国际贸易名词解释.doc

Explanation1. Neutral Packaging: Neutral packaging is the one that makes no mention at all the name of the country which produces the goods and the name of the manufacturer on the commodity and on the outer and inner packages.2.Demurrage: it is the cost of delaying a ship，to the ship-owner paid by the charterer.3. Dispatch Money: Dispatch money is an amount of compensation paid by the ship-owner to the charterer when the loading and/or unloading can be completed in less time allowed in the voyage charter party. Dispatch money is normally based on, or as a fraction of, the rate of demurrage.4. Foreign Exchange: Foreign Exchange is the currency of any foreign country which is the authorized instrument and the basis for record keeping in that country. In the context of international trade, foreign exchange means the instruments expressed in foreign currency and employed in making payments between countriespaper currency, notes, checks, bills of exchange, and electronic notifications of international credits and debits.5.B/L (Bill of Lading): It is a shipping document that serves as a proof of delivery of goods to the carrier，a means of transferring rights t the goods by the transfer of the paper document to another party，and an evidence of the contract of carriage between the shipping company and the shipper。6.Draft: A draft ( also called bill of exchange ) is an unconditional order in writing signed by one party (drawer) requesting a second party (drawer/payer) to make payment in lawful money immediately or at a determinable future time to a third party (payee). In the context of international trade, the drawer and payee is usually the seller and the drawee and payer is usually the buyer.7. Presentation: Presentation means the holder of the draft lets the drawee sight the draft for payment or acceptance, depending on whether a sight draft or a time draft is presented.8.SWIFT: (SWIFT is short for Society for Worldwide interbank Financial Telecommunication) which is in Chinese and the industry-owned co-operative supplying secure, standardized messaging services interface software to nearly 8,100 financial institutions in 2007 countries and territories. SWIFT members include banks, broker-dealers and investment managers. The broader SWIFT community also encompasses corporates as well as market infrastructures in payments, securities, treasury and trade. Over the past ten years, SWIFT message price have been reduced over 80%.9. Endorsement: Endorsement is a legal term that refers to the signing of a document which allows for the legal transfer of a negotiable from one party to another.10Collection: Documentary collection is a means of ensuring that goods (title documents) are only handed over to buyer (by a bank) when the amount shown on a bill of exchange is paid or when the customer accepts the bill as a contract to pay by a specific date.二International currency system1 International monetary system is broadly defined as the set of conventions, rules, procedures and institutions that govern the conduct of financial relations between nations. Narrowly speaking, it refers to international exchange rate system. ? There are three international exchange rate systems in history: the gold standard, the Bretton Woods, and the floating exchange.2 Classification of international monetary system:All international monetary systems, whatever their form, have much in common and differ only in certain respects .Economists usually use sever criteria for classifying the various possible international monetary system. The role of exchange rate (flexibility or rigidity of F-X/ fixed, floating)? The nature of the reserve asset (commodity reserves; fiduciary (fiat) reserves-inconvertible paper standard; mixed standards-gold exchange standard)3 The characteristics of a good international monetary systemTo answer how to choose, which is good and what criteria, we must identify what the monetary system does. The ultimate objective of the IMS is to enable the fundamental economic processes of production and distribution to operate as smoothly and efficiently as possible. Adam Smith IMS-great wheel (effortless relations become inconspicuous, constant flow of goods and services that go to satisfy human want in the whole world) esp. awing the significance of IMS during crisis4 Types of International monetary systemExchange rate system(1) Fixed exchange rate system(2) Adjustable Peg(3) Crawling Peg(4) Managed Float(5) Floating exchange rate systemMonetary standard (reserve asset)(1) Commodity Standard (Gold Standard)(2) Credit Standard (inconvertible paper money)(3) Mixed Standard (gold exchange standard)5The Gold Standard(1)The gold standard had its origin in the use of gold coins as a medium of exchange, unit of account, and store of value. The gold standard as a legal institution dates from 1819, when the British Parliament passed the Resumption Act-exchanging currency notes for gold on demand at a fixed rate.