Incoterms 2020 Explained! / #lwmrm

The world of global trade with "Unlocking the Universe: Incoterms 2020 Explained!" 🌌 Join our animated host, Astro, as we break down the essential Incoterms that shape logistics and supply chain management. Discover how these international commercial terms define buyer and seller responsibilities, clarify costs, and mitigate risks in shipping — all through engaging visuals and friendly explanations! Whether you're an engineering student or a logistics professional, understanding these 11 pivotal terms is vital for streamlining your international transactions. Don't miss this opportunity to enhance your knowledge in global trade! If you find this video helpful, please like and share it with your peers! #Incoterms2020 #LogisticsTraining #GlobalTrade #SupplyChainEducation #UnlockingTheUniverse OUTLINE: 00:00:00 The Secret Language of Your Stuff 00:01:24 What Are Incoterms, Anyway? 00:02:07 Incoterms for Any Way You Ship 00:04:21 Special Rules for Water Transport 00:05:02 A Friendly Match-Up of Popular Incoterms 00:07:03 Why Incoterms Matter What are Incoterms? Incoterms are international trade rules that define the roles, costs, and risks of buyers and sellers in global shipping. They help ensure clarity in contracts by showing when responsibility shifts from seller to buyer. Recognized worldwide, these terms support smooth and legal trade processes. For any mode of transport (7 terms): EXW – Ex Works ⁠FCA – Free Carrier ⁠CPT – Carriage Paid To ⁠CIP – Carriage and Insurance Paid To ⁠DAP – Delivered at Place ⁠DPU – Delivered at Place Unloaded ⁠DDP – Delivered Duty Paid For sea/inland waterway transport only (4 terms): FAS – Free Alongside Ship ⁠FOB – Free on Board ⁠CFR – Cost and Freight ⁠CIF – Cost, Insurance, and Freight