Terms used in international trade business such as Intermodal,International Monetary Fund,International Chamber of Commerce ,International Trade Administration

 

Terms used in international trade business such as Intermodal,International Monetary Fund,International Chamber of Commerce ,International Trade Administration, etc.

 

 

This post explains about terms used in international trade business such as Interchange,Intermodal,International Monetary Fund,International Chamber of Commerce,international strategy,International Trade Administration,International Joint Venture 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

 

INTER-AMERICAN DEVELOPMENT BANK (IDB):The Inter-American Development Bank provides resources to finance Latin American development. The IDB also serves as administrator for special funds provided by several member and nonmember countries. The largest of these funds is the U.S. Social Progress Trust Fund.

 

Interchange - Transfer of a container from one party to another.

 

Interchange Agreement - Contract between carrier and trucker that legally permits interchange of equipment.

 

Terms used in international trade  business such as Intermodal,International Monetary Fund,International Chamber of Commerce ,Interline service - Routing from origin to destination involving more than one carrier.

 

Intermediate Consignee - Intermediate consignee is the bank, forwarding agent, or other intermediary (if any) that acts in a foreign country as an agent for the exporter, the purchaser, or the ultimate consignee, for the purpose of effecting delivery of the export to the ultimate consignee. For exports to foreign countries, the intermediate consignee shall be the person named as such on an export license. If there is no intermediate consignee, the word “none” shall be entered.

 

Intermodal - More than one mode of transportation is used, e.g. truck and steamship, in one shipment, and one bill of lading is issued for the entire shipment.

 

Intermodal: The use of two or more modes of transportation to complete a cargo move; truck/rail/ship, or truck/air, for example.

 

International Accounting Standards Committee (IASC):Organization of representatives of 106 professional accounting organizations from 79 countries that is attempting to harmonize accounting standards acrosscountries.
International Monetary Fund (IMF):International institution set up to maintain order in the international monetary system.

 

International Air Transport Association (IATA) - Established in 1945, is a trade association serving airlines, passengers, shippers, travel agents, and governments. The association promotes safety, standardization in forms (baggage checks, tickets, weigh bills), and aids in establishing international airfares. IATA headquarters are in Geneva , Switzerland . IATA publishes its Dangerous Goods Regulations which are based on the ICAO Technical Instructions and which governs the movement of dangerous goods in domestic and international transport by air.

 

International Atomic Energy Agency (IAEA) - Specialized agency of the UN, is the primary international organization that enforces a system of safeguards to ensure that non-nuclear weapons states do not divert shipments of sensitive nuclear-related equipment from peaceful applications to the production of nuclear weapons. Before a supplier state of nuclear materials or equipment may approve an export to a non-nuclear weapons NPT (Nuclear non-Proliferation Treaty) signatory state, it must receive assurances that the recipient will place the material under IAEA safeguards. Subsequent to shipment, the recipient state must allow IAEA officials to verify the legitimate end use of the exported materials or equipment. IAEA, established in July 1957, gives advice and technical assistance to developing countries on nuclear power development, nuclear safety, radioactive waste management, and related efforts. Safeguards are the technical means applied by the IAEA to verify that nuclear equipment or materials are used exclusively for peaceful purposes. IAEA headquarters are in Vienna , Austria .

 

International Chamber of Commerce (ICC) - World business organization headquartered in Paris . See Incoterms® 2010.

 

INTERNATIONAL CHAMBER OF COMMERCE: Established in Paris in 1919, this is a non-governmental organization serving world business. The ICC has members in 110 countries that include companies, industrial associations, banking bodies and chambers of commerce. The ICC International Court of Arbitration was founded in 1923 to settle international business disputes; it is the leading international arbitration institution.

 

International Chamber of Commerce: International non-governmental body concerned with promotion of trade and harmonisation of trading practice. Responsible for drafting and publishing:

 

International Civil Aviation Organization (ICAO) - United Nations specialized agency which promotes international cooperation in civil aviation. The ICAO Council adopts standards and recommended practices concerning air navigation, prevention of unlawful interference, and facilitation of border-crossing procedures for international civil aviation. Operating since 1947, ICAO includes almost all U.N. members. Headquarters are in Montreal , Canada .

 

International Emergency Economic Powers Act (IEEPA) - Enacted in 1977 to extend emergency powers previously granted to the President by the Trading with the Enemy Act of 1917 (which still authorized the President to exercise extraordinary powers when the United States is at war). IEEPA enables the President, after declaring that a national emergency exists because of a threat from a source outside the United States, to investigate, regulate, compel or prohibit virtually any economic transaction involving property in which a foreign country or national has an interest.

 

INTERNATIONAL FINANCE CORPORATION (IFC): A separately organized member of the World Bank group, receiving its funds through stock subscriptions from member countries, revolving loans and earnings. The IFC encourages the flow of capital into private investment in developing countries. It makes loans at commercial interest rates, usually as a lender of last resort when sufficient capital cannot be obtained from other sources on reasonable terms.

 

International freight forwarder - See Freight forwarder.

 

International Joint Venture: One of the strategies for entering international markets is through joint ventures—where the risks, costs, management, and success of the venture are shared by the partners. The international nature of joint ventures subjects them to a multitude of statutes, regulations and legal requirements which must be understood by the players: the US business executive, the overseas partner, the investment banker, and their professional advisors. Add to this the complex business considerations which must be satisfied—often within the framework of a foreign culture and foreign practices—and you have a situation in which informed guidance is essential.

 

International Maritime Dangerous Goods Code (IMDG) - The regulatory standard for the shipment of dangerous goods internationally by vessel.

 

International Maritime Organization (IMO) - Established as a specialized agency of the United Nations in 1948. The IMO facilitates cooperation on technical matters affecting merchant shipping and traffic, including improved maritime safety and prevention of marine pollution. Headquarters are in London , England .

 

International Monetary Fund (IMF): The International Monetary Fund (IMF) was established by international treaty in 1945 to help promote the health of the world economy. Headquartered in Washington, D.C., it is governed by its almost global membership of 184 countries. The IMF is the central institution of the international monetary system—the system of international payments and exchange rates among national currencies that enable business to take place between countries. The IMF’s statutory purposes include promoting the balanced expansion of world trade, the stability of exchange rates, the avoidance of competitive currency devaluations, and the orderly correction of a country’s balance of payments problems. It aims to prevent crises in the system by encouraging countries to adopt sound economic policies; it is also—as its name suggests—a fund that can be tapped by members needing temporary financing to address balance of payments problems.

 

international strategy:Trying to create value by transferring core competencies to foreign markets where indigenous competitors lack those competencies.

 

International Trade Administration (ITA): As part of the US Department of Commerce, the mission of the International Trade Administration is to help US businesses participate fully in the growing global marketplace. The ITA overseas the Commercial Services that is a global network of professionals charged with promoting US exports, Manufacturing and Services that is the government’s link to American industry and that has industry sector specialists can help identify trade opportunities for specific US products or services, and the Market Access and Compliance that keeps world markets open to US products and that has country specialists can help you benefit from our trade agreements with other countries.

 

The above details describes about terms called in international trade business such as Interchange,Intermodal,International Monetary Fund,International Chamber of Commerce,international strategy,International Trade Administration,International Joint Venture 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 Inner packaging ,Inspection certificate,Insurance Certificate,Integrated carrier,Intellectual Property

 

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