Incoterms is short for International Commercial Terms. Incoterms as they are were created in 1936 by the International Chamber of Commerce (ICC). There are presently eleven Incoterms ranging from; cost, insurance, and freight (CIF), Ex works (EXW), Free of Board (FOB), and Free Along Ship (FAS.) Global trade has changed over the last eighty years.
There have been many modifications to types of transport, customs clearance, and visibility. Incoterms also make for increased cooperation in the exchange of information as a security measure. We can expect updates to Incoterms in 2020 to include, Cost and Insurance (CNI) and the removal of EXW and FAS. Modifications to enable more frictionless trade.
Trading with partners, modifications in time, cooperation