Ukrainian president cancels decrees on application of Incoterms rules

Ukrainian President Viktor Yanukovych has canceled decrees under which the application of international rules for the interpretation of commercial terms in the international trade sphere that are often used - Incoterms - is obligatory during the signing of contracts, including foreign economic contracts for goods.

Presidential decree No. 589 of May 19, 2011 on the declaration of President's Decrees No. 567 of October 1994 and No. 505 of July 1, 1995 invalid has been posted on the Web site of the Ukrainian president.

According to the decree, the Ukrainian cabinet is to draw up a draft law on amendments to some Ukrainian laws on the application of the Incoterms rules and submit it to the parliament in three months.

The decree takes effect from the moment of its publication.