The Incoterms 2020 rules which have been launched by the International Chamber of Commerce (ICC) have come into effect since 1st January 2020
The Coop has updated and uploaded a brochure of Incoterms 2020 containing the most recent version of the Incoterms rules launched by the International Chamber of Commerce (ICC). The Coop’s brochure for Incoterms 2020 presents a chart explaining the responsibilities of exporters and importers in international trade. The Coop Incoterms brochure has been modernised and the fresh and simplified chart will allow members to easily share it with their clients and partners.
The Incoterms rules were first laid down back in 1936 by ICC to create a set of internationally accepted rules and definitions with regards to the delivery of goods among trading partners all over the world. Since then these rules have been periodically amended and the Incoterms 2020 comes with detailed notes and graphs for illustrating the liabilities of exporters and importers for each of the Incoterms rule.
As explained by Mr. John WH Denton AO, the Secretary General of Incoterms, “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.”
The Coop Incoterms brochure can be downloaded by clicking here.