FACULTY OF BUSINESS

ACCOUNTING SCHOOL

Incoterms 2020

COURSE:

COMERCIO INTERNACIONAL

AUTHOR:

MEDINA DIAZ, GABRIEL JESUS

TEACHER:

DUEÑAS LUJAN, RAUL ELIAS

Los Olivos - Perú

(2024)

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ÍNDICE
I. INTRODUCCIÓN
II. DESARROLLO
III. REFERENCIAS BIBLIOGRÁFICAS

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I. INTRODUCCIÓN
The introduction to Incoterms 2020 provides a comprehensive overview of the
latest edition of international commercial terms used in global trade. These
standardized terms, published by the International Chamber of Commerce, play a
crucial role in defining the responsibilities and obligations of buyers and sellers in
international transactions. The introduction delves into the history and purpose of
Incoterms, highlighting their significance in facilitating smooth and efficient global
trade. It also outlines the key changes and updates incorporated into the 2020
edition, emphasizing the need for businesses to familiarize themselves with the
revised rules to minimize risks and disputes. Additionally, the introduction sets the
stage for the subsequent sections by emphasizing the importance of understanding
and correctly applying Incoterms 2020 in international contracts, ultimately
contributing to improved clarity, efficiency, and cost-effectiveness in global trade
operations. The Incoterms rules have become an essential part of the daily
language of trade. They have been incorporated in contracts for the sale of goods
worldwide and provide rules and guidance to importers, exporters, lawyers,
transporters, insurers and students of international trade. These rules have been
developed and updated over the last eight decades. They contribute to the
facilitation of global trade and the promotion of economic development. The ICC
originally published Incoterms® in 1936 and have continually made updates to
reflect the changes in the international trade environment. A new update to the
terms is made approximately every 10 years. In 2010, Incoterms® 2010 came into
effect and introduced two new rules. The latest update to the Incoterms®,
Incoterms® 2020, reflects the ever-changing landscape of international trade. With
new advancements and developments in technology, logistics, and global business
practices, the updated rules aim to provide more clarity and guidance for
businesses engaged in cross-border transactions. One of the key improvements in
the 2020 edition is the inclusion of detailed explanatory notes, providing better
understanding and interpretation of each Incoterm. Additionally, the updated rules
address emerging issues such as security-related obligations, cost allocation, and
transport-related security requirements, aligning them with current trade practices
and industry standards. The 2020 edition also introduces a new security-related

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 Incoterm, known as CNI (Cost and Insurance), which aims to cater to the specific
needs of the industry. It is crucial for businesses to adapt and familiarize
themselves with the latest edition in order to mitigate potential risks, enhance
cost-effectiveness, and streamline international trade operations. The Incoterms®
2020 rules continue to serve as an indispensable tool for businesses and
professionals involved in global trade, providing a framework for smooth and
efficient contractual negotiations and transactions. (Bergami and Tichá2022)
(Magnus & Piltz, 2021)
II. DESARROLLO
The development of Incoterms 2020 also took into account the feedback and
suggestions received from users of previous versions of Incoterms. The ICC sought
to clarify certain terms, improve the usability of the rules, and address ambiguities
that were present in the previous versions. Furthermore, the development process
involved a thorough review of the existing rules to ensure that they remain
relevant and practical for contemporary trade scenarios. The resulting Incoterms
2020 rules aim to provide a clear and concise framework for the interpretation of
the most commonly used trade terms in international business. Overall, the
development of Incoterms 2020 was a meticulous and collaborative effort aimed at
facilitating smooth and efficient international trade operations. The development
of Incoterms 2020 can be traced back to the first set of Incoterms introduced in
1936 by the International Chamber of Commerce (ICC). Over the years, the ICC has
periodically updated the Incoterms to keep pace with the changes in the global
trade landscape. The process of developing Incoterms 2020 involved extensive
research and consultation with various stakeholders in the international trade
community, including exporters, importers, lawyers, and trade experts. The goal
was to ensure that the new set of Incoterms reflects the current trade practices
and addresses the challenges faced by traders in the modern global economy. The
ultimate objective of Incoterms 2020 is to provide a comprehensive set of rules for
the international trade community, ensuring clarity and certainty in transactions
while also considering the specific needs and requirements of different players in
the global trade supply chain. This approach reflects the ICC's commitment to
maintaining the relevance and effectiveness of Incoterms in facilitating smooth and

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 efficient international trade. In conclusion, Incoterms 2020 represents a significant
milestone in the evolution of international trade rules, and it stands as a testament
to the ongoing efforts to adapt to the changing dynamics of global commerce and
ensure a level playing field for all participants. (Bergami and Tichá2022)(Davis &
Vogt, 2021)

III. REFERENCIAS BIBLIOGRÁFICAS

Bergami, R., & Tichá, L. (2022). Managing Incoterms® 2020 export risks. International
Journal of Economics and Business Research, 23(2), 255-273. [HTML]

Magnus, U. & Piltz, B. (2021). Trade Terms and INCOTERMS. International Sales
Law. [HTML]

R Bergami, L Tichá - … of Economics and Business Research, 2022 -

inderscienceonline.com. Managing Incoterms® 2020 export risks. [HTML]

J Davis, J Vogt - Journal of risk and financial management, 2021 - mdpi.com. Hidden
Supply Chain Risk and Incoterms®: Analysis and Mitigation Strategies. mdpi.com