It provides a full and precise definition of each term, and explains the context in which they are used. Similarly in the case of international terms of trade too, things have been smoothened and standardized across all countries with the introduction of incoterms published by icc or international chamber of commerce in 1936. Dictionary of international trade the international trade dictionary contains a glossary of 2000 key terms for international business and trade classified into eight categories encompassing the full breadth of international trade activities. Glossary of international trade terms business trade forum. They are published by the international chamber of commerce icc and are widely used in international commercial transactions. The board which is established to carry out the provisions of the foreigntrade zones act. Glossary of supply chain terms logistics and supply chain. The incoterms are a set of international rules that provide an interpretation for the most used commercial terms in foreign trade operations.
Ecs1, fiscal control part of the ecs, replacing the manual sad copy 3 for. Glossary of international trade terms trade connect. International glossary of business valuation terms june 08, 2001 to enhance and sustain the quality of business valuations for the benefit of the profession and its clientele, the below identified societies and organizations have adopted the definitions for the terms included in this glossary. World trade organization wto the organization that succeeded the general agreement on tariffs and trade gatt as a result of the successful completion of the uraguay round of. Export import shipping glossary of international trade terms and. This is the fourth edition of the dictionary of trade policy terms. The trade compliance and logistics world has a huge number of acronyms, and it is everchanging.
Further in his discussion, however, taussig presented graphs of data for the terms of trade for great britain, canada, and the united states. Additive, substances added to resin to impart specific performance qualities. The first work published by the icc on international trade terms was issued in 1923, with the first edition known as incoterms published in 1936. One rule of the 2010 version delivered at terminal. International trade data system itds international trade terms. An undertaking by the drawee who then becomes the acceptor, of a bill of exchange to pay to the person presenting the bill called the. A document of title to the goods described therein 3.
The following customs and trade terms are intended as a guide to assist. To do that he needed a single number, and he chose. Since the last revision in 2000, much has changed in global trade and the current revision will take into account issues such as developments in cargo security and the need to replace paper documents with electronic ones. Balance of payments adjustment this refers to the way in which states settle their bills. Trade finance glossary of terms international trade finance. How the gain from international trade would be shared by the participating countries depends upon the terms of trade. When you click on a term, an explanation will appear. Glossary accelerator, a chemical used to increase the rate of cure of resin at room temperature. Glossary westpac banking corporation abn 33 007 457 141 december 2014 westpac banking corporation abn 33 007 457 141 glossary of trade terms. Glossary of customs and trade terms centre for customs and.
Glossary of terms the following is a list of frequently used terms that may help you understand the international import export process. Acquisition premium, in a merger or acquisition, the difference between the. Incoterms were created as common codes of conduct and contract and are regulated by the international chamber of commerce for international trade. A receipt for goods, signed by a duly authorized person on behalf of the carriers. Incoterms 2020 is the ninth set of international contract terms published by the international chamber of commerce, with the first set having been published in 1936. The arrangements of parts of a whole, for instance the structure of the international system being defined in terms of the distribution of power among states bipolar. Glossary of international standards as defined by the iso. It is not a replacement for legal or financial advice and as the industry changes we will endeavour to update it. The trade lexicon contains terminology commonlyused in international trade. The intent of this dictionary was to produce a broad listing of terms, which are commonly.
International trade guide to uk trade for import export companies covers trade finance, trade credit, international trade law, uk trade shows, international trade events, import duties and taxes, exporting controls for all uk imports and exports as well as export courses and training to maximise export sales. International trade glossary reprinted with permission from the book users handbook for documentary credits under ucp600, icc publication no. Thanks to credit todays credit and collection handbook for many of these entries advice of a letter of credit. The terms of trade tot is the relative price of exports in terms of imports and is defined as the ratio of export prices to import prices. Disclaimer this information is disseminated under the sponsorship of the u.
Glossary of international trade terms latest shipping date. International trade unrestricted by protectionist measure such as tariffs or quotas. Cultural web an approach to depicting an organizations culture as a system of interrelated elements. To merge temporary files containing a days or weeks worth of information with the main data base in order to update it. The words and acronyms selected for inclusion are those likely to be encountered. Glossary of international trade terms acceptance commission. Glossary a guide to wto speak world trade organization. The formulation of an international free trade agreement for both the eu and the gcc means that strong regional bloc integration is a must and necessary step however it is not a sufficient. Tenor time at which a draft indicates it is payable, such as, at sight, 60 days after the bill of lading date, or on january 31, 2007. Customs defines assembly operations as fitting or joining together of fabricated components by any methods such as soldering, welding, gluing and laminating. Concepts, determination and effect of tariff on term of trade. An application that expedites the clearance of cargo for the subsequent release of containers. These are placeholders for information stored in the oscar database that will be filled in when the email is sent. Glossaries of trade terms sice the oas foreign trade.
Acetone, a cleaning fluid used in rpc context to remove uncured resin. The foreigntrade zones act of june 18, 1934, 48 stat. The terms in this glossary have been carefully selected from the myriad of terms one can encounter in the shipping business. In particular, he is not responsible for loading the goods in a vehicle apply only at the point of origin, and the seller agrees to place the goods at the disposal of the.
The following websites provide glossaries of terms used in trade. The international trade dictionary contains a glossary of 2000 key terms for international. Glossary of customs and trade terms the following customs and trade terms are intended as a guide to assist anyone who may not be familiar with the vast array of terms and acronyms that populate the world of customs and international trade and travel. Incoterms 2020 defines 11 rules, the same number as defined by incoterms 2010. Contracting parties refers to the nations which signed the general agreement on tariffs and trade. Basic glossary of terms commonly used in the world trade. Customs tax charged per unit or quantity imported and expressed in monetary terms. Glossary of export trade terms starting withy words and definitions. A receipt of goods issued by a carrier with an indication that the goods were damaged when received. When the term is capitalized, it means all contracting parties acting jointly. Glossary of terms used by the department for international.
