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Documents needed in international trade and incoterms.






An import/export transaction usually requires a lot of complicated documentation.

They are:

Bill of Lading

Sea Waybill

Shipping Note

Dangerous Goods Note

Air Waybill

Certificate of Insurance

Methods of payment may be by cash, on open account, by irrevocable letter of credit or by bill of exchange.

Trade between countries within a free trade area and within the European Union is simpler, firms pay for goods by cheque and use their own transport to deliver goods and no special documentation is required.

Incoterms identify the additional costs, over and above the cost of goods, that the seller will invoice the buyer in international sales contract. They define who is responsible for arranging and paying for transportation, documentation, customs clearance and transport insurance

There are 13 different Incoterms that can be divided into 4 different groups: an E Term, the F Term, the C Term and the D term.

In the E terms group the buyer collects the goods at the seller's own place of business and arranges insurance to the goods in transit.

In the F terms group, the seller delivers the goods to a carrier appointed by the buyer in the seller's country. The buyer arranges insurance.

In the C terms group the seller arranges and pays for the transportation of the goods, but not for customs duties and taxes.

In the D terms group, the seller pays all the costs involved in transporting the goods, including insurance.

6. Trade restrictions: tariffs, subsidies, quotas and cartels, how trade restrictions affect international trade.

Many nations impose limits on trade. There are four main types of trade restrictions: tariffs, subsidies, quotas and cartels. The tariff is a tax placed on imported goods. Tariffs are of two kinds - revenue and protective. A revenue tariff raises money for the government and they are low, so consumers will continue to purchase the taxed goods. Protective tariffs make imported products more expensive and encourage people to buy goods produced in their own country

A subsidy is a tariff in reverse. The government gives a subsidy to the industry that is suffering from foreign competition.

A nation also can limit the amount of goods that can be imported into the country. It's called a quota. Usually, quotas are imposed when tariffs and subsidies couldn’t protect domestic industries from foreign competition.

Sometimes a group of companies or countries band together to restrict competition. It's called a cartel. The members of the cartel agree to limit the supply and control the price of a certain good. Members meet regularly to decide how much to sell and how much to charge for their product.

It's better for nation to use tariffs, because they provide domestic job protection and aid industrial development. Also tariffs are important to the national defense.

Trade restrictions limit world trade, reducing the total number of goods and services produced. Trade restrictions also raise prices.

That's why there is an international organization as GATT (General agreement on Tariffs and Trade), which members met periodically in an effort to lower tariffs and settle trade disputes.






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