Lesson 1 - Subjects in Internatinal Trade

L/O/G/O
International payment
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Ø Export processing zone: a Customs area where one is allowed to
import plant, machinery, equipment and material for the manufacture
of export goods under security, without payment of duty.
Þ Type of free trade zone, set up generally in developing countries by
their governments to promote industrial and commercial exports.
These zones offer other incentives such as exemptions from certain
taxes and business regulations.
Ø Duty free zone: an area where goods can be imported or exported
without having to pay the tax that would normally be charged.
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Ø For customs purposes, the party who makes (Or on whose behalf an
agent or broker makes) the import declaration, and who is liable for the
payment of duties (If any) on the imported goods.
Ø Normally, the importer is named either as the consignee in the shipping
documents and/or as the buyer in the exporter's invoice
Note: the consignee is the entity who is financially responsible (the buyer)
for the receipt of a shipment. Generally, the consignee is the same as the
receiver.
If a sender dispatches an item to a receiver via a delivery service, the sender
is the consignor, the recipient is the consignee, and the deliverer is
the carrier.
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Ø A company that handles the tasks of preparing goods for transport for a
shipper.
Ø Freight forwarders usually provides a full range of services including:
• Freight consolidation. • Cargo insurance.
• Warehousing. • Filing of insurance claims
• Negotiating freight charges. • Booking cargo space
• Tracking inland transportation. • Preparation of shipping and export
documents.
Freight consolidation: service provided by a freight forwarder in which

several smaller shipments are assembled and shipped together to get
better freight rates and security of cargo (also called assembly service,
cargo consolidation)5/31/2023 6
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Ø The party to an insurance arrangement who undertakes to
indemnify for losses.
Ø An insurer is frequently an insurance company, and is also known
as an underwriter.
Insurance Claim: A formal request to an insurance company asking
for a payment based on the terms of the insurance policy.
Insurance claims are reviewed by the company for their validity and
then paid out to the insured or requesting party (on behalf of the
insured) once approved.
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Ø Government agencies.
• The ministry of foreign trade.
• The central bank.
• The customs.
Ø International financial institutions.
• IMF.
• WB.
• Multilateral development banks.
• International development agencies.
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• IMF: The International Monetary Fund is an organization of 188 countries,
working to foster global monetary cooperation, secure financial stability,
facilitate international trade, promote high employment and sustainable
economic growth, and reduce poverty around the world.
• Created in 1945, the IMF is governed by and accountable to the 188

countries that make up its near-global membership.
• The IMF’s fundamental mission is to ensure the stability of the international
monetary system. It does so in three ways: keeping track of the global
economy and the economies of member countries; lending to countries with
balance of payments difficulties; and giving practical help to members.
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.
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Ø Multilateral Development Banks are institutions that provide
financial support and professional advice for economic and
social development activities in developing countries.
Ø The term Multilateral Development Banks (MDBs) typically refers to
the World Bank Group and these four Regional Development Banks:
• The African Development Bank
• The Asian Development Bank
• The European Bank for Reconstruction and Development
• The Inter-American Development Bank Group
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L/O/G/O
Thank You!
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Freight consolidation: service provided by a freight forwarder in which

• Created in 1945, the IMF is governed by and accountable to the 188

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