Incoterms – an abbreviation of international commercial terms – are rules that facilitate fair and consistent global trade. They outline the shipping responsibilities of Buyers (Importers) and Suppliers (Exporters).
The International Chamber of Commerce (ICC) introduced the rules in 1923. Since then, there have been several revisions to Incoterms, the most recent edition being ‘Incoterms 2020’.
Incoterms are recognised by numerous countries that engage in international trade.