国际商务英语(英文版)

国际商务英语(英文版) International Business English 国际商务英语 Lesson 1 International Business 第一课 国际商务 *International business refers to transaction between parties from different countries. Sometimes business across the borders of different customs areas of the same country is also regarded as import and export, such as business between Hong Kong and Taiwan. *International business involves more factors and thus is more complicated than domestic business. The following are some major differences between the two. 1). The countries involved often have different legal systems, and one or more parties will have to adjust themselves to operate in compliance with the foreign law. 2). Different counties usually use different currencies and the parties concerned will have to decide which currency to use and do everything necessary as regards conversion etc. Uncertainties and even risks are often involved in the use of a foreign currency. 3).Cultural differences including language, customs, traditions, religion, value, behaviour etc. often constitute challenges and even traps for people engaged in international business. 4). Countries vary in natural and economic conditions and may have different policies towards foreign trade and investment, making international business more complex than domestic business. *With the development of economic globalisation, few people or companies can completely stay away from international business. Some knowledge in this respect is necessary both for the benefit of enterprises and personal advancement. *International business first took the form of commodity trade, i.e. exporting and importing goods produced or manufactured in one country for consumption or resale in another. This form of trade is also referred to as visible trade. Later a different kind of trade in the form of transportation, communication, banking, insurance, consulting, information etc. gradually became more and more important. This type of trade is called invisible trade. Today, the contribution of service industries of the developed countries constitutes over 60% of their gross domestic products and account for an increasing proportion of world trade. *Another important form of international business is supplying capital by residents of one country to another, known as international investments. Such investments can be classified into two categories. The first kind of investments, foreign direct investments or FDI for short is made for returns through controlling the enterprises or assets invested in in a host country. *The host country is a foreign country where the investor operates, while the country where the headquarters of the investor is located is called the home country. The second kind of investment, portfolio investment, refers to purchases of foreign financial assets for a purpose other than controlling. Such financial assets may be stocks, bonds or certificates of deposit. Stocks are also called capital stocks or bonds. Bonds are papers issued by a government or a firm with promise to pay back the money lent or invested together with interest. The maturity period of a bond is at least one year, often longer, for example five, or even ten years. Certificates of deposit generally involve large amounts, say 25 thousand US dollars *Besides trade and investment, international licensing and franchising are sometimes taken as a means of entering a foreign market. In licensing, a firm leases the right to use its intellectual property to a firm in another country. Such intellectual property may be trademarks, brand names, patents, copyrights or technology. Firms choose licensing because they do not have to make cash payments to start business, and can simply receive income in the form of royalty Besides, they can benefit from locational advantages of foreign operation without any obligations in ownership or management. The use of licensing is particularly encouraged by high customs duty and non-tariff barriers on the part of the host country. However it is not advisable to use licensing in countries with weak intellectual property protection since the licensor may have difficulty in enforcing licensing agreement. *Franchising can be regarded as a special form of licensing. Under franchising, a firm, called the franchisee, is allowed to operate in the name of another, called the franchiser who provides the former with trademarks, brand names, logos, and operating techniques for royalty. In comparison with the relation between the licenser and the licensee, the franchiser has more control over and provides more support for the franchisee. *The franchiser can develop internationally and gain access to useful information about the local market with little risk and cost, and the franchisee can easily get into a business with established products or services. Franchising is fairly popular especially in hotel and restaurant business. *Other forms for participating in international business are management contract, contract manufacturing, and turnkey project. *Under a management contract, one company offers managerial or other specialized services to another within a particular period for a flat payment or a percentage of the relevant business volume. Sometimes bonuses based on profitability or sales growth are also specified in management contracts. Government policies often have a lot to do with management contracts. When a government forbids foreign ownership in certain industries it considers to be of strategic importance but lacks the expertise for operation, management contracts may be a practical choice enabling a foreign company to operate in the industry without owning the assets *By contract manufacturing, a firm can concentrate on their strongest part in the value chain, e.g. marketing, while contracting with foreign companies for the manufacture of their products. Such firms can reduce the amount of their