Related Entries of the International Encyclopedia:

1. Fair Market Value The value an imported product would fetch, under similar circumstances of sale, were the goods sold in the country of origin. Customs authorities are usually interested in the fair market value of imported merchandise inasmuch as sales below such value may serve as the basis of a Dumping (...
2. Constructed Price A value for customs purposes that ignores the invoice price of the merchandise but is derived by computing the cost inputs of the product (materials plus reasonable manufacturing expenses in the country of origin plus a profit factor), to which are added the normal costs associated with preparing th......
3. Export Value Summary of Export Value The price at which a foreign manufacturer customarily freely offers for sale a given product for export to the United States in the usual wholesale quantities, less export discounts, packing, and costs of preparing the goods for export. The use of this value [...]...
4. Customs Territory The geographical area of a country, its possessions, and surrounding waters within which the customs authority is empowered to impose duties and controls upon foreign merchandise entering therein. The customs territory need not necessarily incorporate all the territory over which a nation [...]...
5. Current Account Purchases The value of intermediate products in the national production process. An intermediate product is a manufacturing input that has not been converted into a finished product; for example, steel is an intermediate product in the manufacture of an automobile. The value of current account purchases is im......
6. Zone Restricted Status A condition accorded to goods entered into a Foreign Trade Zone (read this and related legal terms for further details) solely for destruction or exportation to another country. These goods may not be manipulated or proc......
7. Ordinary Course Of Trade A concept routinely applied in customs valuation that holds that the dutiable value of goods is the price at which they would normally sell if customary channels of distribution were observed. For example, where it was industry practice for a product to be sold directly by a manufacturer to an end u......
8. Country Controlled Buying Agent A governmental agency or quasi-official corporation that is the sole or primary entity authorized to trade with foreign countries for the purchase of certain goods. Very often the buying agent is also the state monopoly for the sale of such goods within the country.Country controlled buy......
9. Gross Domestic Product Summary of Gross Domestic Product The aggregate value, expressed in monetary terms, of all goods and services produced within a national economy during a given time period, usually one year.(Main Author: William J. Miller) Gross Domestic Product (gdp) (in the Human Development [...]...
10. Tariff (Customs) A document issued by a nation's customs authority principally for the purpose of specifying rates of duty to be applied on various imported products. A tariff customarily also includes quantitative restrictions (quotas) upon certain imports, preferential duties on products imported from specifie......
11. Customs Entry Read Entry (Customs) as cross-reference.......
12. Market Disruption A condition in which foreign imports of a given product increase in quantity so rapidly as to cause, or threaten to cause, material injury to a competing domestic industry. A finding of market disruption before the International Trade Commission may result in retaliatory actions against the [...]...
13. Counterpurchase A form of countertrade (read this and related legal terms for further details) in which two parties agree to purchase specified quantities of merchandise from each other at a fixed price. The effect is that each party si......
14. Culturally Congruent Strategy A plan for penetrating a foreign market that incorporates an offering of products similar to those already available and accepted in the target country, or that attempts to identify the product culturally with the country.......
15. Dumping Margin In those instances where a product has been dumped, that is, sold abroad at a price below the fair market value in the country of origin, the dumping margin is the difference between the home market price and the price at which the goods are sold abroad less incidental charges, such as export [...]...
16. Transaction Value Of Similar Goods Sold An alternative method of valuing goods for customs purposes under the Customs Valuation Agreement (read this and related legal terms for further details).......
17. Export Diversification Summary of Export Diversification The movement of a nation away from the export of a single or limited number of products as the principal source of foreign exchange earnings. Export diversification programs are usually the priority objectives of small or underdeveloped nations, [...]...
18. Net National Product Summary of Net National Product The sum total, expressed in monetary terms, of all goods and services produced in a country during a given period (usually one year), less the value of capital consumed (depreciation).(Main Author: William J. Miller) Resources See Also Gross [...]...
19. Spot Market A market for commodities or currency in which the sale results in an immediate or nearly immediate exchange of the goods or instruments for cash, as compared with a futures market, which trades in contracts for the future delivery of the product.......
20. Superdeductive A procedure authorized by U.S. Customs in ascertaining the deductive value of merchandise for assessment of ad valorem duties; deductive valuation is an alternative valuation method specified in the customs valuation agreement (...
