Who would have guessed that a collection of three-letter acronyms would have had such an impact on the development of international and domestic commercial transactions?
That’s a question raised by the International Chamber of Commerce (ICC) in a recent media release.
To keep pace with the ever evolving global trade landscape, the latest update to the trade terms is currently in progress and is set to be unveiled in 2020. The Incoterms® 2020 Drafting Group includes lawyers, traders and company representatives from around the world. The overall process will take two years as practical input on what works and what could possibly be improved will be collected from a range of Incoterms® rules users worldwide and studied.