International business

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International Business

Business activities that take place across national frontiers, involving trade, capital, personnel, technology, and intellectual property.

Domestic or National Business

Business transaction taking place within the geographical boundaries of a nation.

World Trade Organisation (WTO)

An international institution that regulates global trade.

Foreign Direct Investment (FDI)

Investment made by a company in one country in business interests in another country, in the form of establishing business operations or acquiring business assets.

Licensing

A contractual arrangement in which one firm grants access to its patents or technology to another firm in a foreign country for a fee.

Franchising

A business model where one party grants another party the rights to operate a business using its trademark or trade name.

Contract Manufacturing

An agreement in which a company outsources the manufacturing of products to another company.

Export-Import Code (IEC)

A unique number issued by the Directorate General of Foreign Trade for any person or company that intends to import or export goods.

Letter of Credit

A document issued by a financial institution that guarantees payment to a seller for goods or services, provided certain conditions are met.

Customs Clearance

The process of preparing and submitting the necessary documents for goods to clear customs when moving across borders.

Marine Insurance Policy

A contract of insurance that covers loss or damage to cargo while in transit over water.

Bill of Lading

A document issued by a carrier to acknowledge the receipt of cargo for shipment.

Joint Venture

A business agreement in which two or more parties agree to pool their resources for a specific task or project.

Export Invoice

A seller's bill for merchandise that contains details of the export product such as quantity, value, and delivery terms.

Sight Draft

A type of bill of exchange that is payable on-demand or on presentation.

Usance Draft

A type of bill of exchange that is payable at a future date as specified in the draft.

Trade Enquiry

A written request by an importing firm to a seller for supply of information regarding price and terms of export.

C&F (Clearing and Forwarding) Agent

An agent responsible for clearing goods through customs and forwarding them onto their next destination.

Duty Drawback Scheme

A scheme that allows exporters to claim refunds of customs duties paid on imported goods that are later exported.

Pre-shipment Inspection

An inspection of goods before they are shipped to ensure compliance with specified standards and requirements.

Excise Clearance

The process of obtaining approval for the removal of dutiable goods from the place of production or warehouse.

Certificate of Origin

A document certifying the country in which the goods were manufactured, which may affect tariffs.