21. Transaction Value Of Identical Merchandise An alternative method of valuing goods for customs purposes under the CustomsValuation Agreement (read this and related legal terms for further details).......
22. Intermediate Products Goods that constitute inputs to the manufacture of other goods; for example, flour is an intermediate product in the manufacture of bread. The oven in which the bread was baked is not an intermediate product, however; instead, it is a capital good. Capital goods, such as buildings and equipment, us......
23. Customs Enforcement Area An area not to extend more than fifty miles seaward, beyond the CUSTOMS WATERS (read this and related legal terms for further details). Within this zone customs officers are authorized to enforce U.S. laws if the preside......
24. Export Subsidy Summary of Export Subsidy A direct payment, tax relief, or other incentive provided by a government to encourage export sales. The use of such devices is apt to be regarded as undesirable by the importing nation and may result in the imposition of Countervailing Duties (read this legal term [...]...
25. Tying Contract Tying Contract and International Trade Economy In relation to international trade economy, Christopher Mark (1993) provided the following definition of Tying Contract: (Also known as a tie-in contract or bundling.) A restraint of trade ~ arrangement by which a product can be purchased only [...]...
26. Column 1 Rate The rate of duty applied by U.S. Customs to imports from nations enjoying Most Favored Nation (read this and related legal terms for further details) status. See TARIFF (CUSTOMS); Tariff Schedules of the United States.......
27. Intermediate Goods Synonymous with Intermediate Products (read this and related legal terms for further details).......
28. Countertrade A commercial arrangement in which the buyer pays for his purchases, wholly or partly, with something other than money. Very often countertrade deals include some cash, but a significant portion of the transaction is settled with commodities or services. Countertrade has been employed heavily [...]...
29. Gross National Product Summary of Gross National Product The aggregate value, expressed in monetary terms, of all goods and services attributable to a national economy during a given period, usually one year. The final sum includes all goods and services produced within the economy, plus income earned overseas [...]...
30. Mtn Valuation Code An agreement on valuation for customs purposes, more commonly known as the customs valuation agreement (read this and related legal terms for further details).......
31. Dual-Use Dual-Use Goods (or Technology) and International Trade Economy In relation to international trade economy, Christopher Mark (1993) provided the following definition of Dual-Use Goods (or Technology): Refers to products or the technology embodied in those products that are intended primarily [...]...
32. In-bond The condition of goods that have been temporarily exempted from customs clearance and duties, in lieu of which the importer or custodian of the goods has posted a surety with customs authorities to ensure that the goods will not be released or consumed until formal examination and clearance [...]...
33. Product Cycle Product Cycle and International Trade Economy In relation to international trade economy, Christopher Mark (1993) provided the following definition of Product Cycle: The evolution of a production process from innovation through obsolescence, constituting a fundamental dynamic element in [...]...
34. Customs Cooperation Council An international organization established for the purpose of harmonizing the customs procedures and techniques of member countries. The agency is concerned with the mechanics of customs administration and is not involved in matters relating to tariff levels or similar substantive economic [...]...
35. General Order A condition imposed upon merchandise that is imported into the customs territory of the United States but that is not promptly cleared through customs. General order merchandise is deposited in an approved warehouse pending disposition. Section 127 of the Customs Regulations governs the [...]...
36. Normal Price Within the scope of the Brussels Definition Of Value (read this and related legal terms for further details), the value basis upon which ad valorem duties will be assessed on imports. The normal price is the price the go......
37. Port of Entry A point designated by a nation's customs authority through which goods may be entered for examination and clearance; ports of entry may be actual ocean ports, land border points, or interior locations to which goods are carried in bond.......
38. Transit Zone An entry point established by a coastal state for the benefit of a neighboring nation that is landlocked or lacking adequate port facilities for its own trade. Generally a transit zone is cordoned off from the main port facility, and goods passing through the zone are usually exempt from the [...]...
39. Customs Clearance In the United States For information about Customs clearance in the context of international trade, click here...
40. Deductive Value Method An alternative method of valuing goods for customs purposes under the Customs Valuation code (read this and related legal terms for further details).......
41. Section 204 A provision of the Agricultural Act of 1956 authorizing the president to negotiate bilateral agreements to limit exports to the United States of "any agricultural commodity or product manufactured therefrom or textiles or textile products." The president is also empowered to take steps to ......
