International Chamber of Commerce Thailand (ICC Thailand) Launches Incoterms(R) 2020

Event Calendar Press Releases Friday September 27, 2019 14:00
Bangkok--27 Sep--International Chamber of Commerce Thailand

International Chamber of Commerce Thailand (ICC Thailand), an organization set up by The Joint Standing Committee on Commerce, Industries and Banking (JSCCIB) together with International Chamber of Commerce International Headquarters (ICC IHQ) in Paris has launched Incoterms(R) 2020, globally recognized trade terms for the sale of goods, providing certainty and clarity to businesses and traders everywhere.

The Incoterms(R) rules were first introduced by ICC in 1936 to establish commonly accepted definitions and rules to relate to the sale of goods between trading partners worldwide. Since then, ICC has periodically revised the Incoterms(R) rules to reflect changes in the international trade system.

More accessible and easier to use, Incoterms(R) 2020 includes more detailed explanatory notes with enhanced graphics to illustrate the responsibilities of importers and exporters for each Incoterms(R) rule.

The introduction to Incoterms(R) 2020 also includes a more detailed explanation on how to choose the most appropriate Incoterms(R) rule for a given transaction, or how a sales contract interacts with ancillary contracts.

Incoterms(R) 2020 provides for demonstrated market need in relation to bills of lading (BL) with an on-board notation and the FCA (Free Carrier) Incoterms(R) rule. It aligns different levels of insurance coverage in CIF (Cost Insurance and Freight) and CIP (Carriage and Insurance Paid To). It includes arrangements for carriage with own means of transport in FCA, DAP (Delivery at Place), DPU (Delivery at Place Unloaded) and DDP (Delivered Duty Paid). There is a change in the three-letter name for DAT (Delivered at Terminal) to DPU. It also includes security-related requirements within carriage obligations and costs.

On the launch of Incoterms(R) 2020, Chairman of ICC Thailand Khun Chartchai Panichewa said:

"Incoterms(R) 2020 rules make business work for everyone by facilitating trillions of dollars in global trade annually. It helps importers and exporters around the world to understand their responsibilities and avoid costly misunderstandings. The rules also form the language of international sales transactions, and help building confidence in our valuable global trading system. To be in line with ICC Thailand's commitment to make it work for all, Incoterms(R) 2020 has been translated into Thai language to support businesses in Thailand to better understand and choose the rules effectively."

Incoterms(R) 2020 Thai-English books will be available for purchase through ICC Thailand's website or contact ICC Thailand Secretariat Office by email or Tel: 02 622 2183 or 02 018 6888 Ext. 4210.

About The International Chamber of Commerce (ICC)

ICC is the world's largest business organization representing more than 45 million companies in over 100 countries. ICC's core mission is to make business work for everyone, every day, everywhere. Through a unique mix of advocacy, solutions and standard setting, we promote international trade, responsible business conduct and a global approach to regulation, in addition to providing market-leading dispute resolution services. Our members include many of the world's leading companies, SMEs, business associations and local chambers of commerce.

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About The International Chamber of Commerce Thailand National Committee (ICC Thailand)

The ICC Thailand is the member of ICC, it was set up and support by The Joint Standing Committee on Commerce, Industries and Banking (JSCCIB) with the purpose of supporting and promoting Thai business communities to play an active roles in the formulation of the rules and policies both domestically and internationally including the expansion, modernization and enhancement of Thailand's international trade.

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