Incoterms® 2020: What's New?

Posted by Queena Lau
Blog originally posted on 17/02/2020 08:23 AM

Tradelane-Header incoterms 2020 size formatted

Incoterms® are defined by International Chamber of Commerce (ICC) to facilitate trade across the globe. They are internationally accepted standards which define the responsibilities of sellers and buyers for delivery of goods under sales contracts. Incoterms® are used to specify how the costs and risks associated with the cross-border transportation of goods are borne between the buyer and seller.

Incoterms® 2020 – What’s new?

The main changes to the Incoterms® in the 2020 edition are:

  • Different levels of insurance cover in CIF and CIP
  • Arranging for carriage with seller’s or buyer’s own means of transport in FCA, DAP, DPU and DDP
  • Additional option to issue bills of lading with an on-board notation while applying the FCA Incoterm
  • Change in the three-letter initials for DAT to DPU
  • Inclusion of security-related requirements within carriage and costs

For a more in depth overview of what changed with Incoterms® 2020, download the flyer below. 

If you have any questions don't hesitate, don't hesitate to reach out to one of our experts.

incoterms

Topics: Classification, Tradewin, Risk

Blog originally posted on 17/02/2020 08:23 AM

Queena Lau

Written by Queena Lau

Queena manages our Tradewin Hong Kong team and has over 10 years of AP regional trade compliance experience. In her current role, Queena also supports the Taiwan market, assisting businesses to understand and navigate US Customs requirements. Prior to joining Tradewin in 2017, Queena worked in the customs and trade practice of a Big 4 firm in Shanghai and Hong Kong. Queena has experience in customs defense and planning projects in the areas of customs valuation, origin, duty savings optimization, and supply chain trade compliance management. Apart from strategic consulting, she also manages regional trade operations services that add value to companies’ day-to-day supply chains and overall trade compliance. Queena is a speaker at external events, and has held multiple workshops on regional trade compliance topics. She was a co-author for one of the sections in the book Governance, Risk and Compliance Management in China for German companies. Queena graduated from the University of New South Wales with double majors in Business Economics and Finance. She is also a certified member of CPA Australia.