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News & Press: International Trade News

Incoterms® 2020 officially released

18 September 2019  
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Incoterms® 2020 have now been officially released by the International Chamber of Commerce (ICC). The new rules will be officially launched at an event in London on 15th October, which you can find details about here.

The Institute of Export & International Trade is an ICC licensed training partner, authorised to provide training on the new Incoterms®2020 rules. Our public one-day course, which can also be delivered in-house, provides a comprehensive overview of the new 2020 version of the terms and the differences between the 2010 version. It also enables UK businesses to be much more cost and risk aware when negotiating new business deals whatever the future international trade environment holds for the UK after Brexit.

View our training course calendar for Incoterms®2020

IOE&IT Members can purchase a copy of the Incoterms® 2020 book and receive a 20% discount, paying £36+p&p rather than £45+p&p - Buy Here

 

Setting the terms for Global Trade

Incoterms® 2020 are the globally recognised trade terms for the sale of goods, providing certainty and clarity to business and traders everywhere. Incoterms® comprise some of the most widely used, but most misunderstood aspects within international trade; they can impact on a number of areas of a company’s operations, including sales, accounts, shipping, operations, compliance and customer service.

Read more about how Incoterms help traders stay on the same page

More accessible and easier to use

The new Incoterms® 2020 are easier to use and more accessible, according to a press release from the ICC. They include more detailed explanatory notes and graphics that enhance the responsibilities of the importer and exporter according to each Incoterms® rule.

Among some of the more specific changes are:

  • Incoterms® 2020 provides for demonstrated market needs in relation to bills of lading (BL) with an on-board notation and the Free Carrier (FCA) Incoterms®
  • Incoterms® 2020 aligns different levels of insurance coverage in Cost Insurance and Freight (CIF) and Carriage and Insurance Paid To (CIP).
  • Incoterms® 2020 includes arrangements for carriage with own means of transport in FCA, Delivery at Place (DAP), Delivery at Place Unloaded (DPU), and Delivered Duty Paid (DDP).
  • There is a change in the three-letter name for Delivered at Terminal (DAT) to DPU.
  • Incoterms® 2020 includes security-related requirements within carriage obligations and costs.

Upon the release of Incoterms® 2020, ICC Secretary General John W.H. Denton AO said:

“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.”

To discuss our training courses:

Call +44 (0)1733 404400

Email: training@export.org.uk