Incoterms - short for “International Commercial Terms” - are standard trade definitions most commonly used in international sales contracts.  Among the best known Incoterms are EXW (Ex Works), FOB (Free on Board), CIF (Cost, Insurance and Freight), DDU (Delivered Duty Unpaid), and CPT (Carriage Paid To). 

The International Chamber of Commerce (ICC), introduced the first version of Incoterms in 1936.  Since then, ICC experts in the Commission on Commercial Law and Practice have updated them six times to keep pace with the development of international trade.  The last update of the Incoterms entered into force on 1 January 2000.  

Recently ICC took the decision to review these “Incoterms 2000″.  A major revision is expected on the seller-buyer cargo security obligations, which are linked to respective Custom-Trade Partnership Against Terrorism (C-TPAT) and Authorized Economic Operator (AEO) cargo security regimes. 

As ICC has the reponsibility to consult regularly all parties interested in international trade,  ICC Belgium is currently undertaking an inquiry to make sure that the Belgian companies interested can give their input for changes.  The results of the inquiry will be available as from 15 June onwards.

Click here if you want to follow this inquiry.

This entry was posted on Monday, May 19th, 2008 at 14:56 and is filed under Customs, News, Trade. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.