Related Entries of the International Encyclopedia:

1. Key Currency The currency of a major trading nation widely accepted in settlement of international accounts. At present, eight currencies are regarded as key currencies and are known as the Big Eight ("https://lawin.org/list-of-international-trade-law-terms/">read this and related legal [...]...
2. Currency Future Currency Future in International Trade Meaning of Currency Future, according to the Dictionary of International Trade (Global Negotiator): A contract for the future delivery of a commodity, currency, or security on a specific date. In contrast to forward contracts, future contracts are for [...]...
3. Currency Adjustment Factor A surcharge imposed on ocean freight by a carrier to offset or mitigate the impact of exchange rate fluctuations upon his freight revenue.......
4. Forward Exchange Contract An agreement to exchange, at a specified future date, a fixed number of units of one currency for a fixed number of units of another currency. Such contracts are often procured by merchants when they must settle future accounts in a foreign currency and wish to protect against possible losses [...]...
5. Purchasing Power Parity An equal relationship of prices between two countries. Price levels in both countries are substantially the same, considering the rate of exchange.......
6. General Tariff A tariff schedule in which a single rate of duty applies to a given commodity irrespective of the country of origin. A general tariff makes no provision for preferential duties.......
7. Soft Currency A national currency that, because of exchange controls, is not freely convertible into gold or other currencies. Such controls are usually manifest in officially set rates of exchange that do not reflect the price of the soft currency, were it permitted to trade freely.......
8. Par Value The nominal value assigned to a currency by its issuing authority. Normally, this value is expressed as a quantity of gold, or another currency convertible into gold. When the market value of a currency, expressed in terms of other convertible currencies, deviates significantly from its par [...]...
9. Outright Outright in International Trade Meaning of Outright, according to the Dictionary of International Trade (Global Negotiator): In foreign exchange, a forward purchase or sale of currency which is not offset by a corresponding spot transaction. i.e. which has not been contracted through swaps. [...]...
10. Tariff Quotas Tariff Quotas in International Trade Meaning of Tariff Quotas, according to the Dictionary of International Trade (Global Negotiator): Application of a higher tariff rate to imported goods after a specified quantity of the product has entered the country at a lower prevailing rate. See quota....
11. Currency Currency in International Trade Meaning of Currency, according to the Dictionary of International Trade (Global Negotiator): The circulating media of exchange in a country. Includes money and such financial instruments as checks. Resources See Also Public Finance Public Policy Tax Law [...]...
12. Floating Currency Floating Currency in International Trade Meaning of Floating Currency, according to the Dictionary of International Trade (Global Negotiator): One whose value in terms of foreign currency is not kept stable (on the basis of the par value or a fixed relationship to some other currency) but [...]...
13. Exchange Control The system by which a government regulates possession of and dealings in foreign exchange. The principal objective of exchange control is to allocate foreign exchange to necessary imports and expenditures. Normally, the finance ministry or central bank is invested with the authority to issue [...]...
14. Fixing Fixing in International Trade Meaning of Fixing, according to the Dictionary of International Trade (Global Negotiator): In foreign exchange, establishing of the official exchange rate of a domestic currency against other negotiable currencies....
15. Gold Standard Summary of Gold Standard A system under which a nation's currency is freely convertible into gold. The quantity of gold per unit of currency is fixed by law. Most major trading nations, however, abandoned the gold standard because of the constraints it imposes upon liquidity, although [...]...
16. Tariff Biding Tariff Biding in International Trade Meaning of Tariff Biding, according to the Dictionary of International Trade (Global Negotiator): Commitment not to increase a rate of duty beyond an agreed level. Once a rate of duty is bound, it may not be raised without compensating the affected parties....
17. Forward Exchange Option Forward Exchange Option in International Trade Meaning of Forward Exchange Option, according to the Dictionary of International Trade (Global Negotiator): A contractually agreed right to buy (put) or to sell (call) a specific amount of one currency for a specified amount of another [...]...
18. Dirty Float Also known as managed float, the process whereby national monetary authorities intercede in the foreign exchange markets to prevent significant fluctuations in the values of their own or other currencies. The process is accomplished by selling reserves of currencies rising in value, or the [...]...
