Incoterms® 2020 is set to be released in early September 2019, following a two-year update process by an ICC expert drafting group comprising lawyers, traders and company representatives from around the world.
The updated rules will enter into force on 1 January 2020. Incoterms® 2010 will remain in effect for those using them.
Correct use of the Incoterms® rules helps provide the legal certainty upon which mutual confidence between business partners must be based. To help trade practitioners use them correctly, ICC—as the originator and developer of the Incoterms® rules—issues official publications and provides training on the rules.
Incoterms 2020® Certificate (INCO)
The ICC Academy will provide the Incoterms® 2020 Certificate (INCO). With an online training course the certificate is designed to provide a working knowledge of the Incoterms® Rules 2020 – a set of 11 regularly-used standard trading terms in international trade. This course will be available in English and Spanish and is scheduled for release in Autumn 2019. You can find more information about it here.
This online course will provide a good basic knowledge on the Incoterms®. A seminar will further deepen your knowledge by looking at different cases and answering individual questions.
ICC Switzerland will recognize trainers and organizations who do have the knowledge and correspond to ICC-standards to give seminars and trainings for Incoterms® 2020. According to the ICC practices, recognized trainers will have to pass a specific online training and will have to enter an agreement with ICC Switzerland. Trainers and organisations will be listed in the electronic communication of ICC and here on our homepage. As of now there are no official training dates set yet. We will publish those trainings here on our homepage within the next months.
If you wish to become a trainer yourself you will find more information of the process of becoming an ICC Registered Trainer on Incoterms® 2020 in Switzerland here.
Incoterms® 2020 Mobile Application
Access to essential information of the rules will be made easier than ever via a dedicated Incoterms® 2020 mobile application, to be made available on IOS and Android.
Within the app, users can access a wide variety of informative features, including latest news updates, event information and training opportunities. Unlike other ICC resources, the Incoterms® rules app also offers users with the ability to contact verified experts. These experts can provide real-time advice on the most pressing Incoterms® rules questions facing your enterprise.
Are you suffering from poor internet connection? No problem. Given the ever-changing nature of today’s global economy, ICC has 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.
Introducing “smartINCOs”: the next generation of the Incoterms rules
As part of its global efforts to embrace the use of technology as a key driver of transformation for international trade, ICC with support from Perlin, a Singapore-based distributed ledger technology company, will develop customisable, self-executing digital sales agreements, incorporating the new Incoterms® rules. This incorporation of smartIncoterms® rules, or smartINCOs, will help facilitate trade by reducing costs and barriers faced by importers and exporters worldwide , notably micro, small and medium enterprises (MSMEs).
The platform will utilise sensor data and application programme interfaces (APIs) to prompt triggers for self-execution, sustainability, and other environmental, social and governmental (ESGs) performance indicators to improve trade facilitation.
We will continue to update you on the current status of the Incoterms® 2020 here on this site.
ICC issues warning on fake incoterms® rules and deceptive training offers
With the launch of Incoterms® 2020 set for later this year, websites are already claiming to have information or training sessions about the update of our commercial trade terms. Do not be misled: As the world business organization, ICC is the originator and sole official publisher of the Incoterms® rules. Any misuse of the terms can lead to costly mistakes.
So how can you spot fake Incoterms® rules information?
Here are three tips to ensure you get the right details, from the most credible source.