International Chamber of Commerce has refreshed the trade terms, with the launch of the revised version of its international commerce trade terms called Incoterms 2020.
International Chamber of Commerce has refreshed the trade terms, with the launch of the revised version of its international commerce trade terms called Incoterms 2020. Incoterms is a standard set of terms used by businesses across the world in international trade. ICC first introduced Incoterms back in the year 1936, in order to provide a standard set of terminology to traders and eliminate misinterpretations in international trade. The updated Incoterms will be in effect starting the new year. Incoterms, in the past, has provided critical judgements and paved ways for importers, lawyers, insurers and other wheels of trade across the world.
Watch: ICC Secretary General John Denton Interview: Multilateralism in the age of protectionism
The launch of Incoterms 2020 in New Delhi last week was accompanied by a symposium held by the ICC on the subject ‘ Multilateralism – Key to global economic growth’. Later, an expert panel comprised of former secretary of Ministry of External Affairs Kanwal Sibal, Political analyst Sanjay Baru, Asian Development bank India director Kenichi Yokoyama teamed up with ICC Secretary General John Denton, ICC India president Vikramjit Singh Sahney and Executive Director Imran Khan to discuss multilateralism and Incoterms 2020.
John Denton highlighted ICC’s role in keeping multilateralism as the focal point for sustainable growth and how it put all the stakeholders of the world economy and trade on the same page. Former president of ICC India, Sandip Somany also said that ICC’s role is more important than ever as geopolitical tensions and trade imbalances are on the rise in the world economy, leading to the prevalence of protectionist approach from the economic heavyweights.
ICC India president Vikramjit Singh Sahney reiterated optimism on multilateralism in his concluding remarks and suggested that it has passed the test of time. However, he warned that it will remain under scrutiny going forward but that doesn’t take its potential to solve the issues of trade and economy of the world.
ICC, through its e-learning platform ICC Academy, will train the importers, exporters, insurers and other entities of the world trade for better understanding and communication about ICC’s flagship project incoterms 2020. ICC Incoterms 2020 is available for purchase through its e-commerce platform ICC Knowledge 2 Go. ICC has designed Incoterms 2020 in 29 languages keeping in mind the diversity of the world trade system as well as upholding its very own theme of ‘multilateralism’.