Glossary search results for "(" (52)
List of terms in glossary:
Former regional organisation that aimed to bring about economic integration among its member states. It was created by the Treaty of Rome of 1957. Upon the formation of the European Union (EU) in 1993, the EEC was incorporated and renamed the European Community (EC). In 2009, the EC's institutions were absorbed into the EU's wider framework and the community ceased to exist.
Regional trade organisation and free trade area consisting of four European states: Iceland, Liechtenstein, Norway, and Switzerland. The organisation operates in parallel with the European Union (EU), and all four member states participate in the European Single Market and are part of the Schengen Area. They are not, however, party to the European Union Customs Union.
The EU's statistical office. Eurostat collects and publishes comparable statistics from all countries in the EU by standardising methods under the European Statistical System (ESS).
A trade preferential scheme adopted in 2001 for the 49 least developed countries. It grants duty- and quota-free access for almost all products, except arms and ammunition. It is regulated by Regulation (EU) No 978/2012 of the European Parliament and of the Council.
The price paid for the product ex-works (i.e. when it leaves the factory). It is a widely used international shipping term. The ex-works price includes the value of all the materials used and all other costs related to its production, minus any internal taxes, which are, or may be, repaid when the product obtained is exported.
A tax on quantity, rather than value of goods - for example N euros per hectolitre of alcohol sold. This is a duty paid to consume certain products. Generally levied on alcohol, tobacco, energy products (oil, gas, etc), vehicles and "luxury" products.
Treaty that was precursor to the World Trade Organisation (WTO). It served as a framework for negotiations aiming to liberalise world trade and helped structure the multilateral trading system.
GATT 1947 refers to the old version of the GATT, whereas GATT 1994 is the new version of the General Agreement, incorporated into the WTO, which governs trade in goods.
Term used to exclude from the generalised system of preferences (GSP) products originating in a beneficiary country, when they reach a level of competitiveness on the EU market at which they no longer need the GSP to compete. Unlike the previous GSP which had GSP-specific "sectors", graduation is now based on the "sections" of the Common Customs Tariff (CCT). A section (i.e., a large group of products in a particular sector – the CCT has 21) from individual countries are “graduated” (excluded) from GSP when those products exceed the relevant threshold (57%, 17.5% or 47.2%, according to the type of product) of EU imports under the GSP of the same products as an annual average over the last three years.
An international nomenclature developed by the World Customs Organisation (arranged in six-digit codes), allowing all participating countries to classify traded goods on a common basis. Beyond the six-digit level, countries are free to introduce national distinctions for tariffs and many other purposes. Hence, up to the HS-6 digit level, all countries using the Harmonised System classify products in the same way.
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International commercial terms. Eleven terms of sale accepted worldwide in assignment of costs and responsibilities between the buyer and the seller. Proposed, updated, and copyrighted by the International Chamber of Commerce (ICC), they serve as global standards for uniform interpretation of common contract clauses in international trade.
In brief these terms are (1) Ex Works (EXW), (2) Free Carrier (FCA), (3) Free Alongside Ship (FAS), (4) FOB (Free On Board Vessel), (5) Cost and Freight (CFR), (6) Cost, insurance and freight (CIF), (7) Carriage Paid to (CPT), (8) Carriage and Insurance Paid to (CIP), (9) Delivered At Place (DAP), Delivered At Place Unloaded (DPU), Delivered Duty Paid (DDP).