42. Price Discrimination Price Discrimination and International Trade Economy In relation to international trade economy, Christopher Mark (1993) provided the following definition of Price Discrimination: The practice of charging unequal prices to different buyers of products that are essentially identical, when such [...]...
43. Compensating Products Locally obtained products used by a manufacturer to replace or augment imported products in the manufacture of a finished product intended for export.......
44. Textiles Textiles and International Trade Economy In relation to international trade economy, Christopher Mark (1993) provided the following definition of Textiles: Historically, one of t e most politically sensitive and contentious sectors of international trade. As define in the Multifiber [...]...
45. Consignee The person or firm to whom goods are shipped under a bill of lading (read this and related legal terms for further details) and so named in the bill.......
46. Market Structure Market Structure and International Trade Economy In relation to international trade economy, Christopher Mark (1993) provided the following definition of Market Structure: Refers to the structure of an industry or market, as reflected in the number and size distribution of sellers and buyers, [...]...
47. Certificate of Free Sale A document issued by an agency of government, usually the health authority, certifying that a given product is in compliance with all local regulations and may be offered freely for sale within the country of origin. Normally, such certificates are issued to cover food products which are being [...]...
48. Effective Rate of Protection The net protection afforded by a nation's tariff system to any given domestic product. For example, the higher the rate of duty, the greater the protection against foreign imports; conversely, as rates are increased on raw materials or production inputs, the costs of domestic production are [...]...
49. Market Power Market Power and International Trade Economy In relation to international trade economy, Christopher Mark (1993) provided the following definition of Market Power: The ability of an individual firm to exert control over prices prevailing in the markets for its products or services. The highest [...]...
50. Certificate of Analysis A document, often required by an importer or governmental authorities, attesting to the quality or purity of commodities purchased abroad. The certification may be prepared by a chemist or other authority, or by an inspection firm retained by the exporter or importer. In some cases the document [...]...
51. Most-favored-nation A privilege granted to a nation to have customs duties levied upon its products at the lowest rate offered to any other nation. Customarily, the extension of most favored nation status is reciprocal. See tariff (Customs).......
52. Administered Pricing A condition in which the prices of certain goods and/or services are determined by governmental authority, supplier cartels (legal or illegal), or trade associations, and not by market forces. The purpose of administered pricing is to eliminate price competition or to maintain price stability [...]...
53. Customs Transit The condition of merchandise that is transiting the customs territory of a nation without having been released from customs jurisdiction. Goods in customs transit are processed under an in transit entry at the time they enter the United States; the in transit, or I.T., entry is effected by filing wi......
54. Drawback A feature of U.S. customs law that permits an American exporter to recover duties paid on foreign components or raw materials later fabricated into American products and exported. Upon exportation of the manufactured article a recovery or drawback, equal to 99 percent of the duties paid on the [...]...
55. Freely Offered Goods offered in the normal course of trade to all buying on essentially the same basis, e.g., with like prices, terms, discounts, et cetera. Under prior valuation schemes, the value at which the goods were "freely offered" served as the basis for the assessment of customs duties; this con......
56. Customs Classification Customs Classification and the GATT Policy Negotiations In relation to the GATT Policy Negotiations, Christopher Mark (1993) provided the following explanation and/or definition of Customs Classification: The determination of the appropriate category in which a traded product is classified for [...]...
57. Bilateral Restraint Agreement Any agreement, understanding, or program involving governmental authorities, producers, trade associations, or labor unions in one country and their counterparts in another country to control or limit trade in specified products. Generally, such agreements arise where one nation finds that [...]...
58. Computed Value Method An alternative method of valuing imports for the imposition of ad valorem duties, as provided in the customs VALUATION AGREEMENT (read this and related legal terms for further details).......
59. Consular Invoice Read Invoice as cross-reference......
60. Nonprivileged Foreign Status The condition of imported merchandise entered into a Foreign Trade Zone (read this and related legal terms for further details), other than goods that have been granted privileged foreign status (...
61. Standard International Trade Classification A system for capture of international trade statistics developed under the auspices of the United Nations. The original SITC was adopted by the Economic and Social Council of the United Nations in July 1950. By 1960 many nations were compiling data on a commodity basis; coincidental with the [...]...
62. Withdrawal Price A floor price at which European Economic Community producers of certain food products may withhold their goods from the market. The withdrawal price is generally below the base price (i.e., the target price set for a given commodity) and the purchase price at which EEC governments will intervene in ......
