The ICC today announced that in view of the fact that UCP 600 has been effective since 2007, the Executive Committee of the ICC Banking Commission recently undertook a review of current practice in order to determine whether or not a revision would be justified. Key external movements in international trade practice have often triggered past revisions of UCP and the general objective of a revision is to address developments in the banking, transport and insurance industries.
Having reviewed the various articles that have been published regarding topics for revision, as well as participating in numerous discussions, the Executive Committee believes there is insufficient justification for the significant time and cost of a revision. Accordingly, a revision of UCP 600 is not considered to be appropriate at this time.
The paper issued by the Executive Committee can be found in the following link ExCo recommendation UCP revision October 2016 .pdf
The ICC added that in the event that any National Committee is of the opinion that a revision is still warranted, a request should be sent to the ICC Banking Commission Executive Committee including a detailed business case and rationale that supports consideration of a revision.