Congress in november 1993 and began implementation in january 1994. In terms of organizations coming together, through trade or ownership, cultural differences can result in significant friction termed culture clash. Glossary of export import shipping terms international trade terms like export terms and. It can be interpreted as the amount of import goods an economy can purchase per unit of export goods an improvement of a nations terms of trade benefits that country in the sense that it can buy more imports for any given level of exports. Glossary of international shipping terms a8a manifest a form issued by a licensed customs broker which allows ccra to monitor in bond shipments.
Evidence of the terms and condition of carriage agreed upon between the two parties. Bank financing of cashflow for exporters who grant their foreign buyers a term of payment. Prepared by adriana campos azofeifa, specialist in policies and trade. It is comprehensive and includes many figures, although, by his own admission, is biased towards international trade terms although international finance terms are also covered. International glossary of business valuation terms. Glossary for international trade international market. If if exports exceed imports, a favorable balance of trade exists. Dictionary of trade terms the intent of this dictionary was to produce a broad listing of terms, which are commonly used in trade negotiations and especially within the context of the free trade area of the americas ftaa with a view to providing an information tool for the public at large. An underwriter is not obliged to accept abandonment, but if he does he accepts responsibility for the property and liabilities attaching thereto, in addition to being liable for the full sum. The difference between a countrys total imports and exports. Glossary of international trade terms in global trade world the term international trade is referred to the exchange of goods and services between regions.
Glossary of terms used in world trade of goods, products and services, in 4 languages. Effective december 2, 2002, carriers andor automated nvoccs nonvessel operating common carrier must submit a cargo declaration 24 hours before cargo is loaded aboard the vessel at a foreign port. Us department of commerce, national trade data bank, comprehensive guide to international trade terms. Glossary of trade and customs terms the trade lexicon. World trade organization wto the organization that succeeded the general agreement on tariffs and trade gatt as a result of the successful completion of the uraguay round of gatt negotiations. A accession becoming a member of the wto, signing on to its agreements. The right a marine assured has to abandon property in order to establish a constructive total loss.
The last date which the exporter can ship the merchandise and still be in compliance with the terms of the letter of credit, usually stated on the shipment transport document. Dictionary of international trade global negotiator. What the literature misses is that policy failure is often at the core of lower growth following. Supranational beyond or above the state, having power or authority that is greater than that of single countries. Definitions of all terms related to cargo insurance. Department of state, the language of trade international trade data system itds international trade terms u. Rules of the united nations commission on international trade law uncitral. Here is the trade finance guide to terminology used across the trade, supply chain, commodity and agency finance markets. International currency exchange rates determined by laws of supply and demand. Glossary of trade terms united states trade representative.
Glossary of international trade terms credit today. Dictionary of international trade globalnegotiator. Abreviations, international trade terms, glossary, definitions of, terms in trade, export. Since the collapse of the bretton woods agreements in the early 1970s, international currencies have floated in response to forces of supply and demand. An informal press guide to wto speak business roundtable language of trade.
Customize a single email for multiple recipients using merge codesfields. The glossary of import and export of alpha international trade provides. This glossary covers all of the terms and concepts from international economics, including both international trade and international finance. The terms of trade refer to the rate at which one country exchanges its goods for the goods of other countries. To keep up with the rapid expansion of world trade and globalization, the incoterms rules are revised about once a decade. Wto dictionary caribbean trade reference center organization. Glossary of international business business dictionary. Tariff rate charged as a percentage of the total value or price of the quantity imported. A notice from a bank verifying that an authentic letter of credit was issued by another bank, specifying the dollar amount of that letter of credit, the beneficiary and the other particulars. The board which is established to carry out the provisions of the foreign trade zones act. A group of 30 industrial countries promoting growth and high employment among its members, fostering international trade and contributing to global economic development. Inbound logistics glossary of transportation, logistics, supply chain, and international trade terms can help you navigate through confusion and get to the meaning behind industry jargon.
The fee that is usually paid by the applicant to the accepting bank to compensate the bank for accepting the draft under a usance letter of credit. Click match all when conducting a keyword search from a basic search box to ensure that all results match all entered search terms. Incoterms glossary exw ex works exw ex works means that the sellers only responsibility is to make the goods available at his premises that is, works or factory. In this article we have compiled an extensive list of the different terms that are widely used in the conducting of transactions in international trade. United states of america us department of commerce, national trade data bank, comprehensive guide to international trade terms u.
Dat was removed, and is replaced by a new rule delivered at place unloaded. Pcc, processing under customs control an eu customs regime merged. Incoterms are the standard terms of trade that define the rights and obligations of the parties involved in trade. Glossary of international trade terms 24 hour rule. At the top of the page you can quickly find pages using the quick search box. Time draft draft that demands payment at a specified future date rather than immediately upon presentation. International trade is a different type of activity from domestic trade, and a more complicated one, given that the buyer and seller are in different countries, and they therefore face a series of barriers which have to be overcome. The incoterms rules were amended in 1953, 4 1967, 1976, 1980, 1990, 2000, and 2010 with the ninth version incoterms 2020 5 having been published on september 10, 2019. Countries can acquire a comparative advantage through, for example, investing in the. Terms of trade and other wonders this is a glossary for terms used in international economics, maintained by alan deardorff. Press, the world trade organization wto and the centre for international. The foreign trade zones act of june 18, 1934, 48 stat. Department of transportation in the interest of information exchange.