Incoterms® 2020: What's New?

Posted by Queena Lau

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 both our Tradewin Hong Kong team and leads our Retail sector in Asia. Queena has over 10 years of regional and China trade compliance experience. 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 a wealth of experience and expertise in customs and trade consulting and has managed well over 200 customs and trade projects in Asia. She has experience in customs defense and planning projects in the areas of customs valuation (including transfer pricing adjustments and trademark royalty reviews), origin, duty savings optimization, and supply chain trade compliance reviews. Queena is a speaker at external events, and has held multiple client workshops on retail and consumer trade compliance. 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.