The International Chamber of Commerce (the “ICC”) confirmed the latest version of Incoterms® will be published in early September 2019 and will come into effect from 1st January 2020.
Incoterms® are a set of voluntary standard terms that traders may be incorporate into a contract for the sale of goods internationally. Incoterms® are intended to be balanced so no jurisdiction is favoured over another. The current version is Incoterms® 2010 and are updated periodically to reflect changes in trading practices.
To improve accessibility for all users, the ICC will implement a number of changes within the 2020 version of the rules. Namely:
- To Introduce digital and hard copy versions of Incoterms®
The ICC have confirmed that they will offer the latest version of the rules in both digital and hard copy. Further, access to essential Incoterms® information will be made available to users via an Incoterms® 2020 mobile application. Users will be able to access a dedicated platform that provides updates, guidance, and training in addition to real-time advice from verified Incoterms experts.
- Translated Incoterms®
The ICC are working with their international network of offices to provide 27 translated versions of Incoterms® 2020.
The ICC has yet to confirm any substantial changes to the international rules but it will be interesting to see how the new version reflects the changes in trading practices since the last version.