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foreign trade summary
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Foreign Trade2024/2025
,Table of contents
I. International economic relations and international trade.......................................... 5
1. Introduction ....................................................................................................... 5
1.1. Definition ................................................................................................... 5
1.2. The evolution of international economic/ trade relations .............................. 6
2. International economic organizations ................................................................. 7
2.1. International Monetary Fund (IMF) ............................................................... 7
2.2. World Bank................................................................................................. 8
2.3. GATT and World Trade Organization (WTO) ................................................. 11
2.4. United Nations Conference on Trade and Development (UNCTAD) ............. 13
3. International trade restrictions .......................................................................... 14
3.1. Non-tariffs barriers ................................................................................... 15
3.2. Trade defence measures ........................................................................... 17
II. Foreign trade regulations in the European Union .................................................... 18
1. Introduction ..................................................................................................... 18
1.1. Stages in an economic integration and in a customs union ......................... 18
2. Customs offices and the community tariff ......................................................... 19
2.1. Customs offices ....................................................................................... 19
2.2. The EU integrated tariff (TARIC) .................................................................. 19
2.3. The customs value.................................................................................... 21
2.4. The origin of goods .................................................................................... 22
2.5. The customs duty ..................................................................................... 23
3. Import and export customs formalities .............................................................. 23
4. Customs destinations ...................................................................................... 23
4.1. General structure ..................................................................................... 24
4.2. General regimes ....................................................................................... 24
4.3. Special regimes ........................................................................................ 26
III. The firm internationalization ............................................................................. 30
1. Introduction ..................................................................................................... 30
2. The firm’s internationalization process .............................................................. 31
2.1. Internal analysis ....................................................................................... 32
2.2. External analysis ...................................................................................... 33
, 3. Mode of entry in an international market ........................................................... 34
IV. Internationalization promotion policies ............................................................. 36
1. Introduction ..................................................................................................... 36
2. Organizations to promote internationalization ................................................... 36
2.1. State public organizations ......................................................................... 36
2.2. Regional public organizations ................................................................... 37
2.3. Industry and multi-industry organizations .................................................. 37
3. The instruments of trade promotions ................................................................ 38
3.1. Information and assessment..................................................................... 38
3.2. Commercial promotion (practice) ............................................................. 39
3.3. Firm specific promotion programmes ........................................................ 39
3.4. Training .................................................................................................... 41
3.5. Funding .................................................................................................... 41
3.6. Insurance ................................................................................................. 45
3.7. Investment abroad (FDI)............................................................................ 45
3.8. Fiscal instruments .................................................................................... 45
V. International contracts.......................................................................................... 46
1. Commercial transactions and contracts ........................................................... 46
2. The international sales contract ........................................................................ 48
3. Other international contracts ............................................................................ 50
3.1. The agency contract ................................................................................. 50
3.2. The distribution contract ........................................................................... 50
VI. Transport in international transactions .............................................................. 51
1. Introduction ..................................................................................................... 51
2. Maritime transport ........................................................................................... 54
3. Road transport ................................................................................................. 56
4. Rail transport ................................................................................................... 57
5. Air transport ..................................................................................................... 57
6. Transport documents ....................................................................................... 58
7. Transport insurance.......................................................................................... 58
VII. Foreign trade risks and coverage ....................................................................... 59
1. Introduction to foreign trade risks...................................................................... 59
, 2. Exchange rate risk ............................................................................................ 59
2.1. The exchange rate risk (forex risk) .............................................................. 60
2.2. Coverage systems .................................................................................... 61
3. Commercial, political and unforeseeable (unpredictable) risks .......................... 64
3.1. Risk of order cancellation ......................................................................... 64
3.2. Risk of non-acceptance/non-collection of the goods ................................. 65
3.3. Non-payment risk ..................................................................................... 65
3.4. Political risk .............................................................................................. 66
3.5. Unforeseeable risk.................................................................................... 66
VIII. International payments instruments ................................................................. 69
1. Introduction: selection of a payment instrument ............................................... 69
2. The (personal and bank) check ......................................................................... 70
3. Payment order (simple and documentary) ......................................................... 72
4. The letter of credit ............................................................................................ 74
IX. Financing foreign trade ..................................................................................... 79
1. Introduction ..................................................................................................... 79
2. Financing exports ............................................................................................. 80
2.1. Invoicing in any currency and financing in euros (€) .................................... 80
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