International Business Test - 2

Major duty draw-backs include refund of excise duties paid on goods meant for exports, refund of customs duties paid on raw materials and machines imported for export production. 

The shipping bill is the main document on the basis of which customs office grants permission for the export. The shipping bill contains particulars of the goods being exported, the name of the vessel, the port at which goods are to be discharged, country of final destination, exporter's name and address, etc. 

In a joint venture, both the foreign and local entrepreneurs jointly form a new firm. The foreign business firm benefits from a local partners knowledge of the host countries regarding the competitive conditions, culture, language and other enivronmental variables, thus bringing the firm closer to international markets.

A joint venture is a commercial enterprise undertaken jointly by two or more parties which otherwise retain their distinct identities.

It is the main document for which custom officials grants authority for export purpose. So, it has not much to do with import transactions.

India was New Zealand’s 10th largest trading partner in the year to June 2016, with total trade in goods and services worth more than NZ$2.5 billion.

A pro forma 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.

A mate receipt is a receipt issued by the commanding officer of the ship when the cargo is loaded on board and contains the information about the name of the vessel, berth, date of shipment. description of packages, marks, and numbers, condition of the cargo at the time of receipt on board the ship, etc. 

The Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS) is an international legal agreement between all the member nations of the World Trade Organization (WTO).

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 etc..