Which items are excluded from the ata carnet system?

Which items are excluded from the ata carnet system?
Which items are excluded from the ata carnet system?

Perishable goods and items such as paint, cleaning materials, food, oils, leaflets and brochures, which are considered as “consumable items” and intended to be given away, disposed of, or utilized abroad, are excluded from the system as they would not ordinarily be re-exported.

these ATA Carnets items are includes: Antiques, machinery, machine-tools, catering equipment, canned food, footwear, toys, computers, office equipment, transformers, electric generators, electrical/electronic and scientific equipment, surgical and dental equipment, jewellery and articles of precious metal/stones, “hi-fi”, audio-visual, photographic and filming equipment, lasers, musical instruments and records, display material, aircraft, films, motor vehicles and accessories, racing engine machinery, heating and lighting equipment, agricultural machinery, furniture, crockery, paintings and other works of art, umbrellas, race-horses, suitcases, perfume, theatrical effects and sets, concert and musical instruments, leather and sports goods, clothing, yachts and boats, display stands.

What are the main categories of goods temporarily imported under cover of ata carnets?

What are the main categories of goods temporarily imported under cover of ata carnets?
What are the main categories of goods temporarily imported under cover of ata carnets?

The main categories of goods temporarily imported under cover of ATA Carnets are – Antiques, machinery, machine-tools, catering equipment, canned food, footwear, toys, computers, office equipment, transformers, electric generators, electrical/electronic and scientific equipment, surgical and dental equipment, jewellery and articles of precious metal/stones, “hi-fi”, audio-visual, photographic and filming equipment, lasers, musical instruments and records, display material, aircraft, films, motor vehicles and accessories, racing engine machinery, heating and lighting equipment, agricultural machinery, furniture, crockery, paintings and other works of art, umbrellas, race-horses, suitcases, perfume, theatrical effects and sets, concert and musical instruments, leather and sports goods, clothing, yachts and boats, display stands.

The ATA Carnet service is available to business and sales executives, exhibitors at trade fairs and raveling professionals, such as film crews, architects, artists, engineers, entertainers, photographers, sports teams and many more.

Large companies, small companies, individuals on the move – all can benefit. Sales representatives with valuable samples and people with professional equipment are the largest users. Virtually all goods can be included on a Carnet.

What are the requirements to start a venture for international trade?

What are the requirements to start a venture for international trade?
What are the requirements to start a venture for international trade?

First of all, you need to have an IEC i.e., IMPORTER EXPORTER CODE. Any bonafide person/ company starting a venture for International trade require IEC. IEC forms a primary document for recognition by Govt. of India as an Exporter/ Importer.

Patent – A patent in an exclusive right granted by a country to the owner of an invention to make, use, manufacture and market the invention, provided the invention satisfies certain conditions stipulated in the law. Exclusivity of right implies that no one else can make, use, manufacture or market the invention without the consent of the patent holder. This right is available only for a limited period of time. However, the use or exploitation of a patent may be affected by other laws of the country which has awarded the patent. These laws may relate to health, safety, food, security etc. Further, existing patents in similar area may also come in the way. A patent in the law is a property right and hence, can be gifted, inherited, assigned, sold or licensed. As the right is conferred by the State, it can be revoked by the State under very special circumstances even if the patent has been sold or licensed or manufactured or marketed in the meantime. The patent right is territorial in nature and inventors/their assignees will have to file separate patent applications in countries of their interest, along with necessary fees, for obtaining patents in those countries.

What has been the India’s Schedule of Tariff Reduction?

What has been the India’s Schedule of Tariff Reduction?
What has been the India’s Schedule of Tariff Reduction?

Singapore has only 6 tariff lines which are not at zero duty but under the FTA it has bound all lines at zero duty. India’s tariff categories include the early harvest programme (immediate elimination); phased elimination of duty; phased reduction of duty and products excluded from duty cuts (negative lines).

A) Singapore’s Offer : Singapore has zero customs tariff on all tariff lines except for six products. Singapore has agreed to bind all their tariff lines at zero customs duty for India. (

B) India’s Offer : The key sectors in which India offered tariff concessions include electrical and electronics, instrumentation, pharmaceuticals and plastics. India’s offer has been categorized into four lists, Early Harvest, Phased Elimination, Phased Reduction and the Negative List. Negative List products, whether originating or otherwise, will enter into India from Singapore on the applied MFN duties. An additional list of tariff concessions was released on 15 January, 2008. Under the agreement, goods such as base metal, machinery and mechanical appliances, chemicals, plastic and rubber articles and textiles and textile articles will enjoy reduced tariffs.

What is a positive balance of payments?

What is a positive balance of payments?
What is a positive balance of payments?

Positive Balance Of Payments – A statement that summarizes an economy’s transactions with the rest of the world for a specified time period.

The balance of payments, also known as balance of international payments, encompasses all transactions between a country’s residents and its nonresidents involving goods, services and income; financial claims on and liabilities to the rest of the world; and transfers such as gifts.

The balance of payments classifies these transactions in two accounts – the current account and the capital account.

