brief legal analyses appear in text boxes. Legal references and cases are provided in endnotes that follow each chapter.

Order your copy soon at Amazon.

Business Guide to Trade and Investment Vol 2

ICC Publication No. 795E
Paperback, 2018 Edition
Pages: 216
Price: $75.00
ISBN: 978-92-842-0477-9

Incoterms® 2020

Incoterms® 2020
ICC Official Rules for the Interpretation of Trade Terms

Subscribe to the USCIB Bookstore Newsletter to stay updated on the release of Incoterms® 2020.

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The first Incoterms® rules were released in 1936 by the International Chamber of Commerce.  They caused a sensation in the business world by bringing coherence to a commercial and judicial system that changed from country to country. ICC’s Incoterms® help traders avoid misunderstandings and disputes by clarifying the costs, risks, and the allocation of certain responsibilities of buyers and sellers in contracts for the sale of goods.

Incoterms® 2020 continues an 80-year ICC tradition and reflects the latest developments in commercial practice and updates, and consolidates some of the former rules. Changes made to the rules have been made to adapt the terms to new developments in world trade.

The updated Incoterms® 2020 will be released in Fall 2019, with implementation starting on January 1, 2020.

More details to come.

Incoterms® 2020

Users’ Handbook for Documentary Credits under UCP 600

Users’ Handbook for Documentary Credits under UCP 600
By Walter (Buddy) Baker, John F. Dolan

Users’ Handbook for Documentary Credits under UCP 600 is designed to serve as an introduction to users of documentary credits, that is, to sellers and buyers who seek to increase their access to cross-border markets. It strives to demonstrate the way commercial parties and bankers have used this remarkable commercial device, the documentary credit, to achieve their objectives.

The Users’ Handbook is divided into five parts:

  • Part One is a brief discussion of international sales and transport.
  • Part Two explains the banking industry’s crucial role in documentary credit transactions and illustrates many of the transactions in which commercial parties utilize the documentary credit.
  • Part Three explains the way documents control the payment function of the documentary credit.
  • Part Four introduces the all-important feature of the documentary credit – the ways it opens financing options to sellers, which can then extend credit to buyers.
  • Part Five introduces the standby credit and illustrates its role in cross-border transactions.

Users’ Handbook also contains a handy glossary of international trade terms for easy reference.

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Users Handbook For Documentary Credits UCP 600

ICC Publication No. 694
Paperback, 2008 Edition
Price: $75.00
ISBN: 978-92-842-0043-6

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Commentary on UCP 600

Commentary on UCP 600
Article-by-Article Analysis by the UCP 600 Drafting Group

The International Chamber of Commerce (ICC) has established rules on documentary credits worldwide for more than 70 years. UCP 600, the latest version of ICC’s universally used rules on documentary credits, came into effect on July 1, 2007.

Members of the Drafting Group that developed the new UCP have produced an article-by-article commentary on the rules. Commentary on UCP 600, which reflects the Group’s personal views, explains their rationale behind the changes in the rules and clarifies the general principles that underlie them.

The Drafting Group’s Commentary on the UCP 600 examines each of the 39 articles of the new UCP. Each article and sub-article is analyzed under four different topics:

  • the text of the article or subarticle
  • the key changes from UCP 500
  • the commentary explaining the rationale for the new language
  • the cross references to other articles in UCP 600

Practical, compact and easy to read, Commentary on UCP 600 will be a reference book of choice for students and users of the new UCP.

Issues:
Commentary on UCP 600 frankly addresses the contentious issues in the new rules, among them:

  • the term on their face and why it was dropped in all but one UCP article
  • the removal of the words reasonable time
  • the language allowing discounting of deferred payment credits
  • the new article on definitions, containing terms such as honour and negotiation

On these and other key points, Commentary on UCP 600 provides an invaluable insight into the thinking of those who drafted the new UCP.

