Terms used in international trade business such as Wharfinger,World Trade Organization,Without reserve etc.
This post explains about terms used in international trade business such as War Risk, Warehouse receip,Wharfinger,World Trade Organization,Without reserve,WAREHOUSE ENTRY, Zero-for-Zero 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
W&M:War and Marine
W/M:Weight and Measurement
W/T:Warranted
WA - See With average.
WA:With Average
War Risk - In marine insurance, damage or loss sustained as the result of acts of war. Usually written in a separate policy against current war like acts as well as former war leftovers, such as floating mines not detected, etc. War risk is not included in an all risk policy, but can be added by endorsement. Separate premium is usually paid.
Warehouse entry - Customs Entry permitting goods to enter a bonded warehouse.
WAREHOUSE ENTRY:A form declaring goods imported and placed in a bonded warehouse. Duty payment may not be required until the goods are withdrawn by the importer.
Warehouse receipt - A receipt issued by a warehouse listing goods received for storage.
Warehouse receipt (WR) - Receipt issued by a warehouse listing goods received for storage.
Warehouse receipt: A receipt issued by a warehouse listing good received for storage.
Warehouse Receipt:A receipt issued by a warehouse, listing goods received for storage
Warehouse withdrawal - Customs Entry permitting goods to leave a bonded warehouse.
Warehouse-to-warehouse clause - Insurance coverage of international cargo from export warehouse to import warehouse; coverage may also be substantially extended or limited according to time.
Warehouse-to-warehouse: An Insurance policy which covers goods over the entire journey from the seller's to the buyer's premises.
WB:Waybill
Weight note: Document issued by either the exporter or a third party declaring the weight of goods in a consignment. This must agree with the weight declared on the transport document and shown on the invoice.
Weight or Measurement W/M:Freight rates quoted 'W/M' mean that volume and weight rates are calculated and whichever is the greater will apply. The exporter needs to calculate both rates to be certain which charges apply. See Voluming Out
WFG - See Warehouse receipt.
WG:Weight Guaranteed
Wgt:Weight
Wharfage - A charge assessed by a pier or dock owner for handling incoming or outgoing cargo.
Wharfinger - Personnel in charge of receiving and registering goods in a port on behalf of the carrier. Wharfinger’s signature of the shipping note assures the shipper that it can proceed to draw up bills of lading pursuant to the terms of the note. (Also known as wharf inspector, wharf superintendent, dock superintendent).
WIPO:World Intellectual Property Organisation
With Average (WA) - Marine insurance term meaning that a shipment is protected from partial damage whenever the damage exceeds 3 percent (or some other percentage). If the ship is involved in a major catastrophe, such as a collision, fire or stranding, the minimum percentage requirement is waived and the insurance company pays for all of the damage.
Without reserve - A term indicating that a shipper's agent or representative is empowered to make definitive decisions and adjustments abroad without approval of the group or individual represented. Compare Advisory capacity.
World Bank:International institution set up to promote generaleconomic development in the world’s poorer nations.
WORLD BANK:The World Bank assists the development of member nations by making loans when private capital is not available at reasonable terms to finance productive investments.
World Trade Organization (WTO): Created in 1995 as a result of the Uruguay Round of the GATT, and hosted in Geneva, Switzerland, the World Trade Organization (WTO) is the only global international organization dealing with the rules of trade between nations. At the heart of the system – known as the multilateral trading system – are the WTO’s agreements, negotiated and signed by a large majority of the world’s trading nations, and ratified in their parliaments. These agreements are the legal ground-rules for international commerce. Essentially, they are contracts, guaranteeing member countries important trade rights. They also bind governments to keep their trade policies within agreed limits to everybody’s benefit. But their purpose is to help producers of goods and services, exporters, and importers conduct their business.
WORLD TRADE ORGANIZATION (WTO):This organization was the former General Agreement on Tariffs and Trade (GATT) and was created and named by the Uruguay Round in 1994.
Worldscale - Scale for quoting freight rates for oil tankers.
WP (w/o p) - Without prejudice.
WP:Without Prejudice
WPA - With particular average.
WR:War Risk
WR:Warehouse Receipt
Wt:Weight
WTDR - US government credit report on a foreign firm.
WTE:Wartime Extension Clause
WTO - See World Trade Organization.
WTO Appellate Body: An independent seven-person body that, upon request by one or more parties to the dispute, reviews findings in panel reports.
WTO Appellate Body: An independent seven-person body that, upon request by one or more parties to the dispute, reviews findings in panel reports.
WTO: World Trade Organization. Established on January 1, 1995, to replace the Secretariat of the General Agreement on Tariffs and Trade, it forms the cornerstone of the world trading system.
WTO:World Trade Organisation
WW:Warehouse Warrant
ZAR:South African Rand
zero sum game:A situation in which an economic gain by one countryresults in an economic loss by another.
Zero-for-Zero: Refers to a market access agreement where all the participating countries eliminate the same barriers on the same products. Although it most frequently refers to tariff elimination, a zero for zero agreement could include elimination of non-tariff barriers as well. Accession: The process of becoming a contracting party to a multilateral agreement such as the WTO. Negotiations with established WTO contracting parties, for example, determine the concessions (trade liberalization) or other specific obligations a non-member country must undertake before it will be entitled to full WTO membership benefits.
ZIP:Zone Improvement Plan
The above details describes about terms called in international trade business such as War Risk, Warehouse receip,Wharfinger,World Trade Organization,Without reserve,WAREHOUSE ENTRY, Zero-for-Zero 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 US Munitions List,Validated License,Validated Export License,Value date
Related posts about free online training on export and import business:
How to import your product?
Click here to know HS code of your product
12 Major risks and solutions in Imports and Exports
Different types of export containers
How to get GSP certificate of origin in India?
Types of export containers
Foreign Trade Policy of India 2015-20
Declaration of Intent to claim MEIS, Merchandise Exports from India Scheme
Validity period and Revalidation for MEIS and SEIS
Re-export of defective or unfit goods under MEIS
Procedure to upload documents by CA, CS or Cost Accountant to claim MEIS and SEIS
Transhipment - A redefinition
Travelers to India under import duty exemption, Frequently Asked Questions Part 2
Triangular export
Triangular shipment
Types of Insurance Documents
What is Brand Rate in Duty Drawback
What is BVQI inspection on export goods?
What is charter party bill of lading ?