(2)Later in the nineteenth century, Germany, Japan, and other countries also adopted the gold standard. The United States effectively joined the gold standard in 1879 when it pegged to gold the paper “greenbacks” issued during the Civil War. The U. S. Gold Standard Act of 1900 institutionalized the dollar-gold link. Merits of International Gold Standard6 (1) the reactions of central banks to gold flows across their borders furnished another mechanism to help restore balance of payment equilibrium. Central banks that were persistently losing gold were motivated to contract their domestic asset holding, pushing domestic interest rates upward and attracting inflows of capital from abroad. Central banks gaining gold had much weaker incentives to eliminate their own imports of the metals. The main incentive was the greater profitability of interest-bearing domestic assets compared with “barren” gold. (2) The practices of selling domestic assets in the face of a deficit and buying domestic assets in the face of a surplus. This terminology is coined by Keynes. Because such measures speeded the movement of all countries toward their external balance goals, they increased the efficiency of the automatic adjustment processes inherent in the gold standard. The incentives to obey the rules applied with greater force to deficit than to surplus countries.Target: To ensure the national trade and world economic stability and orderly develop, and resources of every countries can be exploited effectively.Function：To establish exchange rate mechanism in order to prevent circular malignant depreciation and provide favorable method of solution for international trade imbalances and to accelerate coordination of world economic policies.三Whats the procedure of L/C？1 The seller and the buyer conclude a sales contract providing for payment by documentary credit.2 The buyer instructs his bank, the issuing bank，to issue a credit in favor of the seller .3 The issuing bank asks another bank, usually in the country of the Sellers, to advise or confirm the credit.4 The advising or conforming bank informs the seller that the credit has been issued.5 As soon as the seller receives the credit and is satisfied with the terms and conditions，he is in a position to load the goods and dispatch them .6 The seller then sends the documents evidencing the shipment to the bank where the credit is available.7 The bank examines the documents against the credit . If the documents meet the credit requirements, the bank will pay, accept or negotiate, according to the terms of the credit. 8 The bank, if other than the issuing bank, sends the documents to the issuing bank.9 The issuing bank examines the documents and，if they meet the credit requirements，effects payment in accordance with the terms of the credit . 10 The issuing bank releases documents to the buyer upon the amount due，or upon other terms agreed between the issuing bank and the buyer.11 The buyer sends the transport documents to the carrier who will then proceed to delivery the goods. 四 summary1 In this course weve learned international trade practice and its necessary for us get familiar with some related international trade practice, conventions and rules, and regulations of related law. Besides, it is also the basic requirement that every business person of foreign trade should use these trade practices, conventions and rules and regulations of law as well as trade policy with flexibility to the advantage of our country. In accordance with the above-mentioned requirements, the textbook lays stress on the specific clause of a contract for the international sale of goods, both the signing and fulfillment of a contract and its usual practice2 Traditionally, the import and export practice or the international trade business confines to the import and export of goods. However, in the Uruguay Round of the General Agreement on Tariffs and Trade starting from 1986, the traditional definition of international trade is for the first time extended to the import and export of technologies and services on account of the development of the international economic exchange. Up to now, many countries have accepted the new definition. In our country, the new definition has been adopted into law. Foreign Trade Law of the Peoples Republic of China adopted at the Seventh Session of the Standing Committee of the Eighth National Peoples Congress on May 12, 1994 defines in the Article 2 that “For the purposes of this Law, foreign trade refers to import and export of goods and technologies and the international trade in services.”3 The international trade is more or less the same with the domestic trade in that are both essentially commercial activities with the same purpose of sale and purchase of goods which are restricted by the rules of economics. But they differ from each other in the following aspects: First, since the international trade is done between two countries, it is likely to be affected by the foreign trade policy, trade measures and foreign exchange control of the countries concerned. Naturally, it is more difficult to do international trade business. Second, the trade business between two countries certainly involves the problem of application of related trade law and regulations of different countries which gives rise to the discrepancies and conflicts between two legal systems and practices. In fact, the application of laws for the protection of international trade is more complicated than we can imagine. Moreover, both the quantities and sums of the international trade in goods are usually larger than those of the domestic trade. There is always a long time span between the signing of a contract and fulfillment of it since it takes quite a long time to transport goods from one country to another. Under the circumstances, there exists inevitably greater risk in international trade.