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Commentary on UCP 600

ICC Publication No. 680
Paperback, 2007 Edition
Price: $75.00
ISBN: 978-92-842-0015-3

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Business Guide to Trade and Investment

Business Guide to Trade and Investment
Volume 1 – International Trade
by Arthur E. Appleton and Patrick F.J. Macrory

Volume 1 of this series introduces business interests to the international and regional rules applicable to trade in goods and services, as well as to aspects of trade such as intellectual property rights and dispute settlement. Businesses that have an understanding of the history of the General Agreement on Trade and Tariffs (GATT) and the World Trade Organization (WTO) will find it easier to appreciate how they can benefit economically from the international trade regime.

Volume 1 covers the following subject areas:

  • Introduction to the world trading system, economic and political benefits of trade, structure and functioning of the WTO
  • Fundamental rules governing international trade
  • Customs issues including how customs authorities determine the amount of duties due on imports
  • Non-tariff barriers
  • WTO rules relating to subsidies
  • How industries can obtain relief from imports causing them harm
  • Rules applicable to trade in agricultural goods
  • Government procurement
  • Export Controls and Sanctions
  • Rules applicable to Trade in Services, IP rights
  • How disputes are settled in the WTO and regional trade agreements

The book also includes case studies showing how particular industries have used the rules to open foreign markets or to protect themselves from injurious imports.

The authors have worked hard to simplify the complex and technical subjects of trade and investment to make them more accessible. Technical subjects have been broken down into readily understandable language. Business guidance is provided in the form of Shaded Tip Boxes, as well as legal details in Text Boxes.

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ICC Publication No. 781E
Paperback, 2017 Edition
Price: $75.00
ISBN: 978-92-842-0377-2

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ICC Guide to Export/Import 2018

ICC Guide to Export/Import 2018
Global Business Standards & Strategies
By Guillermo C. Jimenez

Now in its 5th edition, this Guide has introduced a generation of international trade professionals to the essential rules and standard practices of the export import trade.

This thoroughly-revised edition includes up-to-date coverage of such crucial topics as:

  • Export Contracts
    Which documents are used to create and fulfill an export import contract?
    How do you properly use a pro forma invoice, purchase order, bill of lading, letter of credit, etc.?
  • Incoterms® 2010 rules
    Which Incoterms® rules are currently valid and which have been ruled obsolete?
    Which Incoterms® rules are used for general transport and which for maritime transport?
  • Dispute Resolution and ADR
    What is the difference between international litigation and international commercial arbitration? How do parties agree to arbitration under the ICC International Court of Arbitration (ICA)?
    What are the procedures at the ICA?
  • UCP 600
    What rules apply to letters of credit?
    What about standby letters of credit?
    Demand guarantees?
    What special rules apply to electronic documents and electronic letters of credit?
  • International Transport
    What different types of transport service providers are available for export import?
    What is the difference between a freight forwarder and a consolidator or NVOCC?
    How do you properly insure cargo for maximum coverage?
  • International Business Contracts
    How do you negotiate an international agency, distributorship, franchise, or trademark licensing contract?
    What are the ICC Model Contracts?
    What other international business contracts should you understand?
  • E-Commerce
    What do exporters and importers need to know about the Internet and e-commerce?
  • Intellectual Property
    How do exporters and importers protect their intellectual property rights internationally?

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ICC Publication No. 790E, 5th Edition
Paperback, 2018 Edition
Price: $75.00
ISBN: 978-92-842-0423-6

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Shiles Joins USCIB as Head of ATA Carnet and Trade Services

Andrew Shiles

New York, N.Y., May 16, 2017 – Former FedEx executive and cargo industry veteran Andrew Shiles has joined the United States Council for International Business (USCIB) to lead the association’s dynamic portfolio of trade services, including the “merchandise passports” used by thousands of exporters around the world to get goods through customs quickly and easily.

As senior vice president of ATA Carnet and trade services, Shiles will work to expand U.S. trade interests through promotion of the ATA Carnet program. ATA Carnets are internationally recognized customs documents that permit temporary duty-free, tax-free entry of qualified goods for up to one year. They are used widely to facilitate entry of goods for trade shows, product samples and professional equipment.

