ICC prepares to launch Incoterms 2020

Tuesday, 14 May 2019 00:02 - - {{hitsCtrl.values.hits}}

The International Chamber of Commerce (ICC) 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.

Facilitating trillions of dollars in global trade each year, the ‘international commercial terms’, or Incoterms rules, are a commonly accepted set of definitions and rules governing commercial trade activity. The International Chamber of Commerce Sri Lanka (ICCSL) is the domestic chapter of Paris-based international world business organisation the ICC.

Incoterms 2010 is the most current version of the rules to date. This latest edition of the Incoterms rules included an increased obligation for buyer and seller to cooperate on information sharing and changes to accommodate ‘string sales’. For the past decade, Incoterms 2010 has provided critical guidance to importers, exporters, lawyers, transporters and insurers across the world.

In its centenary year, ICC is preparing for the official release of Incoterms 2020later this year. Today, more than ever, participants in the global trade system require guidance and clarity. With the emergence of new technologies, government policies, and environmental regulations,Incoterms 2020 will provide a common framework for the future of trade.

The development of Incoterms 2020 saw extensive consultation among economists, lawyers and trade experts, as well as insight from ICC’s global network of national committees. The participating national committees, as well as ICC’s Knowledge Solutions Department, have provided substantial contributions to the new Incoterms rules. The final draft, to receive approval by the ICC Executive Board, will be published in 2020.

ICCSL Secretariat will be pre-ordering the publication to benefit their member organisations. Anyone interested in obtaining a copy should contact the ICCSL Secretariat on 0112307841 or email [email protected].