Incoterms 3000 Scheduled to be Issued in Fall 2010
In an interview with International Trade Law News, Frank Reynolds, the U.S. Delegate to the International Chamber of Commerce's (ICC) Incoterm's drafting committee, said that the revised version of Incoterms 2000 should be released in the fall of 2010. Once released, the new Incoterms will take effect on January 1, 2011.
The new version of the Incoterms will be known as Incoterms 3000 in order to avoid the expectation that they will be revised every ten years.
The ICC introduced the first version of Incoterms, short for "International Commercial Terms," in 1936. There are currently 13 Incoterms, including EXW (Ex works), FOB (Free on Board), CIF (Cost, Insurance and Freight), DDU (Delivered Duty Unpaid) and CPT (Carriage Paid To).
The Incoterms have been revised six times in order to reflect international trade developments.
Frank Reynolds is the author of Incoterms for Americans, a very useful publication for U.S. exporters.