____ are internationally recognized standard definitions that describe the responsibilities of a buyer and seller in a commercial transaction.

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Incoterms (International Commercial Terms) are standardized definitions that outline the obligations, risks, and costs of buyers and sellers in international trade. They were created by the International Chamber of Commerce (ICC) to provide a universal language for global trade transactions. The terms are regularly updated to reflect changes in the global trade environment.

____ Are Internationally Recognized Standard Definitions That Describe the Responsibilities