63. C.I.F. C.I.F. and International Trade Economy In relation to international trade economy, Christopher Mark (1993) provided the following definition of C.I.F.: An abbreviation (for "costs, insurance, and freight") used in international trade statistics and sales contracts. Transactions on [...]...
64. Foreign Market Price For purposes of customs valuation comparisons, generally the price of like merchandise sold for consumption in the country of origin.......
65. Monopolistic Competition A condition in the marketplace wherein there are several producers of a product of a given class, but purchasers perceive differences in quality or value among the products of the various manufacturers, thereby according a unique character to each manufacturer's products. For example, there are ......
66. Oligopsony A market condition in which there are a limited number of buyers of a given product or service.......
67. Brussels Definition Of Value A system for the valuation of imports for the application of ad valorem duties, adopted in 1953 following attempts to establish a European customs union. The European Customs Union Study Group submitted to the contracting states the Convention on the Valuation of Goods for Customs Purposes, along w......
68. Marking Duties A special duty, in addition to ordinary duties, imposed upon merchandise not properly marked so as to indicate to the ultimate purchaser the country of origin. Section 304 of the Tariff Act of 1930, as amended, requires that the country-of-origin marking be legible, indelible, and permanent. [...]...
69. Cartel Summary of Cartel An alliance among firms in the same line of business aimed at controlling or dominating their field on an international basis.(Main Author: William J. Miller) Definition of Cartel In accordance with the work A Dictionary of Law, this is a description of Cartel : [...]...
70. Capital Account Entries in a nation's balance of payment accounts reflecting long- or shortterm loans made to other countries, or by other countries to the recording nation. See Balance of Payments.......
71. Commodity Summary of Commodity A nondifferentiated product produced with commonly available technology.(Main Author: William J. Miller) The Legal History of Commodity in Islamic Law This section provides an overview of Commodity in Islamic Law Commodity in International Trade Meaning of [...]...
72. Convertibility Summary of Convertibility The ability of a currency to be exchanged for other currencies in settlement of current account transactions. Currencies are convertible in varying degrees, although the ability of nonresidents freely to purchase and sell a given currency, without governmental [...]...
73. Current Account Summary of Current Account An entry in a nation's balance of payments accounts reflecting the purchase of goods or services for consumption immediately or in the near future. See Balance of Payments.(Main Author: William J. Miller) Current Account and International Trade [...]...
74. Protectionism Protectionism Definition Protectionism may be defined as government policies that favor domestic products over imported goods. The debate between protectionism and free trade has been a continuing issue in United States politics. Meanings For information on: * systematic protectionism [...]...
75. Balance of Payments Balance Of Payments Summary of Balance Of Payments The sum owed to or by a nation as the result of its international transactions during a given time period, usually one year. The balance of payments is calculated by subtracting the nation's total payments to foreigners from total [...]...
76. Barter Summary of Barter A direct exchange of products without cash. In some cases, a third party is brought into the transaction to dispose of some or all of the goods in a third country; this practice is known as switch trading. See Countertrade.(Main Author: William J. Miller) Barter [...]...
77. Common Market Summary of Common Market A supranational organization of trading nations, created to promote economic collaboration and minimize constraints on the free movement of goods among the member states. Features of a common market include elimination of tariffs on goods moving between member [...]...
78. Complementary Exporting An arrangement in which a manufacturer markets his products internationally through the distribution channel of another firm, usually a manufacturer of similar but noncompetitive products.......
79. Consortium Summary of Consortium A multiparty commercial undertaking, differing from a joint venture by virtue of the comparatively large number of participants.(Main Author: William J. Miller) Consortium and International Trade Economy In relation to international trade economy, [...]...
80. Cross-licensing An arrangement in which one firm grants to another licenses to exploit proprietary rights in its patents or trademarks, secret processes, et cetera, in return for similar licensure to use the rights or processes of the recipient firm.......
81. Cutthroat Competition A discriminatory pricing practice whereby one vendor deliberately reduces prices to a low level with the object of driving out competition, thereby creating a monopoly or dominant market share. In the United States such practices are banned, although they are often employed in foreign countries.......
