The International Chamber of Commerce (ICC) will release Incoterms® 2020 - the language of international trade - in early September 2019.
When the Incoterms® rules were first introduced in 1936, they brought coherence to a fractured international system, which included conflicting commercial and judicial standards that diverged widely from country to country.
Over 80 years later, the Incoterms® rules are used every day by millions of enterprises of all sizes from around the world, including multinational enterprises, micro-, small- and medium-sized enterprises and individual practitioners.
Incoterms® 2020 Mobile Application
According to the ICC, access to essential information of the rules will be made easier than ever via a dedicated Incoterms® 2020 mobile application, to be made available on IOS and Android.
Within the app, users can access a wide variety of informative features, including latest news updates, event information and training opportunities. Unlike other ICC resources, the Incoterms® rules app also offers users with the ability to contact verified experts. These experts can provide real-time advice on the most pressing Incoterms® rules questions facing your enterprise.
Introducing “smartINCOs”: the next generation of the Incoterms rules
As part of its global efforts to embrace the use of technology as a key driver of transformation for international trade, ICC, with support from Perlin, a Singapore-based distributed ledger technology company, will develop customisable, self-executing digital sales agreements, incorporating the new Incoterms® rules. This incorporation of smartIncoterms® rules, or smartINCOs, will help facilitate trade by reducing costs and barriers faced by importers and exporters worldwide, notably micro, small and medium enterprises.
Story by: Riaan de Lange
