What is an Incoterm®? What’s new on the 2020 update released by the ICC?

On January 1, 2020, new updates to the International rules for the interpretation of trade terms, known worldwide by the trademark Incoterms®, were released by the International Chamber of Commerce (ICC).

By then, Bob Ronai, a member of the Incoterms® 2020 Drafting Group made a remarkable comment: “The importance of the Incoterms® rules has not been realized by most traders. We have a huge responsibility to get the knowledge out. It’s fine when nothing goes wrong, but when something does, then arguments develop [and] somebody loses… Incoterms® 2020 will help people understand their obligations, responsibilities and risks.”

To help the ICC “get the knowledge out” we have edited, specially for our Europartners Group community, a webinar and an e-book presenting the main rules and comments on this year’s update.

Check the complete list here and download free our e-book (in Spanish) to learn the details:

2020’s Incoterms® are:

EXWEx Works

FCAFree Carrier

CPTCarriage Paid To

CIPCarriage And Insurance Paid To

DAPDelivered At Place

DPUDelivered At Place Unloaded

DDPDelivered Duty Paid

FASFree Alongside Ship

FOBFree On Board

CFRCost And Freight

CIFCost Insurance And Freight

Watch Europartners Group complete webinar recording

Get ICC’s official publications