5 International Trade Terms to Know + A Bonus: Week 7


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Once again we find it time for some international business education! It’s time for this week’s installment of International Trade Terms to Know. Last week, we looked at international trade terms starting with F. This week we’re doing the G’s. Let’s get to learning, shall we?

Note that these terms are culled from our Trade Dictionary on www.globial.com. If you’re ever looking to learn something, you can always sign up for free on Globial. Not only that, you can also ask questions, find new business opportunities, and network with other businesses!

When you’re just starting out as an international business, it’s easy to be overwhelmed by all the unfamiliar lingo and words used in the global trade. That’s why we’re here, bringing you 5 trade terms every week to help build your foundation, increase your knowledge, and help you get an edge on a global scale.

Geisha Bond: A bond sold by a non-Japanese institution in Japan, in a currency other than the yen.

General Agreement on Tariffs and Trade: Treaty created after Word War II to aide economic recovery by reducing barriers on international trade, was eventually replaced with the World Trade Organization (WTO) in 1995.

General Agreement on Trade in Services (GATS): A treaty of the World Trade Organization aimed at extending the multilateral trading system to the service sector, similar to the way the General Agreement on Tariffs and Trade provides a system for merchandise trade.

General Average: When a ship or cargo on a ship is damaged, the expenses are covered proportionally by everyone with an interest in the ship and its cargo.

General Cargo Rate: Rate charged by a carrier to ship cargo when it doesn’t qualify for any special rate.

And this week’s bonus term:

General Cargo Vessels: Ships used to transport goods from one place to another. They are often designed specifically to ship the particular cargo they will carry.

 

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