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Incoterms are standard trade terms used in international trade to specify the responsibilities of the buyer and seller in relation to the delivery of goods. Incoterms provide a set of internationally recognised rules and definitions that help to ensure that the parties involved in a trade transaction understand their responsibilities and obligations. The most commonly used Incoterms include Ex Works (EXW), Free on Board (FOB), Cost and Freight (CFR), Cost, Insurance, and Freight (CIF), and Delivered at Terminal (DAT).