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Dictionary of Foreign Trade: discover the importance of this tool

Posted on 10/11/2017

Known as Incoterms, terms and acronyms of foreign trade are used on a daily basis between buyers and sellers in domestic and international markets. However, many people still do not know the meaning of many of these words, which makes our Dictionary of Foreign Trade an extremely useful tool.

Why is the dictionary of foreign trade important?

Since the terms are very technical and specific, the dictionary is essential to assist people who do not yet know the right terms and acronyms to better understand exactly what each of them really mean.

The acronym DAC, for example, which is one of the most used by professionals in the field, means Certificated Customs Deposit and is a special customs regime that allows the deposit on the domestic market under customs regime of products already marketed abroad and considered exported for all tax purposes, credit and foreign exchange.

What are these terms and acronyms used for?

These terms and acronyms have as main goal to standardize the language between importers and exporters and also standardize your interpretation.
In addition, they establish the rights and obligations of each party to the agreement of purchase and sale established and also aim to identify the distribution of costs and risks between these parties.

They must still be pointed to as the beginning of any logistical process, after all the transfer preparation of the goods from your point of origin to your final destination starts with those terms. Thus, the dictionary of foreign trade is of fundamental importance to all the people working or thinking of working with foreign trade in the future.

Interest in the subject? Look for our dictionary on the Tools menu of the site and understand exactly how it works. If you want to know more about the Asia Shipping and other services, please contact us.

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