Incoterms 2020

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Incoterms is a compound word that is a combination of three words “International Commercial Terms”. Incoterms were first developed in 1936 by the International Chamber of Commerce. Since then, Incoterms have become a universally accepted contract standard. These terms are ...

What are imports and exports?

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Imports are goods and services that are purchased by residents of a country from other parts of the world instead of buying domestically produced items. Imports lead to the outflow of funds from the country because import transactions involve payment ...