Terms used in international trade business such as Negotiation,Net Weight,Net Cost,Non Tariff Barriers,Non-negotiable,NON-TARIFF BARRIERS etc.
This post explains about terms used in international trade business such as Negotiable instrument,Negotiation,Net Weight,Net Cost,Non Tariff Barriers,Non-negotiable,NON-TARIFF BARRIERS,Nostro account,Nostro-vostro accounts 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
Negotiable instrument - Written document that can be used to transfer the rights embodied in it by mere delivery ( in the case of instruments made out to bearer) or by endorsement and delivery ( in the case of instruments made out to order). Some instruments, such as the bill of exchange and the cheque, are negotiable unless their negotiability is explicitly excluded while the bill of lading is negotiable only if made negotiable by the shipper.
Negotiating bank: Bank nominated on a letter of credit to negotiate the bill of exchange, i.e. check the documents, pay the seller and seek reimbursement from the Issuing bank.
Negotiation: discussion and give and take leading to an agreement. In respect to Letters of credit is means “buying” of a bill of exchange drawn on another party. In situations where letters of credit are settled by negotiation, a negotiating bank may be nominated to check the documents, pay the seller and seek reimbursement from the Issuing bank. Alternatively the credit may be freely negotiable at any bank.
NEI:Not Elsewhere Indicated
NES: Customs and Excise's new export system, introduced in 2002.
NES:Not Elsewhere Specified
Net Cost - For each item that is subject to a “regional value content” requirement (RVC), enter “NC” if the RVC is calculated according to the Net Cost method; enter “NO” if the RVC is calculated by some other method.
Net Lease: A lease wherein payments to the lessor do not include insurance and maintenance, which are paid separately by the lessee.
NET WEIGHT (ACTUAL NET WEIGHT): The weight of the goods without any immediate wrappings; e.g., the weight of the contents of a tin can without the weight of the can. (See Legal Weight.)
Net Weight:Weight of the goods alone, excluding packaging or container
Neutral body - Neutral party used to police the practices of members of the conference.
NGO - See Non-governmental organization.
NIR:Northern Ireland Railways
NMB:National Maritime Board
No Advice:No Account (banking)
No license required (NLR) - Based on classification of item within the EAR, the exporter has determined that the export may be conducted without the need for an export license or the need for a license exception.
NOK:Norwegian Kroner
Nomenclature of the Customs Cooperation Council:This was known as the "Brussels Classification Nomenclature" prior to January 1, 1975. It is the customs tariff adhered to by most European countries and many other countries throughout the world, but not by the United States.
Non conference carrier - Independent ocean carrier who does not belong to any group or conference of ocean carriers and who establishes their own pricing and policies.
Non negotiable B/L - Copy of original Bill of Lading which cannot be negotiated with bank.
Non Tariff Barriers: Measures other than tariffs that restrict imports. Import quotas, standards, licenses, and other policies can serve as not-tariff barriers.
Non-circumvention non-disclosure agreement (NCND) - Type of contract frequently requested by international broker or middlemen in order to prevent buyers form trying to go around the broker to deal directly with suppliers. Although many of these agreements are said to be “issued pursuant to ICC Rules – such ICC rules are nonexistent.
nonconvertible currency:A currency is not convertible when both residents and nonresidents are prohibited from converting their holdings of that currency into another currency.
Non-governmental organization (NGO) - Generally applied to private sector nonprofit organizations that contribute to development in developing countries through such activities as development cooperation projects, financial aid, material aid, the dispatch of personnel, the acceptance of trainees, and development education. In this context, NGOs are accredited by the United Nations or its specialized agencies and can lobby and do business with them.
Non-negotiable - Document that cannot be used to claim title to the cargo. Most important: Air waybills are always non-negotiable.
Nonrecourse Loan: In a leveraged lease, the lenders cannot look to the lessor for repayment. The lender's only recourse is to the lessee and, therefore, the lessee's credit rating is of prime importance.
Non-tariff barriers - Measures other than tariffs imposed by governments which restrict imports with or without the intent to do so. Such barriers have become more prevalent since the end of World War II. Since that time, tariff rates have declined significantly while other forms of protection, such as licensing and quotas, have risen.
Non-Tariff Barriers (Measures) - (NTB): Government measures or policies other than tariffs which restrict or distort international trade. Examples include import quotas, discriminatory government procurement practices, measures to protect intellectual property. Such measures have become relatively more conspicuous impediments to trade as tariffs have been reduced during the period since World War II.
NON-TARIFF BARRIERS: These are factors, other than tariffs, inhibiting international trade, meant to discourage imports. They may include requiring advance deposits in import payments, requiring excessive customs adherence and excessive administrative procedures.
NON-VESSEL OPERATING COMMON CARRIER (NVOCC): A cargo consolidator of small shipments in ocean trade, generally soliciting business and arranging for or performing containerization functions at the port.
Non-Vessel Operating Common Carrier: Also known as an NVOCC, a company which consolidates small shipments from different sources consigned to the same destination into a single container for shipment overseas by either ocean or air carriers.
North American Free Trade Agreement (NAFTA): Effective January 1, 1994, the NAFTA is a regional trade pact that was signed by the United States, Canada and Mexico. Its goal is to eliminate tariffs and trade barriers between the three countries and create a common trade bloc of over 380 million consumers. By 2008, it will have systematically eliminated tariff barriers on the 9000 product categories of good produced and sold throughout North America.
North American Industry Classification System (NAICS):NAICS is the standard used by Federal statistical agencies in classifying business establishments for the purpose of collecting, analyzing, and publishing statistical data related to the U.S. business economy. For more information, see the NAICS website.
NOS - Not otherwise specified.
Nostro account - Bank account held in by a bank with its foreign correspondent bank, in the currency of that foreign country.
Nostro-vostro accounts: Accounts held by correspondent banks in each others' currencies. Each such account has a nostro view - our money held with you - and a vostro view - your money held with us.
The above details describes about terms called in international trade business such as Negotiable instrument,Negotiation,Net Weight,Net Cost,Non Tariff Barriers,Non-negotiable,NON-TARIFF BARRIERS,Nostro account,Nostro-vostro accounts 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 Movement certificate,multidomestic strategy,Multi-Fiber Agreement, Multilateral Agreement
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