19. Double Column Tariff Double-Column Tariff and the GATT Policy Negotiations In relation to the GATT Policy Negotiations, Christopher Mark (1993) provided the following explanation and/or definition of Double-Column Tariff: A tariff schedule listing two duty rates for some or all commodities. In any given case, the [...]...
20. Oanda Oanda in International Trade Meaning of Oanda, according to the Dictionary of International Trade (Global Negotiator): Currency converter and calculator tool used by major corporation, tax authorities, auditing firms, and individuals around the world. See exchange rate....
21. Convertible Currency Convertible Currency in International Trade Meaning of Convertible Currency, according to the Dictionary of International Trade (Global Negotiator): A currency of a nation that may be exchanged for that of another nation without restrictions. Countries with convertible currencies typically [...]...
22. Spot Exchange Rate Spot Exchange Rate in International Trade Meaning of Spot Exchange Rate, according to the Dictionary of International Trade (Global Negotiator): The price of one currency expressed in terms of another currency at a given moment in time....
23. Freight Tariff Not Otherwise Specified (NOS) in International Trade Meaning of Not Otherwise Specified (NOS), according to the Dictionary of International Trade (Global Negotiator): This expression and abbreviation is often applied to air freight tariffs, indicates that the rate stated in the tariff applies [...]...
24. Exchange Risk Exchange Risk in International Trade Meaning of Exchange Risk, according to the Dictionary of International Trade (Global Negotiator): The possibility of receiving less or paying more money because a receivable or a payable is denominated in a foreign currency. Countries with shortages of [...]...
25. Stop Loss Order Stop Loss Order in International Trade Meaning of Stop Loss Order, according to the Dictionary of International Trade (Global Negotiator): An order to buy (on a short position) or to sell (on a long position) foreign exchange if the rate rises above or falls below a specific limit. As soon as [...]...
26. Future Contract Future Contract in International Trade Meaning of Future Contract, according to the Dictionary of International Trade (Global Negotiator): A contract for the future of delivery of a commodity, currency or security on a specific date. Currency future contracts are for standard quantities over [...]...
27. Foreign Currency Foreign Currency in International Trade Meaning of Foreign Currency, according to the Dictionary of International Trade (Global Negotiator): The currency of any foreign country which is authorized medium of circulation and the basis for record keeping in that country. Foreign currency is [...]...
28. Hard Money Hard Money (currency) in International Trade Meaning of Hard Money (currency), according to the Dictionary of International Trade (Global Negotiator): Currency of a nation having stability in the country and abroad. Refers to currency that is accepted internationally and freely convertible. [...]...
29. Surcharge Surcharge and International Trade Resources See Also Import Surcharge...
30. 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 [...]...
31. Swap By agreement, the combined purchase and sale of a specified amount of foreign exchange, with different dates for sale and purchase. This arrangement permits each party to the transaction to use, for a given period of time, a currency he needs in return for one he does not need, without any [...]...
32. Forward Margin In foreign exchange transactions, the difference between the current, or "spot," price for a given currency and the price at some future date. If the "futures" price, that quoted by sellers of contracts for future purchase of that currency, is higher than the spot price, the subj......
33. 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 [...]...
34. Foreign Exchange Foreign Exchange in International Trade Meaning of Foreign Exchange, according to the Dictionary of International Trade (Global Negotiator): Current or liquid claims payable in foreign currency and in a foreign country (bank balances, checks, bills of exchange). Not to be confused with foreign [...]...
35. Revaluation Revaluation in International Trade Meaning of Revaluation, according to the Dictionary of International Trade (Global Negotiator): The increase of the value (restoration) of a nation's currency (that had once been devalued) in terms of the currency of another nation....
36. Loading Summary of Loading A risk premium in addition to interest charges and acceptance fees deducted by a bank or discount house from the face value of a bill of exchange (read here for further details) presented for discounting. This additional margin will vary, depending upon the quality of the [...]...