resources devoted to manufacture and benefit from location advantages from production in host countries. However, loss of control over the production process may give rise to problems in respect of quality and time of delivery. *For an international turnkey project, a firm signs a contract with a foreign purchaser and undertakes all the designing, contracting and facility equipping before handing it over to the latter upon completion. Such projects are often large and complex and take a long period to complete. Payment for a turnkey project may be made at fixed total price or on a cost plus basis. The latter way of payment shifts the burden of possible additional cost over the original budget onto the purchaser *BOT is a popular variant of the turnkey project where B stands for Build, O for operate and T for transfer. For a BOT project, a firm operate a facility for a period of time after building it up before finally transferring it to a foreign company. Making profit from operating the project for a period is the major difference between BOT and the common turnkey project. Needless to say, the contractor has to bear the financial and other risks that may occur in the period of operation. *Some Words and Expressions customs area 关税stocks n.股票 区 bonds n.债券 in compliance with 遵maturity n.(票据等)到期，到期日 从，遵照 certificate of deposit 大额存单 conversion n.货币兑换 other than 而不是 licensing n.许可经营 visible trade 有形贸易 resale n.转售 franchising n.特许经营 invisible trade 无形贸易 n.商标 gross domestic product 国值 patent n.专利 for short 缩写为 royalty n.专利使用费，许可使用费，account for 占……比例 版税 headquarters n.总部 copyright n.版权 trap n.陷阱，圈套 licensor n.给予许可的人 portfolio investment 证券投资 licensee n.接受许可的人 franchiser n.给予特许的人 franchisee n.接受特许的人 logo n.标识，标记 management contract 管理 合同 劳动合同范本免费下载装修合同范本免费下载租赁合同免费下载房屋买卖合同下载劳务合同范本下载 expertise n.专门知识 bonus n.红利，奖金，津贴 flat adj.一律的，无变动的 contract manufacturing 承包生产 value chain 价值链 turnkey project 交钥匙工程 BOT(Build, Operate, Transfer) 建设，经营，移交 Stand for 表 关于同志近三年现实表现材料材料类招标技术评分表图表与交易pdf视力表打印pdf用图表说话 pdf 示，代表 variant n.变形，变体 Lesson two Income Level and the World Market 第二课 收入水平和世界市场 This lesson discusses the relation between the income level and the market potential, and the features of high income, middle income and low income markets.Special analyses are made on Triad, i.e. the markets of North America, European Union and Japan, as well as other markets that are closely related with China. The first two paragraphs mainly deal with GNP and GDP, two important concepts used to indicate the total size of an economy. GDP, Gross Domestic Product, stresses the place of production while GNP, Gross National Product, on the ownership of production factors. GDP is used by most countries now where as GNP was more popular before the 1990s. The actual figures of a country’s GNP and GDP are, however, quite similar in most cases and we can use whichever figure that is available. TEXT: In assessing the potential of a market, people often look at its income level since it provides clues about the purchasing power of its residents. The concepts national income and national product have roughly the same value and can be used interchangeably if our interest is in their sum total which is measured as the market value of the total output of goods and services of an economy in a given period, usually a year. The difference is only in their emphasis. The former stresses the income generated by turning out the products while the latter, the value of the products themselves. Gross National Product, GNP, and Gross Domestic Product, GDP, are two important concepts used to indicate a country’s total income. GNP refers to the market value of goods and services produced by the property and labor owned by the residents of an economy. This term was used by most governments before the 1990s 国民生产总 值(GNP)是最重要的宏观经济指标,它是指一个国家地区的国民经济在一定时期 (一般1年)内以货币表现的全部最终产品(含货物和服务)价值的总和。 GDP是与所谓国土原则联系在一起的。按照这一原则，凡是在本国领土上创造 的收入，不管是不是本国国民所创造的，都被计入本国的GDP。特别是，外国 公司在某一国资公司的利润都应计入该国的GDP。而该国企业在外国子公司的 利润就不应被计入。 The difference between GNP and GDP is that the former focuses on ownership of the factors of production while the latter concentrates on the place where production takes place. For example, the dividend returned by the subsidiary of Microsoft in China is included in the US GNP but not in its GDP. And the production of the same subsidiary is included in China’s GDP but not in its GNP. The difference between GNP and GDP can be ignored since it is very small in most cases. People can use whichever term that is more easily available and they can compare a country’s GNP The third paragraph tells us the significance of per capita income in assessing a market. The figure shows the average income level of an economy and is therefore important for marketing consumer durables. In assessing the potential of a country as a market, people often look at per capita income. Similar to the case of national income and national product, per capita income and per capita GDP do not have much difference. So let’s use per capita GDP to illustrate an economy’s income level. It is calculated by dividing its total GDP by its population. Total GDP indicates the overall size of an economy, which is important in market assessment for durable equipment or bulk goods such as grain, steel, or cement. Per capita GDP reveals the average income level of consumers, which is important when marketing consumer durables. For example, China has a large GDP of roughly USD1.4 trillion in 2003, being the seventh largest economy in the world. If adjusted by PPP, the figure would probably be as large as USD6.4 trillion, accounting for 12% of the world’s total and ranking the second only after the USA So China is not only a newly emerging producer but also an important newly emerging market. Though $1000 per capita income is believed by experts to be the level at which consumerism begins to emerge, the Chinese figure is still