Terms used in trade such as European Central Bank,European Economic Area,European Union,Ex Stock ,Ex Works (EXW) etc

 

Terms used in business such as European Central Bank,European Economic Area,European Union,Ex Stock ,Ex Works (EXW) etc.

 

 

 

This post explains about terms used in business such as European Article Number, European Central Bank,European Economic Area,European Union,Ex Stock ,Ex Works (EXW) ,Exchange Rate Exposure,Excise Duty,Exclusion clauses 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 business

 

 

European Article Number (EAN) - A standard international numbering code system that is used primarily in retail applications. It is also compatible with the U.S. UPC (Universal Product Code).

 

European Bank for Reconstruction and Development (EBRD) - The first international financial institution of the post Cold War period. It was established in 1991 in response to major changes in the political and economic climate in central and eastern Europe. The EBRD helps 29 countries from central Europe to central Asia with financing projects.

 

European Central Bank (ECB) - The central bank for European Union (EU). It sets monetary policy for member countries.

 

European Commission / Commission européenne :A European Union administration that makes routine decisions and proposes new laws.

 

European Committee for Standardization (CEN) - An organization composed of the national standards organizations of 33 European countries. The European Committee for Standardization, or CEN, seeks to promote the European economy in the global market by providing an efficient and standardized infrastructure for trade.

 

European Community / Communauté européenne :An organization of European countries that developed from the European Economic Community and makes law in a wide range of public policy areas.

 

Terms used in  business such as European Central Bank,European Economic Area,European Union,Ex Stock ,Ex Works (EXW) etcEuropean Community (EC) - Organization formed in 1967 with the merger of the European Economic Community, European Coal and Steel Community, and European Atomic Energy Community. The merger created a single Commission of the European Community and a single Council of Ministers. In 1993 the EC became the basis of the European Union, and the European Economic Community was renamed the European Community.

 

European Currency Unit (ECU) - A trade-weighted basket of currencies in the European Exchange Rate Mechanism (ERM) of the European Union.

 

European Economic Area - An agreement, entered into force on 1 January 1994, which links Iceland, Norway and Liechtenstein to the European Union Internal Market.

 

European Exchange Rate Mechanism (ERM) - The exchange rate system used by countries in the European Union in which exchange rates are pegged within bands around an ERM central value.

 

European Free Trade Association (EFTA) - The European Free Trade Association (EFTA) is an international organization established in 1960. It is composed by Iceland, Liechtenstein, Norway and Switzerland promoting free trade and economic integration. There are 3 main branches of the EFTA: the EFTA Secretariat, Surveillance Authority and EFTA Court. Its function is to create a free trade area among its Member States.

 

European Monetary System (EMS) - An exchange rate system based on cooperation between European Union central banks.

 

European Union - EU. Previously called the European Community. An international, economical and political organisation which brought the nations of Europe together so that people, goods, money, services, etc., can move freely between member nations.

 

European Union (EU) / Union Européenne (UE) :An organization of 15 European countries defined under the 1992 Maastricht Treaty. It makes laws in a wide range of public policy areas and aims for cooperation between member countries in foreign and security policy, justice and home affairs.

 

European Union (EU) - An intergovernmental organization which coordinates foreign, economic, and judicial policy among its 27 member nations.

 

Evening - Within and between the contiguous United States and Hawaii, the term "Evening" denotes 5:00 p.m. to but not including 11:00 p.m. local time at the originating city on Sunday through Friday.

 

Ex Gratia - Something given or carried out as a favour or gift, rather than as a legal duty.

 

Ex Officio - Someone who has a right to be included because of their job or position, e.g. to sit on a committee. (Latin - by virtue of office or position)

 

Ex quay / Franco à quai :Is said of a price for goods where the seller pays for all costs up to delivery to a named port, including unloading onto the quay and onto road or rail vehicle.

 

Ex Stock - Goods which are available for immediate delivery because the supplier has them in stock.

 

Ex works / Départ usine :Is said of a price where the buyer pays for transporting the goods away from the factory.

 

Ex Works - Goods which are delivered to the purchaser at the plant or place where they are manufactured. The purchaser then pays for transporting and insuring the goods from that point.

 

Ex Works (EXW) - The buyer is responsible for all the costs and risks in shipping goods.

 

Exaction - Demanding or imposing various fees from a position of authority.

 

Exchange Area - A geographically defined area wherein a local exchange company provides service using one or more central offices.

 

Exchange Control:This is a system in which all the foreign currencies earned on account of exports or services rendered to foreigners are credited to the central bank of the country and these funds can be utilized in particular ways prescribed by the government.

 

Exchange of goods declaration / Déclaration d'échange de biens (DEB) :Monthly declaration used within the framework of intra-Community trade relations (acquisition/delivery) that the operator having acquired or dispatched Community goods is obliged to make. The exchange of goods declaration makes it possible to monitor collection of VAT and to compile national foreign trade statistics.

 

Exchange Rate - Also known as Foreign Exchange Rate. The rate, which can vary from day to day, at which a country's currency can be exchanged for another country's currency.

 

Exchange Rate Exposure - When a business risks losing money because of the need to change one currency for another of lower value.

 

Exchange Risk - The risk that losses may result from the changes in the relative values of different currencies.

 

exchange: The process by which two or more parties give something of value to one another to satisfy needs and wants.

 

Excise duty - an indirect tax levied on certain types of goods produced or manufactured in Australia including petrol, alcohol, tobacco and coal.

 

excise duty: a tax on goods such as alcohol or tobacco produced and sold within a particular country.

 

Excise Duty:It is an inland tax imposed on those products, ‘ which are produced and consumed in the country. Its purpose is to collect revenue. But sometimes it is imposed to counterbalance the import duty on the same kind of goods coming from abroad.

 

Excise Tax / Accises :Indirect consumer tax on certain categories of products.

 

Excise tax - A tax on the consumption of certain goods either made in or imported into a country.

 

Exclusion clauses - clauses in a contract that are intended to exclude one party from liability if a stated circumstance happens. The courts tend to interpret them strictly and, where possible, in favour of the party that did not write them.

 

Exclusive Right to Sell:  An agreement and contract giving the broker the right to receive a commission if the property or business is sold by anyone including the seller during the term of the  agreement

 

Execution Risk - The risk that a company's plans, or a project, will fail because of changes being made, e.g. entering a new market, bad management, etc.

 

The above details describes about terms called in business such as European Article Number, European Central Bank,European Economic Area,European Union,Ex Stock , Ex Works (EXW) ,Exchange Rate Exposure,Excise Duty,Exclusion clauses 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 business trade below this post.Terms used in business such Escape Clause ,Esoteric/Esoterica,E-Tailer,Ethnic Monitoring ,Ethos , Euro etc

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