“Andy Shiles brings extensive experience to this position,” said USCIB President and CEO Peter Robinson. “He has in-depth knowledge of trade and customs affairs, including ATA Carnet, and relationships with clients ranging from multinational corporations to SMEs to freight forwarders. In addition, Andy has strong connections with U.S. Customs, and has engaged in a number of important industry trade associations.”

USCIB manages and guarantees the ATA Carnet system in the United States, with responsibility for issuing ATA Carnets falling to two outside service providers, Roanoke Trade and the Corporation for International Business. ATA Carnets are accepted in 84 countries and territories, while the global ATA systems is overseen by the World Customs Organization (WCO) and the International Chamber of Commerce (ICC). USCIB serves as ICC’s American national committee.

Shiles comes to USCIB following more than 30 years at FedEx Express, the world’s largest air express cargo company, most recently as global regulatory compliance manager, where he served on USCIB’s Customs and Trade Facilitation Committee. His leadership experience in global supply-chain management includes participation in U.S. Customs and Border Protection’s Simplified Entry Working Group, which redesigned and implemented the current entry-clearance process into the United States.

Shiles also has extensive experience working with multiple government agencies, including the Food and Drug Administration, Department of Agriculture and Consumer Product Safety Commission. A self-professed “Yankee with a Southern accent,” Shiles was born in Manhattan and raised in the Southwest and in Tennessee, where he received his bachelor’s degree from the University of Memphis. He is a member of the International Compliance Professionals Association and the American Association of Exporters and Importers.

Find out more about the services offered by USCIB to facilitate cross-border trade and investment at www.uscib.org.

Contact:
Jonathan Huneke, VP communications, USCIB
+1 212.703.5043 or jhuneke@uscib.org

About USCIB:
USCIB promotes open markets, competitiveness and innovation, sustainable development and corporate responsibility, supported by international engagement and regulatory coherence. Its members include U.S.-based global companies and professional services firms from every sector of our economy, with operations in every region of the world. With a unique global network encompassing leading international business organizations, including ICC, USCIB provides business views to policy makers and regulatory authorities worldwide, and works to facilitate international trade and investment.

Coming Soon: 2015 Annual Review of International Banking Law & Practice

212_2015AnnualBookCoverThe USCIB International Bookstore will soon carry the 2015 Annual Review of International Banking Law & Practice.

At over 500 pages, this title is the field’s definitive record of Letter of Credit & Guarantee activity.  The 2015 Annual Review includes the key articles and industry reports on LC practice of the past year, as well as over 90 summaries of court cases from around the world. The annual review is available in both print and electronic versions.

Annual Survey of Letter of Credit Law & Practice Conference

Sign up today for the Annual Survey of Letter of Credit Law & Practice Conference in Tampa, FL on March 12-13. The conference is hosted by the Institute of International Banking Law & Practice (IIBLP), a partner of the United States Council for International Business (USCIB).

The Annual Survey is the premier LC event of the year. It is the only truly global forum dedicated to LC. The Annual Survey offers an unsurpassed networking opportunity by placing you face-to-face with over 100 of the leading LC professionals from banks, law firms, corporations and universities throughout the world.

Current problems and issues are openly aired in a direct exchange between industry leaders, offering analysis and educational opportunities through this intimate format.

For more information or to register, please click here.

2014 Holiday Offer From USCIB Bookstore

As the year comes to an end, USCIB International Bookstore wants to thank you by offering a special holiday deal, Buy One Get One 20 Percent Off!

Now through January 31, 2015, simply add two copies of the same ICC title (print copy or eBook) to the cart and you will receive a 20% discount on the second copy.

Deriving from the acclaimed work of the commissions, institutions, and international experts of the International Chamber of Commerce, our titles cover topics ranging from banking, commercial trade terms (Incoterms), law and arbitration, counterfeiting and fraud, model commercial contracts to advertising and environmental matters.

For a full list of our titles, please visit www.internationaltradebooks.org or contact us at 212.703.5066.

Staff Contact: Hsin-Ya Hou

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