rather low, ranking only the 111th in the world. In contrast, Singapore has a GDP of roughly a bit over $100 billion, but a per capita income as high as $32,810. Obviously China and Singapore represent two different kinds of market. The fourth paragraph deals with the income distribution of an economy. Different industries may be interested in the respective sizes of different sections of people such as the rich and the middle income. TEXT: Business people are also concerned about the income distribution of a market i.e. the proportions of its rich, middle income and poor people. Producers of quality electrical appliances such as color TVs are interested in the size of a country’s middle class, while manufacturers of expensive cars such as Rolls-Royces may want to know the number of its millionaires. Paragraphs 5-7 set the respective standard for high-income, middle-income and low-income countries with enumeration of the specific countries under each group. Brief accounts are also made of their respective roles in trade and investment. Countries of the world are divided by the World Bank into three categories of high-income, middle-income and low-income economies. Those enjoying annual per capita income of $9386 and above are classified as high-income countries. This group comprises three types of countries. The first type includes most members of the Organization for Economic Cooperation and Development (OECD). The second type is rich oil producing countries of the Middle East such as Kuwait, Saudi Arabia, and the United Arab Emirates. The third type consists of small-industrialized countries or regions such as Israel, Singapore, Hong Kong and Taiwan. High-income countries often have good infrastructure, high purchasing power, advanced technology, efficient management, and favorable environment for trade and investment. They offer prime markets for expensive consumer goods and are both attractive sources and destinations of investment. Countries with annual per capita income below $9,386 but above $765 are regarded as middle-income countries. Included in this category are most East European countries and most members of the Commonwealth of Independent States, six OECD members that are not up to the level of high income countries, quite a number of Latin American countries and some comparatively developed countries in Asia, such as Indonesia, Malaysia, the Philippines, and Thailand. Among the African countries, South Africa and oil-producing Libya, Nigeria and Algeria belong to this category. China with a per capita income of over $1100 is a middle-income country though it was a low income country just a few years ago. Lower income countries are those that have per capita incomes of only $765 or even less. Most African countries, some Asian countries and a few Latin American countries are included in this group These countries usually have poor infrastructure, low consumer demand and unfavorable business environment. But that does not mean they should be neglected in international business activities, because they constitute markets for lower-priced staple goods, provide cheap labor and are often rich in resources. What is more important, market is something to be developed. Once tapped, the business potential of these countries will one day become real business opportunities. Paragraphs 8 – 12 deal with Triad and its extension Quad. Those are the richest and most important markets in the world. The former refers to the United States, Western Europe and Japan, and the latter is an extension of Triad to include Canada. The economic and market conditions of those regions are specified in the 5 paragraphs, hopefully to give the learners an overall picture of these markets. TEXT: The term Triad refers to the three richest regions of the world the United States, the European Union and Japan that offer the most important business opportunities. Any international enterprise must bear Triad in mind if they want to be successful in the increasingly competitive world market. With a per capita income of about ,30,000, the United States is the richest country in the Western Hemisphere. Though the per capita income of a few small countries like Switzerland is much higher than that of the United States, the overall size of the U.S economy of about ,10 trillion GDP, roughly a quarter of the world total, coupled with its political stability puts the country on a unique position in the world. It accounts for about 15% of world visible and invisible trade. The U.S. dollar is the invoicing currency for about half of the international transactions and is an important component of foreign currency reserves of the world.The United States has been regarded by many people as a safe haven who tend to keep their wealth in US dollar when they lose confidence in the value of their own currency. And for many years the country remained the largest recipient of foreign investment. Over 160 of the world’s 500 largest corporations have their headquarters in the United States including 24 of the top 100. The country’s large middle class make it an attractive market for enterprises all around the globe. The second component of Triad is Western Europe that mainly refers to the European Union. With an average per capita income of over ,20,000, all the members before its eastward expansion are classified as high income countries. Its total GDP of over 10 trillion US dollars is the largest, larger than that of the United States. Germany, France, Britain and Italy are the 4 richest, most populous and developed countries of EU. These countries are each an attractive market, and combined they constitute the largest rich market in the world. In the present intensely competing world, it is necessary and beneficial to diversify our major markets, and the importance of EU as one leg of Triad cannot be overstressed. Japan is the third component of Triad and