Which organization created the International Chamber of Commerce’s Incoterms rules?

The International Chamber of Commerce created the Incoterms rules.

The International Chamber of Commerce, commonly abbreviated ICC, introduced Incoterms in 1936. The rules provide standardized trade terms that clarify selected responsibilities between sellers and buyers in international sales contracts, including delivery arrangements, transport costs, and the allocation of certain risks.

Incoterms are revised periodically to reflect changes in commercial practice. The current widely used edition is Incoterms 2020, which entered into effect on 1 January 2020. The rules do not set the price of goods, determine ownership in every legal system, or replace the entire sales contract.

The ICC is a global business organization founded in 1919. It is distinct from the WTO, which administers multilateral trade agreements among governments. The World Customs Organization develops customs standards, while the International Trade Centre supports trade development and export competitiveness.