Ex-works, Free Carrier (FCA), Free on Board (FOB) and Delivered Duty Paid (DDP) are all examples of Incoterms. They are delivery terms essential for anyone selling goods internationally and are often used also for domestic deliveries. They have been defined as Incoterms by the International Chamber of Commerce (ICC).
The latest edition of Incoterms was published in 2000. The ICC is now looking at what aspects of Incoterms should be varied to reflect changes in trade practices since 2000. The kind of questions being considered are: Have any of the 13 Incoterms become obsolete? Are new Incoterms needed? What changes are needed to reflect the electronic age and the need for increased security?
Commercial partner David Lowe says, "As one of the members of the seven strong international ICC working group reviewing Incoterms, I am really keen that the requirements of those people who use Incoterms regularly are taken into account to ensure we have the best possible Incoterms."
SITPRO (the UK's trade facilitation body and an agency of the Department for Business, Enterprise and Regulatory Reform, focusing on simplifying international trade), is operating an online questionnaire to take comments on Incoterms.
To take part and comment on this review, go to SITPRO's website and complete the questionnaire by the end of July.