Incoterms in International Trade: Meaning, Types, Pros and Cons, and Importance (Full Guide)
Incoterms, short for International Commercial Terms, are a set of globally recognized rules established by the International Chamber of Commerce (ICC). First introduced in 1936, these terms define the responsibilities of sellers and buyers in international trade transactions, specifying who is responsible for tasks such as shipping, insurance, documentation, and customs clearance. What Are Incoterms?…