The International Chamber of Commerce (ICC) said Incoterms 2020 is set for release in early September 2019, providing certainty and clarity to businesses trading across borders everywhere.
Incoterms 2020 is an update of the Incoterms rules, which are the language of international trade, defining the responsibilities of buyers and sellers operating in the international trade system.
ICC, the world business organization, said the latest edition of the Incoterms rules, Incoterms 2020, will be released in early September 2019 and will come into effect on January 1, 2020.
“Incoterms® 2020 reflects the ever-changing nature of today’s international trade system. Over the course of the drafting process of Incoterms® 2020, several revisions were made to make sure that the Incoterms® rules clearly and accurately reflect present-day trade practices,” ICC said in a statement.
“From early September 2019, users of the Incoterms® rules will be able to adapt, prepare and train their businesses for 1 January 2020, when Incoterms® 2020 will come into effect,” it added.
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.
To ensure that Incoterms 2020 is convenient and accessible for all users, ICC will offer the new edition in a range of digital and hard copy formats.
It will also be offering translated versions of the Incoterms rules to benefit the understanding of users from around the world. Translation of Incoterms 2020 into 27 languages is already under preparation.
Access to essential information of the rules will be made easier via a dedicated Incoterms 2020 mobile application, to be made available on IOS and Android.
ICC has also made several of the application’s features available offline, including a digital version of Incoterms 2020.
“Therefore, if you are travelling on the high seas, or stuck inside a port with poor WIFI, the Incoterms® rules application will still be there to guide you,” it said.