Bill of Lading A document which is issued by the transportation carrier to the shipper acknowledging that they have received the shipment of goods and that they have been placed on board a particular vessel bound for a particular destination. Also states the terms in which the goods received
are to be carried.
Country of Origin The country of manufacture, production or growth.
Many countries require Country of Origin Labeling (COOL).
Customs The authorities designated to collect duties
levied by a country on imports and exports
Customs Broker An individual or company licensed by the US Department of the Treasury Customs Service who acts as an agent for an importer in conducting Customs business on their behalf.
DR-CAFTA
(U.S.-Dominican Republic-Central America Free Trade Agreement) A free trade agreement passed by the US Govement and signed by President Bush in 2005, but with negotiated effective dates with each country involved. As CAFTA, the treaty originally encompassed the United States and the Central American countries Costa Rica, El Salvador, Guatemala, Honduras, and Nicaragua. In 2005, the Dominican Republic joined the negotations, and treaty became known as DR-CAFTA. DR-CAFTA became effective in El Salvador on March 1, 2006.
Duty A tax imposed on imports by the customs authority of a country.
Export Any resource, intermediate good, or final good or service that producers in one country sell to buyers in another country.
Harmonized Tariff Schedule (HTS)
All goods imported into the United States are subject to
duty or duty-free entry in accordance with their classification under the applicable items in the
Harmonized Tariff Schedule of the United States.
All goods in trade are assigned a Harmonized Tariff code which is not only used for duties, but also for quota and statistical purposes.
Kaizen Japanese for "improvement"; a method of continuous improvement in business processes and systems at all levels of the organization.
Kyoto Protocol A multilateral environmental agreement with the goal of controlling global warming by reducing greenhouse gases emitted into the Earth's atmosphere.
LDCs Least Developed Countries or Lesser Developed Countries
Letter of Credit (L/C) A letter issued by an importer’s bank guaranteeing payment upon presentation of specified trade documents (invoice, bill of lading, inspection and insurance certificates, etc.).
Manifest Document that lists in detail all the bills of lading issued by a carrier of its agent or master, i.e., a detailed summary of the total cargo of a vessel.
Maquiladora A factory that imports materials and equipment on a duty-free and tariff-free basis for assembly or manufacturing and then re-exports the assembled product usually back to the originating country. While most maquiladoras were initially along the US/Mexico border, they may now be found all over Mexico.
Multinational Corporation A corporation operating in more than one country.
NAFTA - North American Free Trade Agreement The North America Free Trade Agreement (NAFTA) is between Canada, Mexico and the United States and established a free trade area among the three countries effective January 1, 1994. A free trade area is a group of states that have reduced or eliminated trade barriers between themselves, but who maintain their own individual tariffs as to other states.
Rules of Origin Rules used to determine in what country a good will be considered as actually made for tariff and other trade purposes.
Packing List Document listing the contents of a consignment of goods. May be called for on a letter of credit.
Quota The quantity of goods of a specific kind that a country permits to be imported without restriction or imposition of additional duties.
Tariff Tax on imported goods and services which is levied by governments to raise revenues and create barriers to trade.
Uniform Commercial Code (UCC) T he central filing office for certain financing statements and other documents provided for under the Uniform Commercial Code since 1966.
World Trade Organization (WTO) A multilateral organization that promotes free and fair trade among the nations of the world. Created in 1994 by 121 nations at the Uruguay Round of the General Agreement on Tariffs and Trade (GATT). The WTO is responsible for implementation and administration of the trade agreement.