Terms used in international trade business such Force majeure,Foreign assets control,Foreign Direct Investment ,Foreign exchange trading etc.
This post explains about terms used in international trade business such as Focused Assessment,Force majeure,Foreign assets control,Foreign Direct Investment ,Foreign exchange trading,Foreign freight forwarder,Foreign trade zone ,Foreign-currency accounts,Foreign Trade Zone 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
FOBT:Free on Board and Trimmed
FOC:Free Of Charge
Focused Assessment: Preparing for a U.S. Import Audit - This book helps readers understand import regulation and Customs audit procedures and helps them develop practical business processes and controls for surviving a Customs Focused Assessment (audit). This manual is not intended to be read or presented in a linear fashion, cover to cover. While the sections are organized in a logical order, the contents of each section should be treated as a grouping of practical guidance and technical reference materials.
FOD:Free of Damage
FODA:Free of Damage Absolutely
FONASBA:The Federation of National Shipbrokers and Agents
FOQ:Free on Quay
FOR - Free on rail. No longer a valid Incoterm. Suitable term from Incoterms® 2010 is FCA.
FOR/FOT:FOR and FOT mean "Free on Rail" and "Free on Truck." These terms are synonymous since the word "truck" relates to the railway wagons. They should only be used when the goods are to be carried by rail.
FOR:Forwards
Force majeure - The title of a standard clause in marine contracts exempting the parties for nonfulfillment of their obligations as a result of conditions beyond their control, such as earthquakes, floods, or war.
Foreign and Commonwealth Office (FCO): government department responsible for foreign affairs. With the Department of Trade and Industry, the FCO manages British Trade International to support international trade by UK exporters and boost inward investment by overseas firms in Britain.
Foreign assets control - Also known as OFAC, the Treasury Department's Office of Foreign Assets Control administers sanctions programs involving specific countries and restricts the involvement of U.S. persons in third country strategic exports.
FOREIGN BRANCH OFFICE: A sales (or other) office maintained in a foreign country and staffed by direct employees of the exporter.
Foreign Corrupt Practices Act (FCPA) - Act prohibiting U.S. individuals, companies and direct foreign subsidiaries of U.S. companies from offering, promising, or paying anything of value to any foreign government official in order to obtain or retain business.
Foreign Direct Investment (FDI): The funds committed to a foreign enterprise. The investor may gain partial or total control of the enterprise. An investor who buys 10 percent or more of the controlling shares of a foreign enterprise makes a direct investment.
Foreign draft:A foreign draft is a draft drawn on a bank in a country outside of the U.S., which is payable in the currency of the country where such foreign bank is located. A foreign draft is a convenient way to make payment in a foreign currency.
Foreign Equity Requirements: Investment rules that limit foreign ownership to a minority holding is a company.
Foreign exchange - Currency or credit instruments of a foreign country. Also, transactions involving purchase or sale of currencies.
Foreign exchange trading:Buying and selling of foreign currency, holding currency positions, trading foreign exchange arbitrage, or foreign exchange speculation in the foreign exchange market.
Foreign exchange:Worldwide system of contracts between non-bank foreign exchange dealers and foreign exchange traders (bank and non-bank) that are executed by telephone, telex, internet or personal market computer; place or entity where foreign exchange rates are determined.
Foreign freight forwarder - Corporation carrying on the business of forwarding who is not a shipper or consignee. The foreign freight forwarder receives compensation from the shipper for preparing documents and arranging various transactions related to the international distribution of goods. Also, a brokerage fee may be paid to the "forwarder" from steamship lines if the forwarder performs at least two of the following services: (1) coordination of the movement of the cargo to shipside; (2) preparation and processing of the Ocean Bill of Lading; (3) preparation and processing of dock receipts or delivery orders; (4) preparation and processing of consular documents or export declarations; (5) payment of the ocean freight charges on shipments.
Foreign sales agent - An individual or firm that serves as the foreign representative of a domestic supplier and seeks sales abroad for the supplier.
Foreign Sales Representative:A representative or agent residing in a foreign country who acts as a salesman for a U.S. manufacturer, usually for a commission. Sometimes referred to as a "sales agent" or "commission agent." See "Representative."
Foreign Trade Agreement - Agreement between countries to reduce and eventually eliminate tariff and non-tariff barriers between them.
Foreign Trade Regulations:Regulations that govern the filing of electronic export information with the Census Bureau. The Census Bureau continuously collects and processes this information to provide detailed statistics on goods shipped from the U.S. to foreign countries. For more information, please visit the Census Bureau's Foreign Trade Regulations website or call 1-800-549-0595, option 3.
Foreign trade zone (FTZ) - U.S. form of free trade zones. These zones are restricted-access sites in or near ports of entry, that operate under public utility principles to create and maintain employment by encouraging operations in the U.S. which might otherwise have been carried on abroad. Goods brought into a zone for a bona fide Customs reason are exempt from state and local ad valorem tax. The zones are licensed by the Commerce Department's Foreign-Trade Zones Board and operate under the supervision of the Customs Service. Quota restrictions do not normally apply to foreign goods stored in zones, but the Board can limit or deny zone use in specific cases on public interest grounds. Domestic goods moved into a zone for export may be considered exported upon entering the zone for purposes of excise tax rebates and drawback. A foreign trade "subzone" is a non-contiguous zone site located at a manufacturing plant.
FOREIGN TRADE ZONE ENTRY: A form declaring goods which are brought duty-free into a Foreign Trade Zone for further processing or storage and subsequent exportation and/or consumption.
Foreign Trade Zone: Also known as Free Trade Zones, or FTZs, they are ports designated by the government of a country for the duty-free entry of non-prohibited goods. Merchandise may be stored, displayed, assembled, packaged, or used for manufacture within the zone and re-exported without duties being levied.
Foreign Trade Zone:An area where goods of foreign origin may be brought in for re-export or transhipment without the payment of customs duty.
FOREIGN-BASED AGENT/DISTRIBUTOR: An individual or firm serving as the foreign representative of U.S. suppliers, locating buyers for them in the foreign market.
Foreign-currency accounts: it may be more convenient for you to set up foreign-currency bank accounts if you frequently issue foreign-currency invoices. In particular, a euro bank account gives you flexibility in trading with businesses in eurozone countries.
Foreign-exchange risk: you're particularly at risk if you hold or receive a foreign currency which is volatile or very weak. Some currencies present extra difficulties - for example, there may be exchange controls requiring government approval before you can exchange a particular currency.
The above details describes about terms called in international trade business such as Focused Assessment,Force majeure,Foreign assets control,Foreign Direct Investment , Foreign exchange trading,Foreign freight forwarder,Foreign trade zone ,Foreign-currency accounts,Foreign Trade Zone 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 Fast Track Negotiating,Federal Register,Freight Forwarder,Financial document, Finance Lease
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