Terms used in international trade business such as US Munitions List,Validated License,Validated Export License,Value date etc.
This post explains about terms used in international trade business such Uruguay Round,US Commercial Service,US Munitions List,Validated License,Validated Export License,Value date,VIN/Product Number,voluntary export restraint,Vendor Leasing 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
UNSM:United Nations Standard Message
Unz Transaction Number - Number assigned by the UnzHazmat program to give you yet another point of reference to the transaction and as a database management tool for the software application.
UPU:Universal Postal Union
URC:Uniform Rules for Collections
URCG:Uniform Rules Contract Guarantees
URDG758:Uniform Rules for Demand Guarantees published by the International Chamber of Commerce publication number 758. Came into effect in July 2010
Uruguay Round (UR): Multilateral trade negotiations launched in the context of the GATT at Punta del Este, Uruguay, in September 1986, and concluded in Geneva in December 1993. Signed by ministers in Marrakesh, Morocco, in April 1994.
URUGUAY ROUND:The most recent (1989-1994) round of trade talks of the member countries of the General Agreement on Tariffs and Trade (see GATT).
US Commercial Service: The US Commercial Service is a Department of Commerce and International Trade Administration agency that helps US Companies, particularly small and medium-sized businesses make sales in international markets. Founded in 1980, the agency’s network includes 107 US Export Assistance Centers throughout the country, and more than 150 offices overseas. The US Commercial Service provides a multitude of export assistance services for US companies such as the Gold Key Matching Service, the International Partner Search, Commercial News USA, BuyUSA.com and the export.gov trade portal.
US Export-Import Bank
US Munitions List (USML) - identifies those items or categories of items considered to be defense articles and defense services subject to export control. The Dept. of State, with the concurrence of Defense, designates which articles will be controlled. http://www.pmdtc.org
US Small Business Administration (SBA): The Small Business Administration (SBA) provides financial assistance to US exporters. SBA targets its assistance to small companies and strives to assist those businesses that otherwise might not be able to obtain trade financing. Applicants must qualify as small businesses under the SBA’s size standards and meet other eligibility criteria. SBA’s Export Working Capital Program gives lenders the comfort they need so small businesses can get the financing they need. Under the program, the SBA backs up a loan request with its repayment guaranty. The SBA guarantees up to $1 million or 90 percent of the loan amount, whichever is less; offers exporters preliminary commitments (PCs) that encourage lenders to provide credit; and offers a simplified application form. SBA’s International Trade Loan SBA guarantees to commercial lenders up to $1.25 million in combined working capital and fixed asset loans, including any other current SBA loan guarantees. Working capital may be made according to the provisions of the Export Working Capital Program or as a permanent working capital loan.
Usance draft (usance bill) - Time draft; written demand for a payment which comes due as a specified future date.
USD:United States Dollar
USDA - See United States Department of Agriculture.
USML - See US Munitions List.
USPPI - See United States principled party of interest.
Validated Export License - Document issued by the US Government authorizing the export of commodities for which written export authorization is required by law. Compare General Export License.
Validated License:A government document authorizing the export of commodities within the limitations set forth in the document.
Value Added Tax (VAT) - Indirect tax imposed on consumption that is reflective of the incremental increases on the value of goods throughout the chain of production, from the raw material phase to final consumption. A tax which is assessed at each stage of production on the amount of value contributed at each stage to the final product.
Value date:The date on which a spot or forward contract settles.
Alternative Financing - Consider alternative ways to finance your exports including countertrade and switch trading, shifting interest rates, discounting drafts and more. This book explains how to use trade finance as a marketing tool.
Value-added:The increased value at each stage of a manufacturing assembly process.
VAT: value added tax - in general terms VAT is payable on all imports at the same rate that would apply to the product or service if supplied in the UK. Many exports are zero-rated for VAT. There are complex rules surrounding VAT on imports and exports, and businesses should seek advice from the Customs and Excise website or Tel 0845 010 9000.
vehicle currency:A currency that plays a central role in the foreign exchange market (e.g., the U.S. dollar and Japanese yen).
Vendor Leasing: A financing vehicle between a financing source and a vendor to provide financing to stimulate the vendor's sales. The financing source offers leases or conditional sales contracts to the vendor's customers. The vendor leasing firm substitutes as the captive finance company of a manufacturer or distributor through the extension of leasing to customers, provisions of credit checking, and performance of collections and operational administration. Also known as a lease asset servicing or vendor programs.
Vienna Convention - 1980 Vienna Convention on the International Sale of Goods, also known as the United Nations Convention on Contracts for the International Sale of Goods (CISG) is a treaty offering a uniform international sales law that, as of August 2010, has been ratified by 76 countries that account for a significant proportion of world trade, making it one of the most successful international uniform laws. Turkey is the most recent state to have ratified the Convention. Amounts to a virtual commercial code for international sales transactions, but excludes contracts for services, securities, electricity, and some others; parties may be able to “opt out” of coverage by the Vienna Convention by explicitly stating so in the contract of sale.
VIN/Product Number - For used self-propelled vehicles, report the following items of information as defined in 19 CFR 192.1:i. Vehicle Identification Number. Report the unique Vehicle Identification Number (VIN) in the proper format;ii. Product Identification Number. Report the Product Identification Number (PIN) for those used self-propelled vehicles for which there are no VINs;iii. Vehicle title number. Report the unique title number issued by the MotorVehicle Administration; iv. Vehicle title state. Report the 2-character postal abbreviation for the state or territory of the vehicle title.
Visa:A signature of formal approval on a document. Obtained from Consulates.
Voluming Out:A term applying to shipped goods with a high volume to weight ratio. Such goods are charged higher shipping rates than smaller consignments of the same weight
voluntary export restraint (VER):A quota on trade imposed from the exporting country’sside, instead of the importer’s; usually imposed at the request of the importing country’s government.
Vostro account: How a correspondent bank refers to funds it holds on behalf of an overseas correspondent.
W - Tonne of one thousand kilograms.
The above details describes about terms called in international trade business such as Uruguay Round,US Commercial Service,US Munitions List,Validated License,Validated Export License,Value date,VIN/Product Number,voluntary export restraint,Vendor Leasing 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 U.S. Standard Master,UNCITRAL,UNCTAD,Uniform Commercial Code
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