Terms used in international trade business such as International transportation , Introduction,Inward collection,Irrevocable,Irrevocable,Joint venture etc.
This post explains about terms used in international trade business such as International transportation , Introduction,Inward collection,Irrevocable,Irrevocable,Joint venture,Inward letter of credit,Intransit (IT) entry 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
International Trade Commission - Independent U.S. Government agency concerned with imports, import duties, and the effect of imports on U.S. industry. The Commission has six commissioners who review and make recommendations concerning countervailing duty and antidumping petitions submitted by U.S. industries seeking relief from imports that benefit unfair trade practices. Known as the U.S. Tariff Commission before its mandate was broadened by the Trade Act of 1974.
International Traffic in Arms Regulations (ITAR) - Administered by the State Department to control the export of U.S. defense articles and services. The provisions implemented in the ITAR are governed by the Arms Export Control Act. Direct commercial sales of U.S. origin defense products, components, technologies, and services are controlled under the ITAR by the State Department’s Directorate of Defense Trade Controls.
International transportation - Transportation (1) Between any place in the United States and any place in a foreign country; (2) Between places in the United States through a foreign country; or (3) Between places in one or more foreign countries through the United States.
Intransit (IT) entry - Customs entry permitting goods to move between ports under bond.
Intrastat: system for collecting statistics on the physical trade in goods (ie the actual movement of goods) between the member states of the European Union (EU). Businesses which import or export goods worth more than a fixed threshold must complete Intrastat supplementary declarations. For more information, see the guide to Intrastat on the UKTradeInfo website (PDF).
introduce :to bring something such as a plant or animal into a country or environment for the first time
introduction:the process of bringing something such as a plant or animal into a place or environment for the first time
Inv. - Invoice.
Invoice:See "Commercial Invoice," "Consular Invoice."
Inward collection: How a Collecting or Presenting bank will refer to a collection. The collection that has been received from an overseas bank or exporter for presentation to a buyer in this country for payment.
Inward letter of credit: How an Advising or Confirming bank will refer to a letter of credit. A letter of credit issued by an overseas bank for advice to a seller in this country.
Inward processing relief (IPR): if you intend to re-export goods you've imported after processing them, you can apply for inward processing relief. This means VAT and duty only become payable if you decide to sell your goods in the UK or if you fail to meet the conditions of the scheme.
IOE:Institute of Export
IPA:Including Particular Average
IPI - See Inland Point Intermodal.
IPR:Inward Processing Relief
IRD:Inland Rail Depot
IRN:Import Release Note
Irrevocable - Most common designation of an instrument of credit in international trade. It carries an irrevocable obligation of the issuing bank to pay the beneficiary when drafts and documents are presented in accordance with the terms of the letter of credit. An irrevocable letter of credit, once issued, cannot be amended or canceled without the agreement of all named parties. As such, it must have a fixed expiration date.
Irrevocable Corporate Purchase Order - Offer to buy stated goods under specified terms and conditions.
Irrevocable Letter of Credit: A letter of credit in which the specified payment is guaranteed by the bank if all terms and conditions are met by the drawee. The opposite of a revocable letter of credit, which can be canceled or altered by the drawee, or buyer, after it has been issued by the drawee's bank. Under UCP 500 all credits are irrevocable unless explicitly stated to be revocable.
Irrevocable:Applied to letters of credit. An irrevocable letter of credit is one which cannot be altered or canceled once it has been negotiated between the buyer and his bank.
IRU:Union Internationale des Transports Routiers
ISC:Institute Strike Clauses (insurance). See Institute Cargo Clauses
ISF:International Shipping Federation
ISFA:Institute of Shipping and Forwarding Agents
ISO 9000 - International production quality standards established by ISO (International Standards Organization).
ISO:International Standards Organisation
ISP:ISP98 International Standby Practices published by the International Chamber of Commerce.
Issuing Bank - Bank which opens, issues, a straight or a negotiable letter of credit. This bank assumes the obligation to pay the beneficiary or a correspondent bank if the documents presented are in accordance with the terms of the terms and conditions of the documentary credit instrument.
ITA: Information Technology Agreement. A WTO-based agreement endorsed by several Members that calls for the gradual elimination of most-favoured-nation tariffs on many information technology and telecommunication products.
ITAR - See International Traffic in Arms Regulations.
ITI:Customs Convention on the International Transit of Goods
ITMA:Institute of Trade Mark Agents
ITO:International Trade Organisation
IUPIP:International Union for the Protection of Intellectual Property
IWA:International Waterways Association
IWC:Institute War Clauses (insurance). See Institute Cargo Clauses
Japan External Trade Organization (JETRO) - Administers the export programs of the Japanese Government independently. MITI subsidizes about 60 percent of JETRO's total annual expenditures and, technically, has final decision-making authority over JETRO management and programs. Originally established to help Japanese firms export, JETRO also assists American companies seeking to export to Japan and promotes Japanese direct investment in the United States and U.S. direct investment in Japan .
JIT:Just In Time
JLCD:Joint Liaison Committee on Documents
Joint venture: An international business collaboration between foreign interests and private parties from the host country, in which two or more parties establish a new business enterprise to which each contributes and in which ownership and control are shared.
JPY:Japanese Yen
The above details describes about terms called in international trade business such as International transportation , Introduction,Inward collection,Irrevocable,Irrevocable,Joint venture,Inward letter of credit,Intransit (IT) entry 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 Intermodal,International Monetary Fund,International Chamber of Commerce ,International Trade Administration
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