Incoterms® 2020 Training
The World Trade Centre Winnipeg and the Winnipeg Chamber of Commerce have partnered with the Forum for International Trade Training (FITT), and the Canadian Chamber of Commerce to bring you training on the newly released Incoterms® 2020.
February 2020 Training Details:
> Date: Wednesday, February 12, 2020
> Location: 219 Provencher Boulevard, 2nd Floor
> Time : 8:30 – 4:00 p.m.
> Cost: $425 +GST (includes lunch)
Consider participating in this training if you are from one of the following industries:
- International Trade Consulting
- Financial Services
- Freight Forwarding
- – OR – you are currently or looking to begin importing/exporting
What are Incoterms® rules?
The Incoterms® rules are the world’s essential terms of trade for the sale of goods. Whether you are filing a purchase order, packaging and labelling a shipment for freight transport, or preparing a certificate of origin at a port, the Incoterms® rules are there to guide you. The Incoterms® rules provide specific guidance to individuals participating in the import and export of global trade on a daily basis.
What you will learn by attending a training session:
- Understand how to properly incorporate Incoterms® 2020 into pro forma invoices and sales contacts
- Identify corporate sales strategies that lower risks and costs
- Identify the correct Incoterms® 2020 rule for specific transactions
- Determine the obligations, risks and costs for both sellers and buyers
- Avoid common errors when using Incoterms®
- Use Incoterms® to the company’s advantage
Who publishes the Incoterms® rules?
Since its founding in 1919, ICC has been committed to the facilitation of international trade.
Different practices and legal interpretations between traders around the world necessitated a common set of rules and guidelines. As a response, ICC published the first Incoterms® rules in 1936. We have been maintaining and developing them ever since.
As ICC celebrates its Centenary in 2019, the world business organization is pleased to announce the publication of Incoterms® 2020. The newest edition of the Incoterms® rules will help prepare business for the next century of global trade.
Why use Incoterms® rules in international trade?
Although other clauses for global trade exist around the world, such as the Harmonised Tariff Schedule of the United States, Incoterms® rules are global in their reach. Similarly, Incoterms® rules do not include trade terms codified for national purposes, such as the “less than truckload shipping” (LTL) rule of the United States. Unlike national trade policies, Incoterms® rules are universal, providing clarity and predictability to business.
What does “Incoterms®” stand for?
“Incoterms®” is an acronym standing for international commercial terms. “Incoterms®” is a trademark of International Chamber of Commerce, registered in several countries.
The Incoterms® rules feature abbreviations for terms, like FOB (“Free on Board”), DAP (“Delivered at Place”) EXW (“Ex Works”), CIP (“Carriage and Insurance Paid To”), which all have very precise meanings for the sale of goods around the world.
These terms hold universal meaning for buyers and sellers around the world. If you are a financial analyst in the City of London, then you might associate the acronym “FCA” with the United Kingdom’s Financial Conduct Authority. However, for importers and exporters around the world, FCA are the initials used for “Free Carrier,” or the seller’s obligation to deliver the goods to the carrier nominated by the buyer at the seller’s premises or another named place.
*Information provided by the International Chamber of Commerce website.
For more information on this program, contact:
Stephanie Fontaine, Project Lead