Who Decides Incoterms Rules?

The International Chamber of Commerce (ICC) is the organization responsible for creating and maintaining the Incoterms rules.

History of Incoterms

As an international chamber that promotes global trade and investment, the ICC established the first set of Incoterms rules in 1936 and has since revised and updated them several times to reflect changes in international trade practices and regulations.

Latest Version

The ICC's latest version of Incoterms, Incoterms® 2020, was published in September 2019 and came into effect on January 1, 2020. The International Chamber of Commerce takes the responsibility of ensuring that the Incoterms rules remain relevant and valuable for businesses engaged in trade, and encourages their adoption and use worldwide.

ICC's Role

• Creating and maintaining Incoterms rules
• Regular updates to reflect trade practices
• Promoting global adoption
• Providing guidance and interpretation
• Ensuring consistency in international trade

Global Impact

The ICC's work on Incoterms has significantly contributed to:

• Standardization of international trade terms
• Reduction of trade disputes
• Simplification of international contracts
• Facilitation of global commerce