Published 01 Sep 2020
Important Terms Related to Foreign Trade
You can find descriptions of important terms related to foreign trade such as foreign exchange, foreign exchange, customs, brand, insurance, free zone in our article.
· Foreign Currency: It is valid for international payments. This name is given to all assets such as foreign currencies, bonds, policies, money orders, etc. that provide money function.
· Foreign Exchange: It is the name given to change the money or documents that substitute money. Bills of exchange are also bills issued to be paid in foreign currency. These bonds are used in international trade. It includes money buying and selling transactions.
· Customs: It is the place where all commercial movements at the entrance and exit of a country are supervised and controlled.
· Brand: The name, symbol, term, sign, color etc. used in determining and promoting goods and services of a group of manufacturers and sellers, in order to distinguishing these from those of their competitors.
· Insurance: Insurance is taken out during the period until the commercial goods are delivered. It is applied to secure the damages that may occur during the delivery of the goods. Thanks to this insurance, the goods are protected against risks that may occur during shipment.
· Free Zone: The free zone is located within the political boundaries of a country, but represents the zone considered outside the customs line in terms of Foreign Trade Tax and Customs Legislation. In these regions, a wider exemption is granted for industrial and commercial activities than is provided domestically.