37. Payment Terms Payment Terms in International Trade Meaning of Payment Terms, according to the Dictionary of International Trade (Global Negotiator): That part of a contract that defines when, where, to whom and in what currency the underlying obligation is to be discharged. The exporter will consider the [...]...
38. Tariff Escalation Tariff Escalation and the GATT Policy Negotiations In relation to the GATT Policy Negotiations, Christopher Mark (1993) provided the following explanation and/or definition of Tariff Escalation: The application of tariff rates on raw materials that are lower than on processed versions of the [...]...
39. Biding Biding in International Trade Meaning of Biding, according to the Dictionary of International Trade (Global Negotiator): A provision in a trade agreement that no tariff rate higher that one specified in the agreement will be imposed during the life of the agreement....
40. Currency Option Currency Option in International Trade Meaning of Currency Option, according to the Dictionary of International Trade (Global Negotiator): The contractually agreed right to buy (call option) or to sell (put option) a specific amount of foreign currency at a predetermined price on a specific [...]...
41. Foreign Currency Account Foreign Currency Account in International Trade Meaning of Foreign Currency Account, according to the Dictionary of International Trade (Global Negotiator): An account maintained in a foreign bank in the currency of the country in which the bank is located. When such accounts are kept, they [...]...
42. Liner Tariff Reduction Liner Tariff Reduction in International Trade Meaning of Liner Tariff Reduction, according to the Dictionary of International Trade (Global Negotiator): A reduction by a given percentage for all tariffs maintained by countries participating in trade negotiations, with or without exceptions for [...]...
43. Offer Summary of Offer In vessel charter transactions, synonymous with Firm Offer (read this and related legal terms for further details).(Main Author: William J. Miller) Best and Final Offer (BFO) in International Trade Meaning of Best and Final Offer (bfo), according to the [...]...
44. Exchange Rates Multiple Exchange Rates (also known as Differential Exchange Rates) and the GATT Policy Negotiations In relation to the GATT Policy Negotiations, Christopher Mark (1993) provided the following explanation and/or definition of Multiple Exchange Rates (also known as Differential Exchange Rates): [...]...
45. 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 [...]...
46. Reserve Currency Summary of Reserve Currency The currency of a major trading national, widely accepted in international transactions and regarded as stable, that is held by the central banks or monetary authorities of other nations as a form of collateral for their own currency. The use of reserve [...]...
47. Gross Terms Synonymous with Gross Charter (read this and related legal terms for further details).......
48. European Option European Option in International Trade Note: there is more information about this term in the European legal Encyclopedia. Meaning of European Option, according to the Dictionary of International Trade (Global Negotiator): A foreign exchange type of contract containing a provision to the [...]...
49. Crawling Peg A middle ground between fixed and freely floating exchange rates. Unlike the free- floating system in which exchange rates are determined by market forces alone, and a system of fixed exchange rates (i.e., the defunct Bretton Woods system), the crawling peg scheme envisions that various trading curr......
50. Differential Exchange Rates A scheme in which a government prescribes different rates of exchange for the local currency, depending upon the transaction involved. The government may assign its currency a given value in terms of gold for capital transfers, for example, but provide for a less favorable rate of exchange for impor......
51. Prior Import Deposit A sum that an importer is obliged to deposit with his nation's central bank or other governmental authority as a condition for the issuance of an import license. Most industrialized nations do not require such deposits, but they are common in many developing nations, where the deposit may [...]...
52. Economic Union Summary of Economic Union Also known as an economic community, an advanced form of economic integration on the part of several states. The economic union incorporates the features of a Common market (read this and related legal terms for further details)—unrestricted free trade among [...]...
53. Brussels Tariff Nomenclature Brussels Tariff Nomenclature (BTN) in International Trade Meaning of Brussels Tariff Nomenclature (btn), according to the Dictionary of International Trade (Global Negotiator): A once widely used international tariff classification system that preceded the Customs Cooperation Council [...]...
54. Clean Bill of Exchange Any bill of exchange (read here for further details) not accompanied by documents, such as invoices, bills of lading, et cetera. See direct collection.......
