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Incoterms for beginners | Global Trade Explained

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💫 Short Summary

Understanding Incoterms is essential for international trade, ensuring clarity between buyers and sellers. Incoterms 2020, consistent with previous versions, outline delivery terms from pickup to final delivery. Terms like EXW, FOB, CFR, CIF, DDP, and DDU define responsibilities and costs at different shipping stages. DAP in Incoterms 2020 is similar to DDU in previous versions. Choosing the right delivery terms impacts product and shipping costs, influencing future business decisions when negotiating with customers and suppliers.

✨ Highlights
📊 Transcript
Understanding Incoterms in International Trade.
01:10
Incoterms 2020 provides clarity between buyers and sellers regarding delivery terms in international trade.
Notable terms in Incoterms 2020 include EXW, FOB, CFR, CIF, DDP, and DDU, each outlining responsibilities and costs at different shipping stages.
DAP in Incoterms 2020 is similar to DDU in previous versions, highlighting the importance of selecting appropriate delivery terms to impact product and shipping costs.
Negotiating Incoterms with customers and suppliers is crucial for influencing future business decisions in international trade.