New Incoterms to be launched next month

After the first revision in 10 years, the new Incoterms (international commercial terms) 2010 Rules for Trade are due to appear on September 17, and become applicable from January 1, 2011, according to information released to FTW by the International Chamber of Commerce (ICC) in SA and the Standard Bank. This long-awaited revision of Incoterms 2000 has been two and a half years in preparation, and contains many changes to rules which apply to billions of dollars of international trade each year. The ICC – as originator of the rules – recently held a master class in Paris of 20 selected trainers from around the world, chosen to receive the newly revised terms and to ensure their transmission down the learning chain. Nominated by the ICC, the representative for SA was Linda Holtes – who is now the sole official master trainer in Africa for the Incoterms 2010 Rules. The official launch of Incoterms 2010 Rules will be in Gauteng on September 17 and in Kwa Zulu Natal, Western Cape, Eastern Cape, Free State, Mpumalanga and Limpopo provinces on September 20. Since the last revision in 2000, said ICC, much has changed in global trade. “Cargo security is now at the forefront of transportation,” it added. “In addition, the US Uniform Commercial Code was revised in 2004, resulting in a deletion of US shipment and delivery terms. The latest version of the Incoterms 2010 Rules will reflect these changes.” Training organisations for the new rules for trade have to be accredited by the ICC (SA) and use only ICC materials for their training.