International Business Test - 28

TRIP stands for Trade-Related Aspects of Intellectual Property Rights. It is one of the WTO agreements that deal with the protection and enforcement of intellectual property rights (IPRs) on a global scale. This agreement aims to establish minimum standards for the regulation of various forms of intellectual property, including patents, trademarks, copyrights, and trade secrets, to promote innovation, creativity, and technological advancement in member countries. Therefore, option (D) is not correct as TRIPs specifically address intellectual property issues and not services, investment measures, or agriculture.

The method of obtaining payment from the importer will depend on the contract entered into between the exporter and the importer. Payment can be obtained through various methods like:

1. By getting Letter of Credit

2. By Foreign Draft

3. By getting bill of exchange and discounting the bills

4. Bank Draft 

Mate's receipt is issued by the captain or chief officer of the ship. This receipt is an acknowledgment that goods are boarded on the ship and states the condition of the goods. If goods are in good condition and these are packed properly, then a clean mate's receipt is issued by the captain.

Foreign investment can be of two types: 

The two types are: 

1. Foreign Portfolio Investment
2. Foreign Direct Investment

Contract manufacturing is a type of outsourcing in international business where a firm enters into a contract with a single or a few local manufacturers in foreign countries to get certain components or goods produced as per its given specifications. 

Trade enquiry is a written request by an importer to the exporter for supply of required information. Import trade procedure starts with Trade enquiry.

A portfolio investment is an investment made by an investor who is not involved in the management of a company. This is in contrast to direct investment, which allows an investor to exercise a certain degree of managerial control over a company.

There are three ways to establish a joint venture. The equity joint venture, the contractual joint venture, licensing agreement.

The payment of royalty is the payment made by the franchisee to the franchiser on a regular basis for him to let the franchisee run a business with his established goodwill, trademark, and processes.

A proforma invoice is a document that states a commitment on part of the seller to deliver the products or services as notified to the buyer for a specific price. It is thus not a true invoice.