The revision of Incoterms by the International Chamber of Commerce is set to be one of the most important issues of the coming year. SITPRO has begun consulting traders, and those who have responded seem to be happy with Incoterms 2000 as they are written. It seems that half-a-dozen Incoterms are in common use and most traders select three or four of these to use regularly. Rather than changes to the current Incoterms, these traders want to see more work on education about these important trading tools.
However, education and understanding of Incoterms across the supply chain may prove to be one of the most important spurs for revision. The ICC hopes to create a definitive set of trade terms that will address the differing national interpretation of some terms, such as the US usage of FOB, which can cause great confusion between trading partners.
Although the deadline for initial submissions to the ICC national committee is the end of January, SITPRO will be continuing to accept responses to its survey throughout the early stages of the consultation. Take part today at http://www.sitpro.org.uk/questionnaires/incoterms.html.
Return to SITPRO News: Issue 63, Winter 2007/2008
