New rules to guide global trade

Posted: Friday 3rd January

An updated version of the globally accepted trade rules has come into force this month so if your business is involved in international trade of goods across the globe, make sure you are prepared.

The international trade rules, known as Incoterms (International Commercial Terms), was drawn up by the International Chamber of Commerce as a way of governing trade movements around the world.

They have been re-written for the first time in ten years and took effect from January 1, 2020.

Anton Gunter, Global Freight’s managing director, said it was vital businesses were aware of the new rules when sending goods abroad.

“The rules apply to global trade and set out contract terms for international freight delivery. It’s the first time in many years that they have been revised and it’s therefore fundamental that businesses get to grips with them quickly.

“Whether you are purchasing an order, packaging and labelling a shipment or preparing a certificate of origin, it is the Incoterms rules which guide businesses on how to prepare goods for importing and exporting therefore it’s important to understand what changes have been made.

“The whole point of the rules being updated is to make it easier for businesses to understand them so hopefully it will prove relatively straightforward.

“If, however you’re still unsure how the new rules might apply to your business, our experts will be able to help you make sense of them.

“Also, if you’re considering trading internationally for the first time, we can advise and help your business with an effective import/export strategy to support your 2020 goals.”

For further information contact Global Freight Services by email at sales@global-freight.co.uk or by calling 01952 270699.

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