Terms used in international trade business such as general average,general license,general order,Gross weight,Guideline Lease etc.
This post explains about terms used in international trade business such as Gross Domestic Product,general average,general license,general order,Gross weight,Guideline Lease,Handling Charges,Harmonized System 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
GBP: Pound Sterling
GCBS: General Council of British Shipping
GCC:Gulf Co-operation Council
GCR:General Cargo Rate/General Commodity Rate
GDP: Gross Domestic Product. The total value of goods and services produced by a country.
General Agreement on Tariffs and Trade (GATT):The General Agreements on Tariffs and Trade is a multilateral trade treaty among governments, embodying rights and obligations. The detailed rules set out in the Agreement constitute a code which the parties to the Agreement have agreed upon to govern their trading relationships.
GENERAL AVERAGE:A deliberate loss or damage to goods in the face of a peril, which sacrifice is made for the preservation of the vessel and other goods. The cost of the loss is shared by the owners of all goods on board up to time of peril.
General Export License - Any of various export licenses covering export commodities for which Validated Export Licenses are not requires. No formal application or written authorization is need to ship exports under a General Export License.
GENERAL LICENSE (EXPORT):Authorization to export goods or services without specific documentary approval.
GENERAL LICENSE, LIMITED VALUE (GLV): Authorization to export a limited value amount of a good without specific documentary authorization.
General Order (GO) - Cargo seized by customs due to failure on part of consignee to make customs entry within allotted free time.
GENERAL ORDER: A Customs term by which if proper entry has not been made for merchandise within five working days after arrival in a port of entry, the goods are sent to a general order warehouse. All costs are charged to the importer.
Generalized system of preferences (GSP) - Framework under which developed countries give preferential tariff treatment to manufactured goods imported from certain developing countries. GSP is one element of a coordinated effort by the industrial trading nations to bring developing countries more fully into the international trading system. The U.S. GSP scheme is a system of nonreciprocal tariff preferences for the benefit of these countries. The U.S. conducts annual GSP reviews to consider petitions requesting modification of product coverage and/or country eligibility. United States GSP law requires that a beneficiary country's laws and practices relating to market access, intellectual property rights protection, investment, export practices, and workers rights be considered in all GSP decisions.
globalization of markets:Moving away from an economic system in which national markets are distinct entities.
GmbH:Registered Company (Germany)
GMT:Greenwich Mean Time
GNP:Gross National Product
GO - See General Order.
Gr Wt:Gross Weight
GRI - General Rate Increase.
Grid - Term used by UnzHazmat® to indicate a table of records.
Gross Domestic Product (GDP) - A measure of the market value of goods and services produced by a nation. Unlike Gross National Product, GDP excludes profits made by U.S. firms overseas, as well as the share of reinvested earning in U.S. firms' foreign-based operations.
Gross weight - The full weight of a shipment, including goods and packaging. Compare Tare weight.
Gross weight or gross mass - Full weight of a shipment, including goods and packaging. Compare Tare weight.
Groupage: this allows exporters of small consignments to gain the benefits of containerisation. A freight forwarder undertakes to group together different exporters' consignments to fill a whole container for a particular destination.
GRT:Gross Registered Tonnage
GSM:Good Sound Merchantable
GSP - See Generalized system of preferences.
Guideline Lease: A lease written under criteria established by the IRS to determine the availability of tax benefits to the lessor.
GUV:General Utility Van
GV:Grand Vitesse (Express Train)
H/C:Held Covered
H/H - House to House (same as CY/CY).
H/H:Half Height (Container)
H/P - House to Pier (same as CY/CFS).
Hague Rules - International Convention for the Unification of Certain Rules relating to Bills of Lading – Brussels Convention of 1924- A set of rules for international transport contained in an international treaty first published in 1924 and subsequently implemented by the greater part of the world trading nations.
Hague- Visby Rules - Set of rules amending the Hague Rules, published in 1968, which have not received as much universal an implementation as their predecessors.
Handling Charges:The forwarder's fee to his shipper client.
Hard currency - Currency of a nation which may be exchanged for that of another nation without restriction. Sometimes referred to as convertible currency. Hard currency countries typically have sizeable exchange reserves and surpluses in their balance of payments.
Harmonized System (HS): The Harmonized System (HS) of tariff nomenclature is a product classification system used as a basis for the collection of Customs duties and international trade statistics by almost all countries. Use of the HS ensures that a Customs administration produces statistics in exact accord with international classification standards. Currently 179 countries and Customs or Economic Unions (including 104 Contracting Parties to the HS Convention), representing about 98% of world trade, use the Harmonized System. It is therefore one of the most important instruments in world trade.Developed as a multipurpose nomenclature by the World Customs Organization (WCO), the HS is now used as the basis for:1.Customs tariffs 2.Collection of international trade statistics 3.Rules of origin 4.Collection of internal taxes5.Trade negotiations (e.g., the WTO schedules of tariff concessions) 6.Transport tariffs and statistics7.Monitoring of controlled goods (e.g., wastes, narcotics, chemical weapons, etc.)
Harmonized Tariff Schedule (HTS): Also known as the harmonized Tariff Schedule of the United States (HTSUS). The US International Trade Commission (Office of Tariff Affairs and Trade Agreements) is responsible for publishing the Harmonized Tariff Schedule of the United States Annotated (HTSA). The HTSA provides the applicable tariff rates and statistical categories for all merchandise imported into the United States; it is based on the international Harmonized System, the global system of nomenclature that is used to describe most traded goods. An organized listing of goods and their duty rates which is used as the basis for classifying imported products and identifying the rates of duty to be charged on them. It is based on the international Harmonized System Convention.The HTS comprises a hierarchical structure for describing all goods in trade for duty, quota, and statistical purposes. This structure is based upon the international Harmonized Commodity Description and Coding System (HS), administered by the World Customs Organization in Brussels; the 4- and 6-digit HS product categories are subdivided into 8-digit unique US rate lines and 10-digit non-legal statistical reporting categories. Classification of goods in this system must be done in accordance with the General and Additional US Rules of Interpretation, starting at the 4-digit heading level to find the most specific provision and then moving to the subordinate categories.
The above details describes about terms called in international trade business such as Gross Domestic Product,general average,general license,general order,Gross weight,Guideline Lease,Handling Charges,Harmonized System 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 Freight all kinds,Freight release,fronting loans,Freight Forwarders' Receipt,Full Payout Lease,Functional currency,Fuel surcharge
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