55. Clean Float The condition in which the values of national currencies vis-a-vis each other are determined by market forces without government intervention to maintain prearranged rates of exchange.......
56. Rationing Of Exchange An exchange control imposed by governmental authority to regulate transactions in foreign exchange. Under a rationing of exchange scheme, only the government may issue exchange to importers, and holders of bills of exchange denominated in a foreign currency must surrender them to the government in e......
57. Free Trade Agreement Free Trade Agreement and the GATT Policy Negotiations In relation to the GATT Policy Negotiations, Christopher Mark (1993) provided the following explanation and/or definition of Free Trade Agreement: An agreement between two or more countries establishing a free trade area (FTA)....
58. Leverage Leverage in International Trade Meaning of Leverage, according to the Dictionary of International Trade (Global Negotiator): In foreign exchange (options), this term expresses the disproportionately large change in the premium in terms of the relative price movement of the underlying instrument....
59. Import Restrictions Import Restrictions and the GATT Policy Negotiations In relation to the GATT Policy Negotiations, Christopher Mark (1993) provided the following explanation and/or definition of Import Restrictions: Measures to limit or control the volume of imports by means of tariffs ornontariff barriers [...]...
60. Nes Nes in International Trade Meaning of Nes, according to the Dictionary of International Trade (Global Negotiator): Not elsewhere specified is used for an item that is not mention elsewhere in a classification system, such as a customs or freight tariff. Similar to NESOI (Not elsewhere [...]...
61. Multiple Currency System Synonymous with Differential Exchange Rates (read this and related legal terms for further details).......
62. Sitc Sitc in International Trade Meaning of Sitc, according to the Dictionary of International Trade (Global Negotiator): The Standard International Trade Classification is a numerical code developed by the United nations for the classification of goods. See Brussels Tariff Nomenclature; Harmonized [...]...
63. Trade Terms Trade Terms in International Trade Meaning of Trade Terms, according to the Dictionary of International Trade (Global Negotiator): The terms of a sale. The setting of responsibilities of the buyer and the seller in a sale, including: sale price, responsibility for shipping, insurance and [...]...
64. 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.......
65. Spot Price The price of a commodity in the Spot Market (read this and related legal terms for further details), i.e., the price quoted for immediate sale and delivery. ......
66. Spot Cash Spot Cash in International Trade Meaning of Spot Cash, according to the Dictionary of International Trade (Global Negotiator): Immediate cash payment in a transaction, as opposed to payment at some future time....
67. Spot Exchange Spot Exchange in International Trade Meaning of Spot Exchange, according to the Dictionary of International Trade (Global Negotiator): The purchase and sale of foreign exchange for delivery and payment at the time of the transaction....
68. Spot In foreign exchange and commodities markets, the current price for a given commodity or currency; the spot price is contrasted with the futures price, which is the price that is offered for delivery at some specified time in the future.......
69. Spot Charter A vessel that is prepared to commence loading immediately upon fixing of the charter. As a practical matter, spot charters arise only in relation to vessels already in port but not otherwise occupied.......
70. Spot Zoning Real Estate meaning of Spot ZoningIn the words of the Encyclopedia of Real Estate Terms about Spot Zoning: (United States)The zoning of a small area of land, or one or more properties, for a use that is not in harmony with the normal zoning plan for the area, especially if a small area is [...]...
71. Spot Option Spanish Translation of spot optionThis is the legal translation of English to Spanish in relation to spot option and / or a definition of this topic: Opción Americana (in Spanish, without translation of the dictionary entry)....
72. Through Rate A freight rate that is the total rate from origin to destination; in some cases, surcharges may be applicable to the basic freight, and are additional to the through rate.......
73. Sight Rate The rate of exchange used by a bank or foreign exchange dealer in purchasing a sight bill of exchange or similar instrument denominated in a foreign currency.......
74. Statutory Rate Of Duty The rate of duty on the given product specified by the Smoot- Hawley Act (read this and related legal terms for further details) of 1930. The rates established by this act are applied to Column 2 countries, i.e., those t......
