Incoterms are international terms agreed upon by international merchants to clearly identify the buyer’s and seller’s responsibilities and risks in connection with freight shipment. There are a total of 11 terms pertaining to distinct delivery phrases, each with a three-letter abbreviation in English. The words were initially published in 1936 and have been updated on a regular basis to reflect changes in logistical procedures and business practices. On 1 January 2020, a new edition of Incoterms 2020 became effective, however it does not supersede prior editions.
Experts expect that the new edition of Incoterms 2020 will be more convenient and straightforward to use, as well as more efficient for enterprises engaged in international trade.
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