Terms used in international trade business such as commercial attaché,commercial invoice ,commercial officer,commodity,common carrier etc.
This post explains about terms used in international trade business such as commerce,commercial attaché,commercial invoice ,commercial officer,commodity,common carrier,common market,community transit,compound duty ,conditional free,confirmed letter of credit 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
COMITEXTIL:Co-ordinating Committee for the Textile Industry in the UK
Commerce - Trade or transportation in the jurisdiction of the United States within a single state; between a place in a state and a place outside of the state; that affects trade or transportation between a place in a state and place outside of the state; or on a United States-registered aircraft.
Commerce Control List (CCL) - List of dual use goods and conventional arms established within the Industrial List of the Wassenaar Arrangement. This list is found in Title 19, U.S. Code of Federal Regulations, Part 774 Supplement 1. Classification of a prospective export of commodity, technology or software within the CCL will determine the degree of export control the U.S. will exercise over the shipment.
Commercial agent or sales agent: person or organisation appointed by exporter to sell and distribute goods in a foreign country. (See Distributor).
Commercial Attach:The commercial expert on the diplomatic staff of his country's embassy or large consulate in a foreign country.
Commercial attaché - Commerce expert on the diplomatic staff of his or her country’s embassy or large consulate.
Commercial document: General term for documents describing various aspects of a transaction, e.g. commercial invoice, transport document, insurance document, certificate of origin, certificate of inspection etc.
Commercial invoice - An itemized list of goods shipped, usually included among an exporter's collection papers.
Commercial invoice - Priced list of goods shipped, identifying seller and buyer, and including sales and payment terms.
Commercial invoice: bill listing the goods and prices shipped by an exporter.
Commercial invoice: Document drawn up by the seller that gives a summary of the commercial transaction (goods supplied, price, means of shipment and so on).
Commercial Invoice:A trade invoice.
Commercial Invoice:Co-ordinating Committee for the Textile Industry in the UK
Commercial officer - Embassy officials who assist U.S. businesses through arranging appointments with local business and government officials, providing counsel on local trade regulations, laws, and customs; identifying importers, buyers, agents, distributers, and joint venture partners for U.S. firms; and other business assistance. At large embassies, this position is filled by the International Trade Administration; at smaller embassies, this position is represented by State economic officers.
Commission agent - See Purchasing agent.
Commission Agent:See "Foreign Sales Representative."
Commitment fee: This term has several meanings. It is the fee charged by a forfeiter for reserving funds to a transaction that was forfeited. It is the fee charged by a negotiating bank for waiving recourse to the beneficiary in the event of non-payment by the Issuing bank.
Commodity - Specific articles.
Commodity jurisdiction - Export jurisdiction of products is administered by the State Department's Office of Defense Trade Controls (DTC) if the commodities are defense articles, technical data, and services or by the Commerce Department's Bureau of Export Administration if the commodities are dual-use items. An exporter may request DTC to conduct a commodity jurisdiction (CJ) review if the exporter is uncertain as to whether an item is covered by the United States Munitions List (USML) or believes it has been inappropriately placed on the list. CJ procedures include deadlines for making a determination and the use of criteria assessing: (a) performance, (b) significant military or intelligence applicability, and (c) significant civilian applicability.
Common carrier - An individual, partnership, or corporation that transports persons or goods for compensation.
Common Carrier:An individual, partnership, or corporation that transports persons or goods for compensation
Common external tariff - Uniform tariff adopted by a customs union (e.g. European Community) to be assessed on imports entering a region from countries outside the union.
Common market - Common market (as opposed to a free trade area) has a common external tariff and may allow for labor mobility and common economic policies among the participating nations. The European Community is the most notable example of a common market.
common market :an economic organization, usually consisting of several countries, whose aim is to encourage free trade between its members
common market:A group of countries committed to the pursuit of acommon external trade policy.
Commonwealth - Free association of sovereign independent states that has no charter, treaty, or constitution. The association promotes cooperation, consultation, and mutual assistance among members. The British Commonwealth (with headquarters in London , England ) is the most notable example.
Community Transit:Regime for shipping goods from one European Union country to another when not in free circulation. It also includes transit by road to one of the EFTA countries: Poland, Hungary or the Czech or Slovak Republics. It involves the use of transit form C88 (the SAD form). The requirements also apply to certain shipments to and from Andorra, San Marino and the Channel Islands (but not for shipments between the UK and the Channel Islands). The term also covers goods that are subject to EU control, for example under CAP regulations for agricultural produce
comparative advantage:The theory that countries should specialize in the productionof goods and services they can produce most efficiently.
Competent authority - National agency responsible under its national law for the control or regulation of a particular aspect of the transportation of hazardous materials (dangerous goods).The Associate Administrator of the Pipeline and Hazardous Materials Safety Administration (PHMSA) is the Competent Authority for the United States.
Compliant documents: Documents presented under a letter of credit that comply with all its terms and conditions. The banks are only obliged to pay the beneficiary if documents are totally compliant.
Compound duty - Combination of both a specific rate of duty and an ad valorum rate of duty. Whereas specific duties are based on factors such as weight or quantity, ad valorum duties are based on the value of the goods. See Customs duty.
CONDITIONAL FREE: Merchandise free of duty under certain conditions, if the conditions can be satisfied.
Conference - Group of steamship companies or shipping lines which have associated to offer regular service on specific routes at publicly announced prices.
Confirmed export letter of credit - Letter of credit, issued by a foreign bank, the validity of which has been confirmed by another bank usually in the seller’s country. An exporter presenting conforming documents against a confirmed letter of credit is assured of payment by the confirming bank, even if the buyer or the opening bank defaults. See Letter of credit.
CONFIRMED LETTER OF CREDIT: A letter of credit issued by a foreign bank with payment confirmed by a U.S. bank. An exporter who requires a confirmed letter of credit from the buyer is assured payment from the U.S. bank in case the foreign buyer or bank defaults. (See Letter of Credit.)
The above details describes about terms called in international trade business such as commerce,commercial attaché,commercial invoice ,commercial officer,commodity,common carrier,common market,community transit,compound duty ,conditional free,confirmed letter of credit 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 Claim,CLASS,Clean bill of lading,Clean report of findings, Collecting bank,Collection papers
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