Tuesday, January 12, 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 with the L’s.

Logistics is the part of the supply chain process that plans, implements, and controls the efficient, effective movement and placement of people and/or goods and related information between the point of origin and the point of consumption in order to meet customer’s requirements.

Least Developed Country (LDC)
Least Developed Countries, also known as Least Developed Developing Countries (LDDC’s) are considered to possess the lowest indicators of socioeconomic development of all countries. They are characterized by a low gross national product per capita, a reliance on subsistence agriculture, rapid population growth and inadequate infrastructure. This group of countries receives additional exemptions from duties and merchandise processing fees.

License Agreement
A sales agreement in which a domestic company (the licensor) allows a foreign company (the licensee) to market its products in a foreign country in return for royalties, fees or other forms of compensation.

1 comment:

Balanaa said...

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