Terms used in export business such as Fumigation Certificate,General License,Guarantee

 

Terms used in export business such as Fumigation Certificate,General License,Guarantee etc.

This post explains about terms used in export business such Freight forwarder, Fumigation Certificate,General License,Guarantee ,Gross Weight,Harmonized System ,Harmonization 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

Freight forwarder :An intermediary who arranges for the carriage of goods and/or associated services on behalf of a shipper, importer or exporter.

 

Freight forwarder: if you want to send goods overseas you'll normally need the services of a freight forwarder. The forwarder quotes for freight costs and other charges, prepares most of the freighting and customs documents, arranges marine insurance and attends to other freighting details.

 

Freight Transport Association (FTA) :Represents the transport interests of companies moving goods by road, rail, sea and air.

Terms used in export business such as Fumigation Certificate,General License,Guarantee etc

Frontier :Any place where goods are still to be notified formally to HM Revenue & Customs (HMRC) by placing them under a nominated customs procedure.

 

FTA - A free trade area is a term used for a group of states that have reduced or eliminated trade barriers between themselves, but who maintain their own individual tariffs as to other states.

 

Fumigation Certificate: A pest control certificate issued to certify that the concerned products have been undergone the quarantine and pre-shipment fumigation by the approved fumigation service providers. It is mainly required by the US, Canada, Australia, New Zealand and UK's customs on solid wood packing material from Hong Kong and the Chinese Mainland.

 

Fundamental Research - (EAR and ITAR) means basic or applied research in science and engineering performed or conducted at an accredited institution of higher learning in the United States where the resulting information is ordinarily published and shared broadly in the scientific community. Fundamental research is distinguished from research that results in information that is restricted for proprietary reasons or national security reasons (EAR) or pursuant to specific U.S. government access and dissemination controls (ITAR).

 

Fundamental Research Exclusions - The EAR provides that university research normally will be considered as fundamental research unless the university or its researchers accept sponsor restrictions on publication of scientific and technical information resulting from the project or activity. The EAR specifically permits limited prepublication reviews by research sponsors to prevent inadvertent divulging of proprietary information provided to the researcher by the sponsor or to insure that publication will not compromise patent rights of the sponsor. The citation for the official definition of fundamental research under the EAR is 15 CFR § 734.8.The ITAR states that university research will not be deemed to qualify as fundamental research if: (1) the university or its researchers accept any restrictions on publication of scientific and technical information resulting from the project or activity; or (2) the research is federally funded and specific access and dissemination controls protecting information resulting from the research have been accepted by the university or the researcher. The ITAR citation is 22 CFR § 120.11(8).

 

Fundamental Research: Any basic and applied research in science and engineering, the results of which are ordinarily published and shared broadly within the scientific community. Information that results from Fundamental Research is not subject to export control. Note that the fundamental research exclusion does not cover tangible items.

 

GATT - General Agreement on Tariffs and Trade. A multilateral treaty intended to help reduce trade barriers between signatory countries and to promote trade through tariff concessions.

 

General Agreement on Tariffs and Trade (GATT):The agreement was designed to provide an international forum that encouraged free trade between member states by regulating and reducing tariffs on traded goods and by providing a common mechanism for resolving trade disputes. GATT membership now includes more than 125 countries.

 

General Export License: Any of various export licenses covering export commodities for which validated export licenses are not required. No formal application or written authorization is needed to ship under a general export license. Compare VALIDATED EXPORT LICENSES.

 

General License (Export):Government authorization to export without specific documentary approval.

 

General Valuation Statement (GVS) :Form used as a "season ticket" in place of individual valuation declarations.

 

Generalised system of preferences (GSP) :A full list of countries participating in preference schemes found in the Tariff.

 

Good - Any article, natural or man-made substance, material, supply, or manufactured product, including inspection and test equipment, and excluding technology.

 

Goods:Inherently useful and relatively scarce articles or commodities produced by the manufacturing, mining, construction, and agricultural sectors of the economy. Government Procurement Policies - Rules utilized by governments for purchasing of goods and services.

 

Gross domestic product - (GDP) The total of goods and services produced by a nation over a given period, usually 1 year. Gross Domestic Product measures the total output from all the resources located in a country, wherever the owners of the resources live.

 

Gross national product (GNP) - Is the value of all final goods and services produced within a nation in a given year, plus income earned by its citizens abroad, minus income earned by foreigners from domestic production.

 

Gross weight - It is a term used for the full weight of a shipment, including the goods and packaging. [also check Tare Weight] Globalization - The term frequently used to identify a trend toward increased flow of goods, services, money, and ideas across national borders and the subsequent integration of the global economy.

 

Gross Weight:Total weight of goods, packing, and container, ready for shipment.

 

Group of 7/8 (G7/8) :The world's largest trading countries. The members of the G7/8 are Canada, France, Germany, Italy, Japan, Russia, UK and United States.

 

Groupage :This allows exporters of small consignments to gain the benefits of containerisation. A freight forwarder undertakes to group together different exporters' consignments to fill a whole container for a particular destination.

 

Guarantee :The financial security required for some warehouse premises, some customs procedures and all movements of duty-suspended excise goods from an excise warehouse. Administered by the Financial Securities Centre (FSC).

 

Guaranteeing associations :Organisations that are approved by HM Revenue & Customs (HMRC) to issue Transports Internationaux Routiers (TIR) Carnets.

 

Handling Charges:The forwarder's fee to his shipper client.

 

Harmonised system (HS) :An international system of classifying and describing goods. The HS is managed by the World Customs Organisation (WCO). In the European Union it is embodied in the Tariff.

 

Harmonised system committee (HSC) :The committee of the World Customs Organisation (WCO) responsible for managing the harmonised system (HS).

 

Harmonised system explanatory notes (HSEN) :Notes on the interpretation of the harmonised system (HS) classifications. These explain the detailed application of each code within the HS.

 

Harmonization:The process of making procedures or measures applied by different countries—especially those affecting international trade—more compatible, as by effecting simultaneous tariff cuts applied by different countries so as to make their tariff structures more uniform.

 

Harmonized System (HS): The Harmonized System (HS) of tariff nomenclature is a product classification system used as a basis for the collection of Customs duties and international trade statistics by almost all countries. Use of the HS ensures that a Customs administration produces statistics in exact accord with international classification standards. Currently 179 countries and Customs or Economic Unions (including 104 Contracting Parties to the HS Convention), representing about 98% of world trade, use the Harmonized System. It is therefore one of the most important instruments in world trade.Developed as a multipurpose nomenclature by the World Customs Organization (WCO), the HS is now used as the basis for:1.Customs tariffs2.Collection of international trade statistics3.Rules of origin4.Collection of internal taxes5.Trade negotiations (e.g., the WTO schedules of tariff concessions)6.Transport tariffs and statistics7.Monitoring of controlled goods (e.g., wastes, narcotics, chemical weapons, etc.).

 

The above details describes about terms called in export business such as Freight forwarder,Fumigation Certificate,General License,Guarantee ,Gross Weight,Harmonized System ,Harmonization 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.continue reading: Terms used in export business such as Foreign Nationa,Foreign Person,Free Carrier,Free circulation 

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