ICC Launches Incoterms 2020

Updated Trading Rules Released

The International Chamber of Commerce has released Incoterms 2020, the latest edition of its trade terms for the international sale of goods.

The publication updates the incoterms rules that were first introduced by ICC in 1936 and features “more detailed explanatory notes with enhanced graphics” to illustrate the responsibilities of importers and exporters.

“Incoterms 2020 rules make business work for everyone by facilitating trillions of dollars in global trade annually. Because they help importers and exporters around the world to understand their responsibilities and avoid costly misunderstandings, the rules form the language of international sales transactions, and help build confidence in our valuable global trading system,” said John W.H. Denton, secretary general of the ICC.

The new rules include updated terms for demonstrated market need in relation to bills of lading, alignment for different levels of insurance coverage, and arrangements for carriage with own means of transport, among other changes.

Incoterms and the 2020 revisions will be the topic of a "fireside chat" at Breakbulk Americas, 10 a.m. Thursday, Oct. 10, on the main stage. Speaking are Frank Reynolds, president, International Projects Inc., and the U.S. Council for International Business representative to the International Chamber of Commerce for the Incoterms 2020 revision; and Dennis Mottola, a global logistics consultant.

Photo: John W.H. Denton, secretary general of the ICC