82. Devaluation Summary of Devaluation The official reduction of the value of a nation's money in relation to a standard (usually gold), special drawing rights, or the U.S. dollar. Inasmuch as all currencies are ultimately valued in terms of some standard, devaluation results in the conscious increase [...]...
83. Import Substitution Summary of Import Substitution The act of eliminating imports of a given product by commencing production locally, often accompanied by controls such as increased duties, quotas, or outright bans to discourage or prevent continued foreign imports. This approach is fairly common on the part [...]...
84. Joint Venture Summary of Joint Venture A business enterprise with more than one equity participant; for example, an agreement between a German firm and a U.S. firm to capitalize jointly a new factory in Venezuela. Many countries impose restrictions on joint ventures; these restrictions may take the form [...]...
85. Oligopoly Summary of Oligopoly Literally, a market in which there are only a few sellers of a given product or service. Under oligopolistic conditions, no one seller can establish market prices, except in concert with the other suppliers; if such concerted action develops, the suppliers are operating [...]...
86. Patent Summary of Patent A grant issued by a governmental authority to an inventor permitting, for a fixed number of years, an exclusive right to the invention. The grant includes the prerogative of preventing others from making, using, or selling the invention covered. Through various [...]...
87. Portfolio Investment A minority interest in a foreign venture from which income is derived in the form of dividends; normally such an interest does not convey any significant control over the management or operations of the foreign firm.......
88. Repatriation Summary of Repatriation The transfer of investment proceeds or the return of capital from a foreign country back to the home country of the investor.(Main Author: William J. Miller) Repatriation and International Trade Economy In relation to international trade economy, [...]...
89. Trade Barrier Summary of Trade Barrier Constraints upon the exchange of goods among nations imposed by governments; such constraints are manifested in the form of tariffs, quotas, exchange controls, and a variety of so-called nontariff barriers. Barriers usually arise to protect domestic industries, [...]...
90. Trademark A device, symbol, or word used by a firm to distinguish its products from those of other manufacturers. The object of trademarks is to permit brand identification of products, which may permit a more ready market acceptance of current and new products. Trademarks are protected in the United [...]...
91. Trading Company A firm engaged in the purchase, distribution, and marketing of products in international trade. Generally, the trading company deals with products of unrelated firms as well as the manufacturers of joint ventures in which it is involved.......
92. Customary International Law Hello Customary International Law Customary international law applies in international law in case of absence of a treaty. J. L. Brierly, in "The Law of Nations: an Introduction to the International Law of Peace"states that in order to determine what international customary [...]...
93. Free Trade Introduction Free Trade, interchange of commodities across political frontiers without restrictions such as tariffs, quotas, or foreign exchange controls. This economic policy contrasts with protectionist policies that use such restrictions to protect or stimulate domestic industries. See [...]...
94. Allocation Cartel An agreement among firms in a particular industry by which each participant is assigned certain customers or areas within which it will be the exclusive or principal supplier.......
95. Antitrust Summary of Antitrust Legislation or public policies opposed to the monopolization or domination of a particular product or industry by one firm or a group of firms acting in concert. The object of antitrust laws is to preserve market competition. In the United States violation of the [...]...
96. Arbitrage Summary of Arbitrage The practice whereby foreign exchange or commodities are purchased in one market at lower cost and rapidly traded off in another, higher cost market. For example, if the pound sterling sells for $1.50 in Paris, but only $1.45 in New York, an arbitrageur could buy [...]...
97. Blockade Summary of Blockade An interdiction of maritime traffic to and/or from a given port or nation by the naval forces of another nation. Blockades usually arise out of declared war or other belligerent condition between the country whose area is blockaded and the country whose forces have [...]...
98. Boycott Summary of Boycott A conspiracy or coalition for the purpose of impeding the commerce of another. Boycotts are often attempts to advance political objectives by economic means and fall into two categories; the primary boycott, in which a party to the boycott refrains from trading with the [...]...
99. Calvo Doctrine So named for the Argentine jurist Carlos Calvo, holds that a nation is obliged to extend to foreign business in its domain only non- discriminatory treatment; by entering a country, a foreign firm implicitly accepts local jurisdiction and will be treated as a national. This doctrine is [...]...
100. Cargo Summary of Cargo Merchandise in the process of being transported; not to be confused with freight, which, in maritime usage, is the sum earned by a carrier for transporting goods. General cargo consists of various commodities comprising the property of many shippers or consignees; special [...]...
