Terms used in export business such as ,Empowered Official,End-user,Entitled vessel, Entry , Eurodollars

 

Terms used in export business such as ,Empowered Official,End-user,Entitled vessel, Entry , Eurodollars etc.

 

This post explains about terms used in export business such Educational Information, Effective control,Empowered Official,End-user,Entitled vessel, Entry , Eurodollars, European Community,Ex – From etc. These terms used in international business are arranged in alphabetical order and you may add more information about terms used in export business at the end of this article, if you wish.

 

Terms used in export business

 

EAR (Export Administration Regulations): Regulations governing the export, including deemed export and re-export of dual use commercial items and technologies and other commercial items and technologies without an obvious military use. These regulations are under the jurisdiction of the U.S. Department of Commerce. (15 CFR Parts 730-774).

 

Educational Information: Educational information is information that is normally released by instruction in catalog courses and associated teaching laboratories of academic institutions. Educational information is generally not subject to export controls.

 

Effective control – According to the EAR, maintaining effective control over an item occurs when you either retain physical possession of the item, or secure the item in such an environment as a hotel safe, a bonded warehouse, or a locked or guarded exhibition facility. Retention of effective control over an item is a condition of certain temporary exports and re-exports.

 

EFTA: European Free Trade Association. Members are Iceland, Norway, Liechtenstein and Switzerland.

 

Electronic Applications for Phytosanitary Certificates (EAPC) :A system developed for the Plant Health Inspectorate to provide for the electronic delivery and processing of interactive application forms for export certificates for plants and plant products.

 

Terms used in export business such as ,Empowered Official,End-user,Entitled vessel,  Entry , Eurodollars etcElectronic data capture service (EDCS) :The transport mechanism for electronic data interchange (EDI) data between the trade and various HM Revenue & Customs (HMRC) systems. There are three methods of submission to EDCS: Simple Mail Transfer Protocol (SMTP) email attachment, ISO standard for electronic mail (x.400) email attachment and web.

 

Electronic data interchange (EDI) :The method of exchanging messages between computer systems over an electronic communications network nationally and internationally.

 

Electronic data interchange for administration, commerce and transport (EDIFACT) :Electronic Data Interchange for Administration, Commerce and Transport -an EDIFACT message is the basic unit for communicating information electronically. For example, a Supplementary Declaration is submitted as a Customs Declaration.

 

Eligible goods excise :Goods on which excise drawback may be claimed.

 

EMC - [check Export management company]

 

EMC - See Export management company.

 

Empowered Official - a U.S. person who:(1) is directly employed by the applicant or a subsidiary in a position having authority for policy or management within the applicant organization; and(2) Is legally empowered in writing by the applicant to sign license applications or other requests for approval on behalf of the applicant; and(3) Understands the provisions and requirements of the various export control statutes and regulations, and the criminal liability, civil liability and administrative penalties for violating the Arms Export Control Act and the International Traffic in Arms Regulations; and(4) Has the independent authority to:(i) Enquire into any aspect of a proposed export or temporary import by the applicant, and(ii) Verify the legality of the transaction and the accuracy of the information to be submitted;(iii) Refuse to sign any license application or other request for approval without prejudice or other adverse recourse. (22 C.F.R.§ 120.25)

 

End use :Arrangements which allow certain imported goods to be declared for free circulation in the European Union at a reduced or nil rate of duty, provided they are put to a prescribed use under Customs control.

 

End-user - The person abroad that receives and ultimately uses the exported or re-exported items. The end-user is not a forwarding agent or intermediary, but may be the purchaser or ultimate consignee.

 

Enhanced remote transit shed (ERTS) :A place situated outside the appointed area of an approved port/airport where non-European Union goods may be held until they are assigned to a Customs approved treatment or use.

 

Entitled destinations :Destinations within the European Union eligible to receive Common Agricultural Policy (CAP) export refunds.

 

Entitled passenger :A person travelling by sea or air to a country outside the fiscal/Customs territory of the European Union and in possession of a valid transport document.

 

Entitled vessel :A vessel with authority from HM Revenue & Customs (HMRC) to receive duty-free stores.

 

Entry :A declaration and request for customs release in respect of imports or goods intended for export. It is usually made on a single administrative document (SAD). Traders approved to do so can submit entries electronically.

 

Entry processing point (EPP) :A customs office that partially processes entries but does not have the full facilities of an entry processing unit (EPU).

 

ETC - [check Export trading company]

 

Euro :The European currency unit used by 15 members of the European Union: Austria, Belgium, Cyprus, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, Netherlands, Portugal, Spain and Slovenia, all of which have joined Economic and Monetary Union (EMU) and now use the Euro in place of their old national currencies.

 

Eurodollars - U.S. dollars placed on deposit in banks outside the United States; usually refers to deposits in Europe.

 

Eurodollars :US dollars deposited in Europe.

 

European Binding Tariff Information (eBTI) :System for implementing the Common Customs Tariff. The information is issued to economic operators by the customs authorities of the European Union member states. Thus, traders will know in advance, the tariff classification of the goods they intend to import or export. This information is introduced into a database run by the European Commission and is legally valid in all Member States, regardless of the Member State which issued it.

 

European Commission (EC) :One of the three main governing bodies of the European Union (EU). The Commission drafts proposals and is responsible for implementing policy. It is also responsible for ensuring that EU legislation is carried out.

 

European Community (EC) :European Community (EC) and European Economic Community (EEC) are now referred to as the European Union (EU).

 

European Free Trade Association (EFTA) :Members of the European Free Trade Association (EFTA) are Iceland, Norway, Liechtenstein and Switzerland.

 

European sales lists (ESL) :All businesses registered for VAT that supply goods to businesses registered for VAT in other European Union (EU) member states must send HM Revenue & Customs (HMRC) lists of their EU supplies. Other member states use the information provided on the European sales lists (ESL) to ensure VAT has been correctly accounted for.

 

European Union (EU) :An economic association of European countries founded by the Treaty of Rome in 1957 as a common market. It was known as the European Community (EC) before 1993. The European Union (EU) member states are: Austria, Belgium, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, the Netherlands and the UK.

 

Ex - From. When used in pricing terms such as "ex factory" or "ex dock," it signifies that the price quoted applies only at the point of origin (in the two examples, at the seller's factory or a dock at the import point). In practice, this kind of quotation indicates that the seller agrees to place the goods at the disposal of the buyer at the specified place within a fixed period of time.

 

Ex (Point of Origin):A pricing term under which the seller's only responsibility is to clear the goods for export and make them available to the buyer at an agreed upon location (factory, warehouse, ship, etc.). The buyer then bears the full cost and risk involved in transporting the goods to his desired location. Other terms used are "Ex Works," Ex Ship," and "Ex Quay."

 

The above details describes about terms called in export business such as Educational Information,Effective control,Empowered Official,End-user,Entitled vessel, Entry , Eurodollars,European Community,Ex – From etc. These phrases may help importers and exporters on their day to day business activities. The readers can also add more information about terms used in export trade below this post.condinue reading: Terms used in export business such as Documentary collection,Documentary credits,DOMERO,Double taxation 

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