Terms used in shipping such as Foreign Flag,Foreign Market Value,Foreign Parent Group,Foreign Parent,Foreign Service etc.
This post explains about terms used in shipping such as foreign equipment, Foreign Exports ,Foreign Flag,Foreign Market Value,Foreign Parent Group,Foreign Parent,Foreign Service,Foreign Sales Agent,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 shipping
Foreign Economic Trends - FETs are reports prepared by U.S. embassies abroad to describe foreign country economic and commercial trends and trade and investment climates. The reports describe current economic conditions; provide updates on the principal factors influencing developments and the possible impacts on American exports; review newly announced foreign government policies as well as consumption, investment, and foreign debt trends.
FOREIGN EQUIPMENT:Equipment owned and controlled by a railroad other than CSXT
Foreign Exchange Controls:Government restrictions on the use of currency, bank drafts or other payment types to regulate imports, exports and trade balances.
Foreign Exchange Option - A foreign exchange option is an arrangement in which a purchaser and a seller of foreign currencies agree on a specific rate of exchange at a future date. The purchaser may choose to exercise or pass up the option -- thus setting a limit on unfavorable exchange rates. The seller is given a fee for tendering the option. Purchasers may exercise the option at any time -- in the European option, currency exchange is made on the originally established date; in the American option, exchange is made within a couple of days of the purchaser exercising the option. See: Forward Exchange Rate.
Foreign Exports - Exports of foreign merchandise (re-exports), consist of commodities of foreign origin which have entered the United States for consumption or into Customs bonded warehouses or U.S. Foreign Trade Zones, and which, at the time of exportation, are in substantially the same condition as when imported.
Foreign Flag - A reference to a carrier not registered in the United States that flies the American flag. The term applies to air and sea transportation.
Foreign Freight Forwarder - A 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 Independent Tour - A foreign independent tour, FIT, is a prepaid travel arrangement, tailored to meet a traveler's specific wishes.
Foreign Investment - See: Committee on Foreign Investment in the United States Foreign Direct Investment in the United States Net Foreign Investment.
Foreign Investment Advisory Service - FIAS was established in 1986 as a joint facility of the International Finance Corporation and the Multilateral Investment Guarantee Agency to help developing countries increase the inflow of foreign investment. The Service provides advice at the request of member governments on formulating a general framework of legal, accounting, and regulatory policies and institutions and procedures to attract and assess investment interest.
Foreign Market Development Program - FMD (also known as the Cooperator Program) is one of several Department of Agriculture (USDA) programs designed to encourage development, maintenance and expansion of commercial export markets for U.S. agricultural commodities and products. Under FMD, USDA considers proposals with preference given to activities promising early results and lasting benefits in commercial export markets. Funds may be used for trade servicing, consumer promotion, market research, and to provide technical assistance to actual or potential foreign purchasers. While agreements under the Cooperator Program may extend from one to five years, types of activities and amounts of funds are annually negotiated between the Foreign Agricultural Service (FAS) and participants (cooperators) and authorized in annual marketing plans. The marketing plans must set forth the objectives and describe the specific project in detail. The amount of funding provided by FAS varies, dependent upon circumstances and whether the activities are characterized as generic or market promotion.
Foreign Market Research - See: Industry Subsector Analysis.
Foreign Market Value - The price at which merchandise is sold, or offered for sale, in the principal markets of the country from which it is exported. If information on foreign home market sales is not useful, the foreign market value is based on prices of exports to third countries or constructed value. Adjustments for quantities sold, circumstances of sales, and differences in the merchandise can be made to those prices to ensure a proper comparison with the prices of goods exported to the United States. See: Tariff Act of 1930.
Foreign Military Sales - See: Conventional Arms Transfer.
Foreign Parent - The first foreign person or entity outside the United States in an affiliate's ownership chain that has direct investment in the affiliate. The foreign parent consists only of the first person or entity outside the United States in the affiliate's ownership chain; all other affiliated foreign persons are excluded.
Foreign Parent Group - A foreign parent group, FPG, consists of: (1) the foreign parent, (2) any foreign person or entity, proceeding up the foreign parent's ownership chain, that owns more than 50 percent of the party below it, up to and including the ultimate beneficial owner (UBO), and (3) any foreign person or entity, proceeding down the ownership chain(s) of each of these members, that is owned more than 50 percent by the party above it. A particular U.S. affiliate may have several ownership chains above it, if it is owned at least 10 percent by more than one foreign party. In such cases, the affiliate may have more than one foreign parent, UBO, and/or foreign parent group.
Foreign Person - A foreign person is any person resident outside the United States or subject to the jurisdiction of a country other than the United States. "Person" is any individual, branch, partnership, association, associated group, estate, trust, corporation, or other organization (whether or not organized under the laws of any State), and any government (including a foreign government, the U.S. Government, a State or local government, and any agency, corporation, financial institution, or other entity or instrumentality thereof, including a government sponsored agency.) See: Foreign Parent Foreign Parent Group U.S. Affiliate.
Foreign Sales Agent - An agent residing in a foreign country who acts as a salesman for a domestic manufacturer.
Foreign Sales Corporation:Under U.S. tax law, a corporation created to obtain tax exemption on part of the earnings of U.S. products in foreign markets. Must be set-up as a foreign corporation with an office outside the USA.
Foreign Service - The Foreign Service supports the President and the Secretary of State in pursuing America's foreign policy objectives. Foreign service functions include: representing U.S. interests; operating U.S. overseas missions; assisting Americans abroad; public diplomacy and reporting; communicating and negotiating political, economic, consular, administrative, cultural, and commercial affairs. The Foreign Service comprises officers from the Departments of State, Commerce, and Agriculture and the United States Information Service. See: Commercial Officers Economic Officers.
Foreign Service Institute - FSI was founded in 1946 to train U.S. foreign and civil service officials. Training courses cover administrative, consular, economic, commercial, and political work, foreign languages, and diplomatic life overseas.
Foreign Service National - Host-country national employed by a U.S. mission overseas.
Foreign Trade Division - FTD is the division in the Commerce Department's Census Bureau which compiles and disseminates official U.S. import and export statistics. The division also maintains international commodity classification systems and conducts methods research, including international comparability of trade statistics.
Foreign Trade Statistical Reporting - See: Shipper's Export Declaration.
Foreign Trade Zone - This is also referred to as a "free zone", ''free port'' or ''bonded warehouse.-- This is an area within a country where goods can be imported, stored, and/or processed without being subject to customs duties and taxes.
Foreign Trade Zone (FTZ) - Known in some countries as a free zone, a foreign trade zone (FTZ) is a site within the USA (in or near a U.S. Customs port of entry) where foreign and domestic goods are held until they ready to be released into international commerce. If the final product is imported into the U.S., duties and taxes are not due until the goods are release into the U.S. market. Merchandise may enter a FTZ without a formal Customs entry or the payment of Customs duties or government excise taxes. In the zone, goods may be: stored; tested; sampled; repackaged or relabeled; cleaned; combined with other products; repaired or assembled, etc.
The above details describes about terms called in shipping such as foreign equipment, Foreign Exports ,Foreign Flag,Foreign Market Value,Foreign Parent Group,Foreign Parent,Foreign Service,Foreign Sales Agent,Foreign Trade Zone 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 shipping business below this post.Terms used in shipping such Foreign Availability ,Foreign Branch Office ,Foreign Buyer Program,Foreign Corrupt Practices Act
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