The origins of Incoterms® can be traced back for more than 2 centuries, however the International Chamber of Commerce (ICC) did not officially release formal terms until 1936. Since then, the ICC has released 8 updated terms, including the most recent release of Incoterms® 2020 which was issued in September of 2019. The ICC issues updated terms to ensure that the rules keep in trend with the changing needs of the global economy.
Incoterms play a critical role in the world of international trade, with nearly 140 countries across the globe using them as a tool to guide and define the exchange of goods between buyers and sellers.
The 2020 version of Incoterms features a new delivery term, Cost and Insurance (CNI) as well as other important changes that companies should keep in mind.
In our latest Talking Trade podcast, I sat down with Michael Ford, VP of Government and Industry Affairs, to review the ins and outs of Incoterms as a whole, as well as major changes to the 2020 edition.