The International Chamber of Commerce of the Philippines welcomed the updated International Commercial Terms to harmonize international trade with Philippine trading partners.
“Every ten years, the ICC comes up with an upgrade. There are terms that needed to be redefined that’s why we brought here the 2020 Incoterms from Paris,” ICCP chairman Francis Chua said over the weekend.
The ICCP is open to conducting seminars for different groups and organizations to have them updated in the most recent terms used in international business and trade.
The 2020 Incoterm will be in place and used globally starting January 1, 2020. The global ICC, headquartered in Paris, is responsible for defining international trade terms.
All companies and business organizations, whether a member of the ICCP or not, are required to use the terminology to keep abreast with the new technology and new services.
“This new glossary of terms is very important in doing trade. If we don’t speak the same language we won’t understand each other,” Chua said.