101. Cartage The transfer of merchandise locally, e.g., from a pier to a nearby warehouse; also, the charge for cartage services.......
102. Central American Common Market Summary of Central American Common Market A free trade area among the nations of Central America, established in 1960 by a treaty between El Salvador, Guatemala, Honduras, and Nicaragua. The common market began operations in 1961, and Costa Rica joined the group in 1962. Honduras dropped [...]...
103. Certificate of Origin A document presented to customs authorities at the time of importation to authenticate the national origin of merchandise. The certificate is customarily issued by a recognized chamber of commerce or governmental authority in the country of origin.......
104. Commercial Risk The risk borne by an exporter that his foreign customer may be unable to pay for merchandise imported under open account terms. Commercial risk is contrasted with political risks, which arise from governmental actions and are unrelated to the financial condition or credit-wor- thiness of the [...]...
105. Common Carrier Read Carrier as cross-reference......
106. Common External Tariff Summary of Common External Tariff The uniform customs tariff applied by all the member states of a customs union or common market to imports from nonmember nations.(Main Author: William J. Miller) Common External Tariff and the GATT Policy Negotiations In relation to the GATT [...]...
107. Compensation Summary of Compensation Trade concessions granted by one nation to another in recompense for other trade concessions that have been withdrawn or suspended.(Main Author: William J. Miller) Forms of Criminal Punishment: Compensation Introduction to Compensation Certain punishments [...]...
108. Concession Summary of Concession An undertaking by one nation to reduce a tariff rate, increase a quota, or otherwise relieve an economic impediment to trade, usually in response to like concessions from trading partners. In addition to such reciprocal concessions, a nation may offer special duty [...]...
109. Concessional Sale A sale that allows the buyer terms less stringent than normal commercial conditions would otherwise dictate. Such sales are often made in conjunction with official aid programs and may include reduced sales price, special low-interest rates or extended payment terms, or acceptance of a [...]...
110. Conventional International Law International law that has arisen as the product of treaties or formal agreements among nations, as compared with international law that has developed through custom and usage over time.......
111. Country of Origin For customs tariff purposes, the country in which an imported product was manufactured, grown, or produced. When goods pass through more than one country in the process of manufacture, the country of origin does not change unless the product has been transformed substantially; minor [...]...
112. Customs Union Summary of Customs Union An arrangement among participating countries whereby tariffs are eliminated or virtually eliminated on products moving between members, and a common external tariff (read this and related legal terms for further details) is adopted to provide uniform treatment to [...]...
113. Customs Valuation For importers, the process of estimating the value of a product at customs presents problems that can be just as serious as the actual duty rate charged. The WTO agreement on customs valuation aims for a fair, uniform and neutral system for the valuation of goods for customs purposes — a system that conforms to commercial realities, and which outlaws the use of arbitrary or fictitious customs values. The Committee...
114. Discrimination Summary of Discrimination Unequal treatment in the duties, quotas, or administrative controls accorded to the products of one or more nations. Generally speaking, any nation which does not enjoy most FAVORED NATION (read this and related legal terms for further details) status is the subject [...]...
115. Embargo Summary of Embargo A suspension of trade between nations, usually for political reasons. The term embargo is also applied to a governmental edict prohibiting entry or departure from the nation's ports of vessels flying the flag of a particular country. In those cases where ports are closed [...]...
116. Entente Literally, "an agreement." In political usage, an understanding among governments as represented by accords on important areas. Commercially, the term is used on the Continent as a synonym for a cartel.......
117. Export Management Company A private company that serves as the export department of other firms, usually small- and medium-size manufacturers. An EMC will provide a variety of services for its clients, to include locating customers abroad, arranging transportation and financing for the merchandise, developing foreign [...]...
118. Free Trade Area Summary of Free Trade Area An association of states that seeks to overcome impediments to trade among members by reducing or eliminating tariffs among the participants. The members of a free trade area do not maintain a common external tariff nor do they (usually) provide for the free flow [...]...
119. Horizontal Integration Summary of Horizontal Integration Also known as horizontal expansion, the expansion of a firm through the acquisition of additional production capacity in its primary field. For example, a shipping company may expand horizontally by acquiring other vessels on the same trade route.(Main [...]...
120. Invisibles Synonymous with Invisible Exports And Imports (read this and related legal terms for further details).......