Global Trade

As of 1st January 2025, the updated rules of origin for goods under the Pan-Euro-Mediterranean (PEM) Agreement have come into effect. These changes represent a fundamental shift designed to simplify trade processes, while ensuring the continuity of international trade. As the transition begins, it is essential for businesses to understand the key changes and how they can best prepare for navigating the new regulations.

Whether you are importing or exporting goods, and whether you are a buyer or a seller, the chances are high that you will encounter Incoterms.

Norway is not a member state of the European Union, but it is a member of the European Economic Area. This means that Norway sets its own tariffs on goods from outside the single market and at the same time, Norwegian goods are imported into the European Union tariff-free.

When goods are bought or sold “Delivery Duty Paid” (DDP) it means that the Seller delivers the goods to a place previously agreed to by the seller and the buyer. This can be any location. The agreed place of delivery (e.g. the terminal) needs to be specifically named.

The Union Customs Code (UCC) wants to promote international competitiveness and improve export opportunities. To facilitate this they have developed four special procedures:

In 2019 a new version of the Incoterms was released. Companies are now advised to use Incoterms 2020.

When goods are bought or sold “Delivery at Place” (DAP) it means that the Seller delivers the goods to a place previously agreed to by the seller and the buyer. This can be any location.

When goods are bought or sold “Carriage and Insurance Paid” (CIP) it means that the Seller delivers the goods to a destination previously agreed to by the seller and the buyer.

The International Chamber of Commerce has launched the latest version of the International Commercial Terms (Incoterms): Incoterms 2020.

When goods are bought or sold "carriage paid" (CPT), this means that the seller delivers the goods to a destination agreed in advance between the seller and the buyer. It can also mean delivery to the buyer's preferred carrier.