Xian-fen Chen, lecturer of Taiwan Academy of Banking and Finance (TABF)
The International Commercial Terms (Incoterms) were formulated by the International Chamber of Commerce (ICC) and are revised every 10 years. The 2020 version of Incoterms was announced in September this year and will be officially applied on January 1, 2020.
In view of the fact that the revised contents of Incoterms 2020 are closely related to Taiwan's import and export trade, as well as the financial sector, the Bureau of Foreign Trade held several seminars in Tainan, Taoyuan, Hsinchu and Kaohsiung in October and November this year that were fully packed. Seminars will be held in Taipei and Taichung in the first half of next year, which we hope will meet the extensive needs of relevant industries.
Main revised contents for Incoterms 2020:
• Change DAT (delivered at terminal) to DPU (delivered at place unloaded);
• Specify the insurance transactions that should be insured under the terms of CIF (Cost Insurance & Freight) and CIP (Carriage & Insurance Paid to -)