Tuesday, March 23, 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 letter W.

War Risk
Insurance coverage for loss of goods resulting from any act of war. War risks are not covered under a policy for marine perils and must therefore be covered under a separate policy for war risks.

World Trade Club
Local or regional organization for importers, exporters, customs brokers, freight forwarders and others involved in international trade transactions.

World Trade Organization “WTO”
The WTO is a multilateral organization that promotes free and fair trade among the nations of the world. It was created in 1994 by 121 nations at the Uruguay Round of the General Agreement on Tariffs and Trade (GATT). The WTO seeks to monitor world trade and place it on a secure basis, thereby contributing to economic growth and development, and the welfare of the world’s people. WTO principles include:

• Trade without discrimination
• Protection through tariffs
• Stable basis for trade
• Promotion of fair competition
• Quantitative restrictions on importers

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