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Find a branch office In most of entrance and exit origins and major cities of the country ...
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Offering information on performing customs formalities, cargo, clearance, ...
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Some Points to Be known
(specially helpful for Businessmen)
Introduction:
The administrative aspect of activities under foreign trade encompasses different though interconnected operations the acquaintance with which is a necessity for foreign trade managers merchants, and any legal / real person in the field of transportation engaged in some or other way in commodity transit, import, export etc. the following are descriptions of some relevant terms:
1- Incomers:
International Chamber of Commerce (ICC) carried out some studies on the interpretation of commercial terms in 1930 and established some regulations on uniform interpretation of international commercial terms in 1936 that were known as incoterms. Incoterms includes the international commercial terms that actually determine the rules governing the relations between a seller and a buyer in a commercial transaction and its latest version is incoterms 2000. incoterms 2000 is classified into four main categories:
Category E:
this category takes use of only the abbreviation EXW that means delivery of goods at the point of departure. ( point of departure can be place of work, a warehouse, a plant, a farm or any other location agreed upon). The seller shall, in this case only using the commodity to the buyer at the specified location.
Category F:
This category includes three abbreviations:
FAS : The commodity is delivered beside the ship at the pier on a looding part ( port of origin).
FOB : The commodity is necessarily delivered on board the ship at the origin.
FCA : The commodity is delivered to transportation company at a specified location.
Category C:
This category includes the responsibility of a seller for conclusion of transportation agreement and payment of the freight to the point of destination. This category includes the following:
CFR : The seller undertakes to pay for the transportation to the specified port of destination.
CPT : The commodity is delivered at destination with the payment for transportation on any vehicle undertaken.
CIF : The seller undertakes the responsibility for conclusion of an agreement and payment for an insurance cover in addition to the freight.
CIP: The commodity is delivered at specified destination with the freight and hull insurance cover undertaken.
Category D:
The seller undertakes major part of responsibilities under this category while there is only the least responsibility on the part of the buyer. The components of this category are:
DES: The buyer is to carry out clearance of the imported commodity ( delivery on board the vessel at destination)
DEQ: The buyer is to carry out customs clearance at destination ( Delivery on destination port )
DAF: Clearance born by the seller ( Delivery at specified frontier)
DDU: Delivery at a specified place in destination with the clearance responsibility and cost excluded.
DDP: Customs clearance at the port of importation is born by the seller ( Delivery at the buyer’s warehouse or at destination customs with the payment of all related rights and duties included.
2- Free Trade Zones :
Free trade zones are protected zones usually located beside a sea or regions of special advantage from the viewpoint of quick carriage of goods. UNIDO, organization under the UN, defines free trade zones as; “ sources for encouragement of industrial export sale”.
3- Counter trade
Counter trade is the oldest form of commercial transactions. Letters of agreement and conventions. Letters of agreement and conventions are usually concluded between the two related governments for this type of transaction and the central banks of the two parties carry out commercial and financial operations by creation of special accounts.
Major forms of counter trade are :
A- Bilateral transactions ( seller and buyer) : the seller or exporter receives commodity for the full (100%) of the price of the commodity it provides to the other party.
B- Trilateral transactions ( seller, intermediary buyer).
C- Buy Back:
One party provides the other party with machinery , technical know-how and equipment for production and the other party undertakes to provide to the first party part or entirety of the product after a specified period of operation.
4- Export :
Acquisition of a gain in a foreign exchange is one of the most important means of economic growth and development and this is realized through the sale of products or service to other countries known as export sale. Commodity export and sale of goods in a foreign market involve some delicate points lack of observance of which may result in the waste of financial and human assets.
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