As the International Chamber of Commerce (ICC) celebrates its Centenary in 2019, the world business organization is pleased to announce the preparation and publication of Incoterms® 2020. This newest edition of the Incoterms® rules will help prepare business for the next century of global trade.
ICC – for which USCIB serves as the American National Committee and exclusive point of sale in the United States for ICC’s renowned business publications – 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.
What are Incoterms® rules?
ICC’s Incoterms® rules are the world’s essential terms of trade for the sale of goods. Whether you are filing a purchase order, packaging and labeling a shipment for freight transport, or preparing a certificate of origin at a port, the Incoterms® rules are there to guide you. The Incoterms® rules provide specific guidance to individuals participating in the import and export of global trade on a daily basis.
Who publishes the Incoterms® rules?
Since its founding in 1919, ICC has been committed to the facilitation of international trade. Different practices and legal interpretations between traders around the world necessitated a common set of rules and guidelines. As a response, ICC published the first Incoterms® rules in 1936. We have been maintaining and developing them ever since.
Why use Incoterms® rules in international trade?
Although other clauses for global trade exist around the world, such as the Harmonized Tariff Schedule of the United States, Incoterms® rules are global in their reach. Similarly, Incoterms® rules do not include trade terms codified for national purposes, such as the “less than truckload shipping” (LTL) rule of the United States. Unlike national trade policies, Incoterms® rules are universal, providing clarity and predictability to business.