Terms used in international trade business such Freight all kinds,Freight release,fronting loans,Freight Forwarders' Receipt,Full Payout Lease,Functional currency,Fuel surcharge etc.
This post explains about terms used in international trade business such as Free trade area,Free-trade zone,Freight all kinds,Freight release,fronting loans,Freight Forwarders' Receipt,Full Payout Lease,Functional currency,Fuel surcharge 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 international trade business
Free trade area - A free trade area is a cooperative arrangement among two or more nations, pursuant to the General Agreement on Tariffs and Trade, whereby trade barriers are removed among the members. The arrangement generally includes a customs union with a common external tariff, although there are exceptions in which members maintain individually separate tariff schedules for external countries.
Free Trade Zone:A port designated by the government of a country for duty-free entry of any non-prohibited goods. Goods can be stored, displayed, used for manufacturing and so on, within the zone and re-exported without duties being paid. Duties are imposed on the goods - or the items they manufacture - only when the goods pass into an area of the country that is covered by the Customs authority
free trade:a system of international trade in which companies do not have to pay high taxes on the goods bought from or sold in other countries
Free-trade zone - A port designated by the government of a country for duty-free entry of any nonprohibited goods. Merchandise may be stored, displayed, used for manufacturing, etc., within the zone and reexported without duties being paid. Duties are imposed on the merchandise (or items manufactured from the merchandise) only when the goods pass from the zone into an area of the country subject to the customs authority.
Freight all kinds (FAK) - Freight rate applicable to all types of goods.
Freight bill receipt- See Freight release.
Freight brokerage - Commission paid to a licensed Freight Forwarder or Custom House Broker by the steamship line concerning export transactions. Commission is paid either as a percentage or the freight charges or as a lump sum amount per container, depending on the carrier and/or trade lane.
Freight Carriage (and insurance paid to):Like "Freight or Carriage paid to..." but with the addition that the seller has to procure transport insurance against the risk of loss of or damage to the goods during the carriage. The seller contracts with the insurer and pays the insurance premium.
Freight Carriage (paid to):Like C&F "Freight Carriage paid to..." means that the seller pays the freight for the carriage of the goods to the named destination. However, the risk of loss of or damage to the goods, as well as the risk of any cost increases, is transferred from the seller to the buyer when the goods have been delivered into the custody of the first carrier and not at the ship's rail.
Freight Forwarder: An international freight forwarder is an agent for the export transaction and can move cargo from “dock-to-door,” providing several significant services such as:1.Advising on exporting costs including freight costs, port charges, consular fees, costs of special documentation, insurance costs and freight handling fees;2.Preparing and filing required export documentation such
as the bill of lading and routing appropriate documents to the seller, the buyer or a paying bank;3.Advising on the most appropriate mode of cargo transport and making arrangements to pack and load the cargo;4.Reserving the necessary cargo space on a vessel, aircraft, train, or truck.5.Making arrangements with overseas customs brokers to ensure that the goods and documents comply with customs regulations.For more information please visit:http://export.gov/logistics/eg_main_018144.asp.
Freight Forwarders' Receipt: Transport document issued by Freight Forwarder. Not a document of title.
Freight release - Evidence that the freight charges for the cargo have been paid. If in writing, it may be presented at the pier to obtain release of the cargo. (Normally, once the freight is paid, releases are usually arranged without additional documentation).
FREIGHT TO (NAMED DESTINATION): The seller must pay to forward the goods to the agreed destination by road, rail or inland waterway and is responsible for all risks of the goods until they are delivered to the first carrier.
Frof:Fire risk On Freight
fronting loans:A loan between a parent company and a foreign subsidiary that is channeled through a financial intermediary.
Frt:Freight
FS:Italian railways
FSC - See Fuel surcharge.
FTA: Free Trade Agreement. In particular, the Canada-U.S. Free Trade Agreement that entered into force on January 1, 1989.
FTA:Freight Transport Association / Free Trade Agreement
FTAA: Free Trade Area of the Americas. Proposed agreement between 34 countries of the Western Hemisphere to create a Free Trade Area by 2005, launched in Miami in December 1994.
FTC: Federal Trade Commission (USA)
FTL:Full Trailer Load
FTZ:Free Trade Zone
Fuel surcharge (FSC) - Additional charge in a carrier’s tariffs when the price of fuel increases.
Full Payout Lease: A lease in which the lessor recovers, through the lease payments, all costs incurred in the lease plus an acceptable rate of return, without any reliance upon the leased equipment's future residual value.
Functional currency:The working or operating currency of a corporate affiliate, as defined by Financial Accounting Standards Board Statement No. 52
Fwd:Forward
G/A con:General Average Contribution
G/A:General Average /General Authorisation
G-7(Group of Seven): Seven industrial countries - the US, Japan, Germany, France, The United Kingdom, Italy and Canada - whose leaders have met at annual economic summits since 1975 to coordinate economic policies.
GA - See General Average.
GAC: General Average Certificate
Gas - Material which has a vapor pressure greater than 300 kPa (43.5 psia) at 50 °C (122 °F) or is completely gaseous at 20 °C (68 °F) at a standard pressure of 101.3 kPa (14.7 psia).
Gateway - Principal airport, domestic or international, with many flights, offering maximum service and connections. Sometimes used to refer to a truck or trail border crossing to Canada or Mexico .
GATS: General Agreement on Trade in Services. The first set of multilaterally-agreed and legally-enforceable rules and disciplines ever negotiated to cover international trade in services.
GATT - General Agreement on Tariffs and Trade now called the World Trade Organization (WTO). A multilateral treaty intended to help reduce trade barriers between signatory countries and to promote trade through tariff concessions. http://www.wto.org
GATT:General Agreement on Tariffs and Trade, now renamed the World Trade Organization. A multilateral treaty adhered to by over 124 nations which provides a set of rules for trade policies and a means for settling disputes among member nations. After eight years of negotiations, the Uruguay Round Agreement of the GATT nations, creating a global trade accord, was voted on by the U.S. Congress in December 1994 and approved for American participation. The pact is expected to lower world tariffs by 40 percent, cut subsidies globally, expand protection for intellectual property, and set rules for investment and trade in services.
The above details describes about terms called in international trade business such as Free trade area,Free-trade zone,Freight all kinds,Freight release,fronting loans,Freight Forwarders' Receipt,Full Payout Lease,Functional currency,Fuel surcharge etc .These phrases may help importers and exporters on their day to day export import business activities. The readers can also add more information about terms used in international business trade below this post.Terms used in international trade business such as Forward contract,Forwarding agent,Foul bill of lading,Franchising ,Free Carrier
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