Terms used in export business such as Multimodal operation, Munitions List ,Netting,Office of exit ,Offshoring,Offset,Open account,On-line etc.
This post explains about terms used in export business such as Multimodal operation, Munitions List ,Netting,Office of exit ,Offshoring,Offset,Open account,On-line 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 export business
Movement certificate :Required where goods are being exported from the European Union (EU) to a country covered by EU trade agreements. These certificates ensure preferential rates of duty on an exporter's goods.
MTS (Multilateral Trading System): the processes through which large numbers of countries agree to trade with each other. The World Trade Organisation is part of this system.
Multilateral trading system (MTS) :The processes through which large numbers of countries agree to trade with each other. The World Trade Organisation is part of this system.
Multimodal operation :Transport operations where a container or trailer is conveyed by two or more means of transport during a single journey, eg by air and then by road.
Munitions List - articles, services and related technical data designated as defense articles and defense services pursuant to the Arms Export Control Act.
Named Point:See "Specific Delivery Point."
National Advice Service (NAS) :The HM Revenue and Customs network of advice centres that exist to provide advice and assistance on Customs, Excise and VAT matters. The local rate national telephone number is 0845 010 9000.
National Export System (NES) :The system for making electronic declarations for customs export procedures, and part of the main customs computer system, the Customs Handling of Import and Export Freight (CHIEF).
National Registration Service (NRS) :An HM Revenue & Customs registration service that process new export system authorisations and updates and maintains the electronic register on authorised operators.
NCTE: Customs and Excise's new computerised transit system, introduced in 2003.
Negligible value :HM Revenue & Customs regard goods as being of negligible value, so long as they can only be used as samples to obtain orders for the type of goods they represent.
NES: Customs and Excise's new export system, introduced in 2002.
Net Weight:Weight of the goods alone without any immediate wrappings; e.g., the weight of the contents of a tin can without the weight of the can. See "Legal Weight."
Netting :Traders approved for duty deferment must also be approved to set off drawback and certain other repayments of excise duty against the duty due from them under the deferment arrangements. This set-off procedure is known as netting.
New Computerised Transit System (NCTS) :HM Revenue & Customs computerised transit system.
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-business activities :An activity that is not predominantly concerned with the making of a supply for a consideration.
Non-commercial use :Use for non-profit-making scientific research or educational purposes.
Non-community :Goods that are not of European Union origin or imported goods which have not been released into free circulation.
Non-community countries :Certain areas within the national territory of member states are deemed to be outside the Customs territory of the European Union (EU) and are therefore non-member countries. These are: the German territory of Busingen (bordering Switzerland), the Islands of Heligoland, the Italian communes of Livigno and Campione (bordering Switzerland), the Danish territory of the Faroe Islands and Greenland, the French overseas territories and the Spanish Canary Islands, and the North African enclaves of Ceuta and Melilla, and Andorra.
Non-originating products :In international trade, products which cannot be shown to meet either condition for originating products.
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.
Ocean bill of lading - A bill of lading (B/L) indicating that the exporter consigns a shipment to an international carrier for transportation to a specified foreign market. Unlike an inland B/L, the ocean B/L also serves as a collection document. If it is a "straight" B/L, the foreign buyer can obtain the shipment from the carrier by simply showing proof of identity. If a "negotiable" B/L is used, the buyer must first pay for the goods, post a bond, or meet other conditions agreeable to the seller. Compare Air waybill, Inland bill of lading, and Through bill of lading.
OFAC (The Office of Foreign Assets Control): The federal government office responsible for administering and enforcing foreign asset control regulations. This includes economic and trade sanctions based on federal foreign policy and national security goals against targeted foreign countries, terrorists, international narcotics traffickers, and those engaged in activities related to the proliferation of weapons of mass destruction. The regulations administered by OFAC include controls with regard to specific individuals, specific organizations, and certain countries. OFAC is under the U.S. Department of the Treasury. (31 CFR Parts 500-598).
Office of exit :Normally the last Customs offices before the goods leave the Customs territory of the European Union.
Office of export :The Customs office where the export declaration is lodged.
Office of Foreign Assets Control (OFAC) – The office at the Department of the Treasury responsible for blocking assets of foreign countries subject to economic sanctions, controlling participation by U.S. persons, including foreign subsidiaries, in transactions with specific countries or nationals of such countries, and administering embargoes on certain countries or areas of countries. (see 31 CFR parts 500 through 590.)
Offices en route :Frontier offices through which a Transports Internationaux Routiers (TIR) movement passes, on the journey to its destination. At each of these offices the container/vehicle and TIR Carnet must be presented to Customs.
Offices of departure/destination :Approved Customs offices where a Transports Internationaux Routiers (TIR) movement officially begins or ends. This may be at an inland clearance depot, port or airport.
Off-line :The onward carriage of a through inter-airport removal or a through transit, by a carrier who is not the inward carrier of the goods.
Offset: A variation in countertrade in which the seller is required to assist in or to arrange for the marketing of locally produced goods.
Offshoring - It can be defined as relocation of business processes (including production/manufacturing) to a lower cost location, usually overseas.
On board bill of lading - A bill of lading in which a carrier certifies that goods have been placed on board a certain vessel.
On consignment :Goods imported for post importation sale in the European Union where the value of the sale is not known at the time of importation.
On-line :The onward carriage of a through inter-airport removal or a through transit by the inward carrier of the goods.
Open account - A trade arrangement in which goods are shipped to a foreign buyer without guarantee of payment. The obvious risk this method poses to the supplier makes it essential that the buyer's integrity be unquestionable.
open account (O/A): A trade arrangement in which goods are shipped to a foreign buyer without guarantee of payment, with 30-45 days accounts payable, for example. The buyer’s integrity must be unquestionable, or the buyer must have a history of payment practices with the seller.
The above details describes about terms called in export business such as as Multimodal operation, Munitions List ,Netting,Office of exit ,Offshoring,Offset,Open account,On-line 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 export trade below this post.continue reading: Terms used in export business such as Licens
e Exception,Local clearance,Local export control, Manufacture
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