75. Step-Down Rate A financing agreement in which a lower rate of interest is charged later in the life of the loan than at the beginning.......
76. Step-Up Rate A financing arrangement in which a higher rate of interest is charged later in the life of the loan than at the beginning.......
77. Exchange Rate Exchange Rate in International Trade Meaning of Exchange Rate, according to the Dictionary of International Trade (Global Negotiator): The price of one currency expressed in terms of another, i.e., the number of units of one currency that may be exchanged for one unit of another currency. [...]...
78. Floating Exchange Rate Floating Exchange Rate in International Trade Meaning of Floating Exchange Rate, according to the Dictionary of International Trade (Global Negotiator): A rate of exchange that is determined by market forces. See also clean float and dirty float. Concept of Floating Exchange Rate An [...]...
79. Forward Rate Forward Rate in International Trade Meaning of Forward Rate, according to the Dictionary of International Trade (Global Negotiator): The price of a foreign currency that is bought or sold for delivery and payment at a fixed future time, usually 30, 60 or 90 days. Forward transactions enable [...]...
80. Freight Rate LCL/fcl in International Trade Meaning of LCL/fcl, according to the Dictionary of International Trade (Global Negotiator): A way of quoting container freight rates in which the carrier agrees to pack the container at the outset (LCL) but unpacking at destination must be carried out by the [...]...
81. General Cargo Rate General Cargo Rate in International Trade Meaning of General Cargo Rate, according to the Dictionary of International Trade (Global Negotiator): The rate a carrier charges for the shipment of cargo that does not have a special class rate or commodity rate....
82. Tax Rate Other Popular Tax Definitions in the World Legal Encyclopedia Adjusted Gross Income (sometimes, including Tax Rate) Ad......
83. Rate Spanish Translation of tariff and rateThis is the legal translation of English to Spanish in relation to tariff or rate and / or a definition of this topic: Tarifa (in Spanish, without translation of the dictionary entry)....
84. Actual Value Rate A freight rate applicable to certain commodities where, depending upon the actual goods, value may vary greatly. For example, the classification "scientific instruments" may embrace low-value laboratory glassware or high-value precision instruments. In such cases, the shipper must declare ......
85. Any Quantity Rate A freight rate applicable to a specific commodity irrespective of the quantity shipped, without provision for quantity discounts.......
86. Bank Rate The rate at which the Bank of England and the Bank of Canada lend to commercial banks.......
87. Base Rate The specific commodity or general class rate applicable to a product in a common carrier's tariff. Various surcharges, fuel adjustments, currency adjustment factors, et cetera, may be imposed on top of the base rate; they are often expressed as a percentage of the base rate.......
88. Block Rate A reduced rail freight rate levied on movements of ten or more cars at one time from one shipper to a simple consignor.......
89. Cable Rate The exchange rate quoted for a given currency transferred by cable. The cable rate is higher than the rate for checks or bills of exchange denominated in the same currency because cable transfers are virtually instantaneous, thereby denying the bank or broker use of the funds during the collection p......
90. Central Rate Each currency affiliated with the EUROPEAN monetary system (read this and related legal terms for further details) is assigned a value in terms of the European currency unit (ECU). The central rate is the range within wh......
91. Check Rate The rate of exchange applicable to bankers' checks. This rate is lower than the cable rate but higher than the rate applicable to time bills of exchange, owing to the time value of money.......
92. 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.......
93. Column 2 Rate The rate of duty applied by U.S. Customs to imports from nations not enjoying Most Favored Nation (read this and related legal terms for further details) status. The Column 2 rate is the statutory rate of duty provided i......
94. Combination Rate An inland freight rate from point of origin to destination derived by adding two or more intermediate rates.......
95. Contract Rate In the steamship industry, the freight rate applicable to goods shipped by a firm that has executed an exclusive patronage contract (read this and related legal terms for further details) with a Conference (...
96. Cross Rate The ratio between the exchange rate of two currencies in relation to a third currency.......
97. Customs Rate The rate of exchange employed by U.S. Customs in converting foreign currency invoices for the purpose of arriving at a value, in U.S. dollars, for imported merchandise. Ad valorem duties are applied on the dollar value. In accordance with the Customs Simplification Act of 1956, the secretary of the......
