What are Incoterms?

The latest edition of Incoterms is known as Incoterms 2020 and was published in the same year. This edition is not too different from the previous iteration – Incoterms 2010 – and features the same 11 rules.

Most significantly, Incoterms 2020 features an in-depth introduction and expanded explanatory notes for each term and trading role, which previous editions did not have. These updates were included to minimise errors and improve efficiency and accuracy in international trade.