Which items are excluded from the ata carnet system?

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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… Read more »

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

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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,… Read more »

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

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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… Read more »

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

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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… Read more »

What is a positive balance of payments?

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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… Read more »

What is indirect exporting?

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Indirect 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… Read more »

What is direct exporting?

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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… Read more »

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

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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… Read more »

What currency is used in completing an international exchange?

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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… Read more »

What is opportunity cost?

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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…. Read more »