98. Differential Rate A freight rate derived by compiling existing intermediate rates; this process is used where no through rate exists between the points of origin and destination.......
99. Directional Rate A freight rate reduced for cargo moving in a direction where cargo is light, for the purpose of stimulating movements. Under such circumstances, it is quite possible that the rate for the same product moving in the other direction (where tonnage is heavy) may be significantly higher.......
100. Discount Rate Also known as the re-discount rate, the rate of interest charged by the Federal Reserve to member banks for advances. The rates are set every fourteen days by the regional Federal Reserve banks upon approval of the Board of Governors of the Federal Reserve system.The discount rate is a p......
101. Effective Interest Rate Also known as the real interest rate, the return to capital derived by adjusting the nominal rate of interest for inflation. For example, a bond may bear a nominal rate of interest (the rate that the instrument pays) of 10 percent; by deducting the rate of inflation—say, 4 percent—we derive the ......
102. Effective Lending Rate The actual cost of a loan when such factors as commitment fees and compensating balances are computed on top of the interest rate.......
103. Effective Rate Of Exchange The true cost of acquiring a unit of a given currency in terms of another currency. The effective rate includes taxes and other costs that are factored into the price of the currency converted.......
104. 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 [...]...
105. Extraction Rate The proportion, on a weight basis, between a finished or processed product and the raw materials from which it was manufactured.......
106. Freight, All Kinds Rate A fixed charge levied by a carrier to ship a container, trailer, car, et cetera, from one point to another, irrespective of the contents. A FAK rate supersedes class or commodity rates. The shipper, in effect, pays a flat charge to move the unit and may ship whatever he wishes up to the rated capaci......
107. Green Rate A special rate of exchange used in converting agricultural prices fixed in units of account into national currencies, within the framework of the Common Agricultural Policy (read this and related legal terms for further deta......
108. Interest Rate Risk The risk borne by the holder of fixed rate securities that interest rates will rise above those paid by his holdings, thereby depriving him of interest that might otherwise have been earned.......
109. Joint Rate Summary of Joint Rate A single factor rate applicable to the movement of goods through two or more carriers.(Main Author: William J. Miller) Resources See Also Joint through rate Rate...
110. Lombard Rate The interest rate charged West German commercial banks on loans from the central bank using securities as collateral.......
111. Long Rate The rate paid by a bank or foreign exchange broker for long bills of exchange (i.e., those having a tenor of more than thirty days) payable abroad.......
112. Minimum Lending Rate The rate at which the Bank of England lends to members of the discount market against the security of treasury bills or other government paper with less than five years to mature.......
113. Missionary Rate A freight rate established a: a particularly low level as an impetus to an infant industry.......
114. Nominal Interest Rate The rate of interest earned by an investment, without adjustment for inflation. Deducting the inflation factor from the nominal rate yields the effective or real interest rate, which is a more accurate reflection of the return on the investment.......
115. Noncontract Rate The freight rate applicable to commodities shipped by a firm that has not executed an exclusive patronage contract (read this and related legal terms for further details).......
116. Open Rate A freight rate that is not set by a Conference (read this legal term for further details) and is therefore negotiable. An open rate may result from the absence of a conference rate agreement, or similar rate-setting scheme over a given trade route......
117. Paper Rate A rate in a tariff under which no cargo moves.......
118. Predatory Rate An ocean freight rate set intentionally low so as to drive out competition. Soviet flag carriers, animated by motives other than commercial profit, were widely criticized for establishing predatory rates. Certain noncommunist carriers, enjoying heavy state subsidies, were also suspected of setting p......
119. Prime Rate The rate of interest on business loans by commercial banks to their most creditworthy customers. The maintenance of a COMPENSATING BALANCE (read this and related legal terms for further details) by the borrower is custom......
120. Proportional Rate A freight rate that is constructed by adding separate joint or local rates applying to a through movement. A proportional rate, unlike a Combination rate (read this and related legal terms for further details), is applic......