Incoterms® (International Commercial Terms) are the rules for the use of domestic and international trade terms, published by the International Chamber of Commerce (ICC).
The rules are used to conclude contracts for the purchase of goods worldwide. They define the seller's and buyer's obligations regarding the risk of loss of or damage to the goods, costs and arrangement of transport and customs clearance.
The rules are updated every 10 years. Incoterms® 2020 set out 11 rules. Learn the rules and their role in customs valuation by watching the video.