Who is responsible for the development of Incoterms?

The development of Incoterms is the responsibility of the International Chamber of Commerce (ICC). Established in 1919, the ICC has been pivotal in creating standardized international trade terms that facilitate global commerce. Incoterms, short for International Commercial Terms, were first introduced in 1936 and have undergone several revisions to adapt to changing trade practices and legal frameworks.

The ICC's role in this development is significant because it brings together businesses from around the world to create a standardized set of rules that provide clarity and reduce misunderstandings in international shipping. By delineating the responsibilities of buyers and sellers regarding the delivery of goods, the ICC has helped create a common language for trade, which is crucial for successful transactions across different countries and legal systems.

The other organizations listed, while influential in various aspects of global trade, do not have direct responsibility for the creation or ongoing development of Incoterms. For instance, the World Trade Organization focuses on trade agreements and dispute resolution among member countries, whereas the United Nations Conference on Trade and Development deals with trade and development issues without specifically creating standardized commercial terms like Incoterms. The Global Trade Association typically represents various interests in trading, rather than developing standardized trade terms.