Foreign trade news
and changes in legislation

Continuing a long tradition of providing the global trading community with the most up-to-date trade tools, the International Chamber of Commerce (ICC) is preparing to launch the Incoterms® 2010 rules.Today, ICC has announced it is now accepting preorders for the revised Incoterms rules, which will come into effect on 1 January 2011.

Featuring two new rules, the Incoterms® 2010 edition will reflect advances in international trade over the last decade, and is an essential tool for trade. Used in both international and domestic contracts for the sale of goods, the rules simplify the drafting of such contracts and help avoid misunderstandings by clearly setting out certain obligations of buyers and sellers.

Bringing coherence to a commercial and judicial system that diverged widely from one country to another, the globally accepted rules caused a sensation in the international business world when ICC first introduced them nearly 75 years ago.

“The global rules developed by ICC and used by companies in countless business transactions all over the world are an essential part of ICC’s work and set us apart from most other international business organizations,” said ICC Secretary General Jean Rozwadowski.

To keep up with the rapid expansion of world trade and globalization, the Incoterms rules are revised about once a decade. Since the last revision in 2000, much has changed in global trade and the current revision – conducted by an international drafting committee of eight ICC-appointed experts – will take into account issues such as developments in cargo security and the need to replace paper documents with electronic ones.

In addition to the 11 rules, the Incoterms® 2010 publication will feature user-friendly guidance notes and graphics to help users more easily choose the appropriate Incoterms rule for their transaction.

To help make trade professionals familiar with the revised rules, ICC headquarters in Paris and regional ICC representatives worldwide will support the launch of the Incoterms® 2010 book with a host of seminars and a range of supplementary products.

Led by members of the Incoterms rules drafting group, a launch conference giving step-by-step analysis of the Incoterms® 2010 rules will take place in Paris on 27 September 2010 with masterclasses featuring case studies immediately following on 28-29 September.

ICC NewsAlert 29.06.2010