INCO Terms Changes For 2020
The internationally recognised shipping terms – or ‘Incoterms’ – are currently being amended by the International Chamber of Commerce (ICC) and are expected to be introduced later this year, being fully effective by January 1, 2020.
It has become customary to revise Incoterms at the beginning of each decade, as was the case in 1990, 2000 and 2010, and it seems next year will be no exception.
The drafting committee, which is largely made up of European members, includes representatives from China and Australia for the first time as it represents 150 ICC members.
Customs Insights understand that the below key changes are being considered :
- Removal of the Term FAS (Free Alongside Ship).
- Splitting FCA (Free Carrier) into two terms for different modes.
- Reinstate FOB (Free On Board) & CIF (Cost, Insurance & Freight) as multi-modal terms.
- Creation of a new incoterm CNI (Cost & Insurance).
- Splitting DDP (Delivered Duty Paid) into two terms to allow for terminal and door duty paid deliveries.
The committee is also understood to be analysing other issues, which include:
- Transportation security.
- Regulations on transportation insurance.
- The relationship between the Incoterms and the International Sale Contract.
Customs Insights provide a range of customs related solutions including customs clearance, consultancy, Brexit planning and both AEO application and management. To talk to one of our customs specialists please email firstname.lastname@example.org or call 01304 211652.
Ensure compliance, resolve difficulties, manage efficiencies and reduce duty.
CFSP Bureau Services
Customs Freight Simplified Procedures, a simplified electronic paperless gateway.
Specialist Customs Regimes
Compliance and assistance for the many specialist Customs regimes.
The Government has announced the UK’s new Customs tariffs. The UK Global Tariff (UKGT) will replace the current EUs’ Common External Tariff (EU CET).
After last week’s acceptance of Boris Johnson’s deal in parliament, the EU followed up by agreeing a further extension to Brexit until 31 January 2019. While the deal was approved in principle, all options remain firmly on the table as parliament can still fail to get...
EU leaders backed and agreed a third extension to Brexit on Friday, and today confirmed a new deadline date of 31st January 2020. This follows last week’s parliamentary votes to accept Boris Johnson’s deal but to refuse the short timescale. The deal is a modified...