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 – available this September – 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.
Once the new rules are launched in September 2019, USCIB and other ICC national committees around the world will hold an extensive series of training seminars to familiarize the trade community with the latest changes to the Incoterms® rules.
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.