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Unit11.Equilibrium2.Thereasonforinternationaltrade：theunevendistributionofnaturalresourcesinternationalspecializationdifferentpatternsofdemandamongnationseconomicsofscaleinnovationorvarietyofstyle3.CartelAnassociationToincreaseprice;Tolimitproduction;ToimposeanembargoOPEC;IBA;phosphatecartel;tincartel4.HedgeCommodityfuturesAcontrasttobuyorsellaspecifiedamountofacommodityorfinancialinstrumentatanagreedpriceatasetdateinthefuture.Why?CommodityfuturemarketsTheLondonMetalExchange；CommodityExchangeInc；ChicagoBoardofTrade5.PortfolioThegroupofassets，suchasstocks，bonds，mutualsheldbyaninvestor6.Jointventure7.Licensingagreements,Franchiseagreements8.Internationaltradecanbedefinedastheexchangeofgoodsandservicesproducedinonecountry（ordistrict）withthoseproducedinanothercountry（ordistrict）.Forms：merchandiseexportsandimportsServiceexportsandimportsForeigndirectinvestmentMultinationalenterprises9.Merchandiseexportsandimports：aretangiblegoodssetoutofandbroughtintoacountryrespectively.Referredto：visibleexportsandimports，thefirsttypeofinternationaloperation，relativelylowrisk10.Serviceexportsandimports：invisible，salesotherthanvisiblegoodsExample：banking，insurance，engineering，managementservicesDomesticconsumptionconcomitantdevelopmentofcomparativeadvantage11.Foreigndirectinvestment：meansownershipofassetsabroadandcantaketheformofeitherdirectorportfolioinvestment.Occurswhenacquisitionofequityinterestinaforeigncompanyismade.TheappeallieswiththeaccesstomarketandresourcesaswellasrationalizationofglobalproductionaffordedbysuchanarrangementJointventure12.Multinationalenterprises，MNEUnit21.Exportingprocedures:ExportlicenseTradenegotiationCargoreadinessL/CletterofcreditCustomsclearanceShippingInsuranceDocumentandPayment2.SurveyorandQuarantine3.CommodityinspectioncertificateInspectionCertificate检验证明InspectionCertificateofQuality质量检验证书InspectionCertificateofQuantity数量检验证书InspectionCertificateofWeight重量检验证书InspectionCertificateofOrigin产地检验证书InspectionCertificateofvalue价值检验证书InspectionCertificateofHealth健康检验证书SanitaryInspectionCertificate卫生检验证书VeterinaryInspectionCertificate兽医检验证书4.Paymentunderaletterofcredit5.Carrier：Anorganizationthattransportsproductsorservicesusingitsfacilities6.Underwriter：Acompanyassumesthecostriskofdeath,illness,fire,theft,etc.,inexchangeforpayments7.Arbitration：Aninformalhearingregardingadispute8.Enquire询盘,Offer发盘,Counter-offer还盘9.FAS:FreeAlongsideShipIncoterm2000:internationalcommercialtermsFOB:FreeonBoardFOBHKCIF:Cost,InsuranceandFreightC&F:CostandFreight10.ImportproceduresImportlicenseTradenegotiationL/CBookingShippingSpaceInsuranceDocumentexaminationandpaymentCustomsclearanceTakedeliveryandinspection11.Claim：Claimmadeagainst,Theexporterif…Thecarrierif…Theunderwriterif…Claimmadewithintimelimit12.SettlementofdisputesUnit31.WhyneedITD？（internationaltradedocumentation）SatisfygovernmentregulationsControlexportandimportbusinessMeetrequirementforinternationalcommercialtransactionsITDcanbehandledroutinely,theimportanceshouldNOTbeminimizedatantime,imcompletelyorimproperlypreparedITDleadtodelaysinshipmentandfailpayment.2.MostfrequentlyrequireddocumentsExportdeclaration出口申报单Billoflading(B/L)提单Commercialinvoice商业发票Certificateoforigin原产地证书Consularinvoice领事发票Billsofexchange汇票Documentarybills证明文件LetterofCredit信用证3.Billoflading(B/L)B/L混合运输提单(combinedtransportation)Airwaybill空运提单(airtransportation空运)Givestheholderoftheoriginalbilllegalownershipofthegoodsmentioned.GivesthefulldescriptionofthegoodsandsayswheretogoSeveralcopies:1forshipcaptain,1forconsigner,1forconsignee4.BillsofexchangeSellerdrawsupandsignbillofexchangeandpasstobuyerforacceptanceBuyeragreetopaythesumbythedateshowonthebill(3months)Buyerhasthegoodsbeforethebillmaturesandsellergetspaid5.LetterofCreditImporterrequestshisownbanktosendaL/Ctoanadvisingbankintheexporter’scountry.Theexporterprovidesthenecessarydocuments,includingtheB/Landothershippingdocuments,showingthegoodshavebeensent,theexporterwillbedirectlypaidbythebank.Thedocumentsarethensenttotheimporter’sbank,thebankhandsthedocumenttotheimporterwhenthepaymentismade,sotheimportercanclaimthegoods.《跟单信用证统一惯例（UCP600）》,TheUniformCustomsandPracticeforDocumentaryCredits,2007Revision,ICCPublicationno.600(“UCP”)arerulesthatapplytoanydocumentarycredit6.信用证的种类可撤销与不可撤销revocablev.irrevocable保兑的与非保兑的：保兑行的独立责任confirmedv.unconfirmed可转让信用证transferablecredit一张证，分次付，换单据背对背信用证backtobackcredit两个证，独立又依赖，开立有先后Unit41.WTOinBriefTheWTOistheonlyinternationalorganizationdealingwiththeglobalrulesoftradebetweennations.Itsmainfunctionistoensurethattradeflowsassmoothly,predictablyandfreelyaspossible.Thegoalistoimprovethewelfareofthepeoplesofthemembercountries.TheWTOhas153members,accountingforover97%ofworldtrade.Around30othersarenegotiatingmembership.2.TheWTOStructure3.WTOFunctionsTheWTO’soverridingobjectiveistohelptradeflowsmoothly,freely,fairlyandpredictably.Itdoesthisby:AdministeringtradeagreementsActingasaforumfortradenegotiationsSettlingtradedisputesReviewingnationaltradepoliciesAssistingdevelopingcountriesintradepolicyissues,throughtechnical