The current account includes transactions in goods, services, investment income and current transfers, while the capital account mainly includes transactions in financial instruments.

An economy’s balance of payments transactions and international investment position (IIP) together constitute its set of international accounts.

The United States could have a trade deficit, but a positive balance of payments if much of the money spent on foreign goods returned when foreigners consumed American services and invested in American industries.

 

What is indirect exporting?

international trade lawsIndirect Exporting – When a company uses a home-based merchant or agent to find and deliver goods to foreign buyers it utilizes indirect exporting. This method of exporting poses the least amount of risk and expense because it is relatively easy to start up and has a moderate up-front capital investment. Indirect agents act as intermediaries between the exporter and buyer and facilitate the flow of goods.

There are several different types of indirect agents-

One is an export management company (EMC). EMCs usually represent several companies in one or more industries. The agent charges the domestic company a fee or commission and in return provides the manufacturer with access to foreign channels of distribution and knowledge of foreign markets.

International Trade Law includes the appropriate rules and customs for handling trade between countries. However, it is also used in legal writings as trade between private sectors, which is not right.

International trade is a complicated area of law to research because there are numerous levels of trade organizations and interactions. There are bilateral trade agreements, regional trade agreements and multinational trade agreements. Each of these agreements has its own history, policies and dispute settlement procedures.

 

What is direct exporting?

What is direct exporting?
What is direct exporting?

Direct Exporting – The typical exporting system is a company-owned export department, in which a manufacturer sells directly to companies or consumers in foreign countries.

In this arrangement, the company has complete control over the marketing and distribution of its goods and services, distribution, sales, pricing, and other business choices.

Direct exports are sold through foreign-based parties. Indirect exports are sold through home-based proxies or resellers. Both methods can be implemented through either merchants or agents.

In these cases, merchants actually assume ownership of the goods, as opposed to agents, who only represent the manufacturer or owner. Bartering is another method that manufacturers may use to sell their goods abroad.

A direct merchant is an organization in a foreign country that buys goods in the United States, or another country, and then proceeds to sell the goods in their own country.

The merchants usually offer complementary services to their buyers such as maintenance, parts sales, and technical support. A direct merchant often has a close relationship with the exporter, giving the merchant exclusive rights to sell and service the goods.

 

 

Have international exchange rates always been set by supply and demand?

Have international exchange rates always been set by supply and demand?
Have international exchange rates always been set by supply and demand?

No, international exchange rates always have not been set by supply and demand. The current system of flexible exchange rates is relatively new.

For the first part of the twentieth century many nations were on the gold standard—that is, they backed their currency with gold and uniformly tied the value of their currency to a specific quantity of gold.

But during the Great Depression the United States weakened the link between their currencies and gold. After World War II, the United States and many other nations adopted a fixed rate of exchange at a conference held at Bretton Woods, New Hampshire.

The value of the dollar was pegged to a certain quantity of gold and foreign currencies were pegged to the dollar.

International Trade Law includes the appropriate rules and customs for handling trade between countries. However, it is also used in legal writings as trade between private sectors, which is not right.

International trade is a complicated area of law to research because there are numerous levels of trade organizations and interactions. There are bilateral trade agreements, regional trade agreements and multinational trade agreements. Each of these agreements has its own history, policies and dispute settlement procedures.

What currency is used in completing an international exchange?

What currency is used in completing an international exchange?
What currency is used in completing an international exchange?

Generally, buyers have to complete their purchase in the currency of the selling nation. In other words, before buying a foreign product they must secure some foreign currency.

Currency is a generally accepted form of money, including coins and paper notes, which is issued by a government and circulated within an economy. Used as a medium of exchange for goods and services, currency is the basis for trade.

International Trade Law includes the appropriate rules and customs for handling trade between countries. However, it is also used in legal writings as trade between private sectors, which is not right.

International trade is a complicated area of law to research because there are numerous levels of trade organizations and interactions. There are bilateral trade agreements, regional trade agreements and multinational trade agreements. Each of these agreements has its own history, policies and dispute settlement procedures.

 

What is opportunity cost?

What is opportunity cost?
What is opportunity cost?

An opportunity cost is what you sacrifice in making an economic choice. In terms of foreign trade, it refers to the commercial profits accruing to product X that are sacrificed in deciding to produce and export product Y instead of X.

International Trade Law includes the appropriate rules and customs for handling trade between countries. However, it is also used in legal writings as trade between private sectors, which is not right.

International Trade Law includes the appropriate rules and customs for handling trade between countries. However, it is also used in legal writings as trade between private sectors, which is not right.

International trade is a complicated area of law to research because there are numerous levels of trade organizations and interactions. There are bilateral trade agreements, regional trade agreements and multinational trade agreements. Each of these agreements has its own history, policies and dispute settlement procedures.

Trade organizations established under the agreements have separate resources that can be searched. Furthermore, individual countries have their own policies and laws relating to international trade.

As an example, the United States Congress must pass legislation enacting international trade agreements before the United States can officially become a party. The national policies have to be researched individually and frequently separately from the resources relating to the international organizations.