Tuesday, January 5, 2010

Trade Terms Tuesday

Welcome to Trade Terms Tuesday! Each Tuesday, we will share three trade-related terms. In order to reach out to our diverse readership, we will try to provide one for exports, one for imports, and one for logistics/transportation. This week, we continue by combining the J’s and K’s.

The jib is the projecting arm of a crane. One end contains a hook used for lifting goods.

Judicial Review
Judicial Review is a feature of U.S. Constitutional Law that allows a court to review the actions of another court of law, government official or some other legally appointed person or body. For example, affected parties may file petitions for review with the Court of International Trade for things such as denial of protests (19 CFR 174.31) and broker’s licenses (19 CFR 111.17).

Kyoto Convention
The International Convention on the Simplification and Harmonization of Customs Procedures (Kyoto Convention) entered into force in 1974 and was revised and updated to ensure that it meets the current demands of governments and international trade.

The WCO Council adopted the revised Kyoto Convention in June 1999 as the blueprint for modern and efficient Customs procedures in the 21st century. Once implemented widely, it will provide international commerce with the predictability and efficiency that modern trade requires. Entered into force in 2006, the Revised Kyoto Convention promotes trade facilitation and effective controls through its legal provisions that detail the application of simple yet efficient procedures. The Revised Convention also contains new and obligatory rules for its application, which all Contracting Parties must accept without reservation.

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