How will Incoterms work for trade with the UK after the Brexit?

The Incoterms® rules have become an essential part of the daily language of trade. They have been incorporated in contracts for the sale of goods worldwide and provide rules and guidance to importers, exporters, lawyers, transporters, insurers and students of international trade.
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How will Incoterms work for trade with the UK after the Brexit?

Post by admin » Mon Apr 08, 2019 3:30 pm

Incoterms can be used for domestic trade, for trade within a custom union, or for international trade concerning any country in the world. In case of trade between a party from a EU member state and the UK party after Brexit, a UK party would be a non-EU company and different formalities would apply than those between EU companies. Incoterms do not specify which formalities apply, they just determine which party, seller or buyer, is in charge of export and import formalities. Therefore a Brexit would not bring a change in the use of the Incoterms rules.
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