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Picture: Incoterms® 2020, ICC - International Chamberce of Commerce ©

Last update: Tue 01/10/2019

International Chamber of Commerce - The Incoterms® 2020 Rules

Source: ICC on LinkedIn. See info here

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Journey to "ICC at 100" - Long version (29/05/2019)

Source: YouTube. See video here

"ICC issues declaration on the next century of global business" (28/05/2019)

Source: ICC. Read news here

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10/09/2019: ICC releases Incoterms® 2020

More accessible and easier to use, Incoterms® 2020 includes more detailed explanatory notes with enhanced graphics to illustrate the responsibilities of importers and exporters for each Incoterms® rule. The introduction to Incoterms® 2020 also includes a more detailed explanation on how to choose the most appropriate Incoterms® rule for a given transaction, or how a sales contract interacts with ancillay contracts.

- Incoterms® 2020 provides for demonstrated market need in relation to bills of lading (BL) with an on-board notation and the Free Carrier (FCA) Incoterms® rule.

- 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 (Delivered at Place Unloaded).

- Incoterms® 2020 includes security-related requirements within carriage obligations and costs.

Source: ICC. Read more info here

Comunicado de prensa en español

Fuente: ICC Spain. Ver pdf aquí

Vídeo presentación del Secretario General. Ver aquí

Publicación de Marta Prado Larburu sobre las nuevas Reglas Incoterms®2020 (10/09/2019)

Ver en LinkedIn (1) aquí

Ver en LinkedIn (2) aquí

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The newest edition of the International Commercial Terms (Incoterms), “INCOTERMS® 2020” is expected to be released by the International Chamber of Commerce (ICC) on the 13th of September 2019. INCOTERMS® 2020 will enter into force on the 1st of January 2020 to offer international trade operators a major tool to accompany their exchanges for the coming 10 years. The last updated edition of the Incoterms was in 2010 and it brought significant changes to earlier Incoterms.

The INCOTERMS® 2020 are expected to remain at the number of 11; 10 of these would keep the same designations while one, the “DAT” (Delivered at Terminal), would change its designation to become DPU (Delivered at Place Unloaded). This change would allow sellers and buyers to use this term to any place agreed by them avoiding the limitation to terminals only.

Accordingly, the 11 Incoterms are expected to be the following always split into 2 groups:

Rules associated with all modes of transport ("polivalent" rules):

EXW   EX Works

FCA    Free CArrier

CPT    Carriage Paid To

CIP     Carriage and Insurance Paid

DAP   Delivered At Place

DPU   Delivered at Place Unloaded

DDP   Delivery Duty Paid

Rules which apply to maritime transport and inland waterway transport ("maritime" rules):

FAS      Free Alongside Ship

FOB      Free On Board

CFR      Cost and FReight

CIF       Cost Insurance and Freight

The main expected changes are to occur to:

* the levels of insurance required by default in case of the CIP or CIF Incoterms;

* as for FCA, an On-board bill of lading concept is expected to be introduced.

* Finally, for the EXW and DDP, they are still deemed to be the least practical to international trade as all obligations and responsibilities would be totally borne by one side or the other; these two Incoterms are expected nonetheless to be kept within the INCOTERMS® 2020.

Incoterms govern the majority of global international exchanges of goods, they thus play a vital role in the regulation of certain aspects of the relationship buyer and seller in international trade transactions; hence, it is key for international trade operators to understand the extent of the changes that occurred and assess their impact to their transactions before the entry into force of the INCOTERMS® 2020 edition.

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"Learning from the experts: Bob Ronai on Incoterms(R) 2020 - Then and Now"

Source: Trade Finance Global. Read news here

"Incoterms® Group"

Source: LinkedIn. See posts here

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0- (10/09/2019): "#Incoterms2020 has arrived! #import #export‬
‪ICC Secretary General John W.H. Denton AO highlights what this #trade term update means for #traders worldwide.‬" See info here

1- (09/09/2019): "It’s been 10 years since the release of #Incoterms2010. Tomorrow, we release #Incoterms2020 — providing ease and efficiency to international traders worldwide. #trade #exporting #importing #InternationalTrade"

2- (08/09/2019): "The #Incoterms® rules are the global language of cross-border #trade… and change is coming. #Incoterms2020 #trade #import #export"

3- (07/09/2019): "ICYMI: #Incoterms®rules facilitate trillions of dollars in #GlobalTrade each year. We’re releasing an update to the #trade terms in just 3 days.  Join the hype by tagging your #trade partners, #incoterms2020"

4- (06/09/2019): "What’s new in #internationaltrade? 4 days to find out! #Incoterms2020 is raising #GlobalTrade standards. #importing #exporting"

5- (05/09/2019): "Are you #trade ready? The #Incoterms2020 countdown starts now! Our world-renowned trade terms for the sale of goods launches on September 10th. #importing #exporting #internationaltrade #incoterms"

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Publicación de Marta Prado Larburu sobre las nuevas Reglas Incoterms®2020 (05/09/2019)

Ver en LinkedIn aquí

YA SE HA PUBLICADO LA FECHA DE LANZAMIENTO: 10 de septiembre / THE RELEASE DATE HAS ALREADY BEEN PUBLISHED: The world-renowned trade terms "Incoterms® 2020" for the sale of goods launches on September 10th.

05 de septiembre de 2019: "In the Pre-orders for the book, in "Description", can be read that "Incoterms® 2020 contains the ICC rules for use of the 11 Incoterms® trade terms", as in the version 2010. But, the same number means the same rules? :-) Moreover, in the Pre-orders for the Incoterms® 2020 Wallchart, can be found a "very interesting information" for those who wrote quite a lot about the "possible" dissapearence of a concrete "super-known" rule. Surprise!!"

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"Incoterms 2020 - Lanzamiento oficial ICC Argentina - CAC" (17/09/2019)

Fuente: Youtube. See video here

"ICC Livecast - Drafting the Incoterms® 2020 Rules" (10/09/2019)

Source: ICC Academy on Youtube. See video here

"ICC Livecast - The Origin of the Incoterms® Rules" (06/09/2019)

Source: ICC Academy on Youtube. See video here

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"INCOTERMS 2020. Nuevo DPU, cambios en CIF y CIP" (20/09/2019)

Fuente: C.E. en Youtube. See video here

PODCAST: Incoterms® 2020 - Rules and Updates from the ICC United Kingdom (S1E16) (09/08/2019)

Source: ICC UK on Youtube. See video here

"ICC Incoterms® 2020 - Video Series 03. What are the main components of ICC Incoterms®" (05/09/2019)

Source: ICC UK on Youtube. See video here

"ICC Incoterms® 2020 - Video Series 02. Technical Advisors (Trainers)" (06/08/2019)

Source: ICC UK on Youtube. See video here

"ICC Incoterms® 2020 - Video Series 01. Drafting Committee Interview" (22/07/2019)

Source: ICC UK on Youtube. See video here

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"Hoy se conocerán los nuevos incoterms" (10/09/2019)

Fuente: Cadena de Suministro. Leer noticia aquí