the second largest economy of the world. It is an important supplier of high-tech products and a major importer of raw materials. While exports have greatly spurred Japan’s development, trade only accounts for a relatively small proportion of its GDP. Japan remained a target of criticism for engaging in unfair trade practices. The large trade surplus has enabled it to invest heavily abroad and for years it has been the largest creditor country of the world. With mutually complementary economy, Japan and China are major trade partners, and the two countries are close neighbours separated only by a strip of water. Sino-Japanese business relations are therefore of great importance to both countries. Some people extend the scope of Triad to include Canada and name the broadened grouping Quad. With the world’s second largest territory, Canada is rich in natural resources, and its export accounts for nearly 40% of its GDP. The percentage is much higher than those of other members of the Group of Seven and suffices to show the importance of trade to the country. Sharing a very long common border along which most of the Canadian people live, Canada and the United States, with their respective rich market, enjoy the largest single bilateral trade in the world. Paragraph 13 briefs on other markets that China should pay particular attention to. And Paragraph 14 offers the policy for developing business opportunities. TEXT: So far as China is concerned, other markets we should pay particular attention to are those around us: the Four Tigers, the ASEAN countries, Russia, India, and a bit farther away Australia. These countries or regions either have rich consumers and offer good business opportunities or are developing fast with very promising market potential. And their geographical proximity to China is a great advantage for us in developing business relations with them. Despite the above observations, it does not mean we can neglect other markets. Different markets offer different opportunities and it is not a good idea to tie one’s business to only a few markets. The best policy is to develop business opportunities wherever advantageous while keeping in mind the key markets. Unit 3 国际贸易 International trade can be as the exchange of goods and services produced in one country with those produced in another.In the complex economic world, no country can be completely self-sufficient. The distribution of natural resources is uneven. Some countries are in resources, while elsewhere reserves are scarce or even nonexistent. And a country may be others. For instance, Britain has large reserves of coal but some metal reserves. Kuwait has vast oil deposits but little farm . And Japan relies heavily on import for most of the. That is the reason why international trade first began. With the development of manufacturing and technology, i.e. international specialization----one country producing more of a commodity than it uses itself and selling the remainder to other countries. Such specialization an important basis for international trade. Where there are no differences among countries in the basic capabilities at producing goods, other basis for trade among them may still exist. First, patterns of demand may differ among nations. For example, most consumers in one country may consider dog meat a delicacy, while in another country the consumption of dog meat is first country. Trade will be based not on differences in the production capabilities of the two countries but on different consumption preferences. Second, trade may occur out of , that is, the cost advantages of large-scale production.For example, Country A and Country B may have the same capability in producing cars and computers, but the cost for the production of both commodities will decrease if the goods are produced on a large scale. Both countries might find it advantageous if to specialize completely in the production of one commodity and import the other. Third, trade takes place because of innovation or style. Even though Country A produces enough cars at to meet its own demand and even to export some, it may still import cars from other countries for innovation or variety of style. In reality, however, complete specialization may never occur even when it is economically advantageous. For strategic or domestic reasons, a country may continue to produce goods for which it does not have an advantage. The benefits of specialization may also be by transport cost. Goods and raw materials have to be transported around the world and the cost of the transport reduces the benefit of trade. The case will be more serious with transporting Protectionist measures which are often taken by governments are also barriers to trade, and typical examples are tariffs and quotas. Tariff barriers are the most common form of trade restriction. A tariff is a tax levied on a commodity when it crosses the boundary of a customs area . A customs area extending beyond national boundaries to include two or more independent nations is called a customs union. Import duties are tariffs levied on goods entering an area while export duties are taxes levied on goods leaving an area. The former type is more common than the latter as most nations want to expand export and increase their foreign exchange earnings. Import duties may be either , or advalorem or a combination of the two--- imported goods that are refunded if the goods are re-exported. The term treatment under which a country is required to extend to all signatories any tariff concessions granted to any participating country.However, MFN treatment is not really special but is just normal trading status. Quotas or quantitative restrictions are the most common form of . A quota limits the imports or exports of a commodity during a given period of time. The limits may be in quantity or value terms, and quotas may be on a country basis or global, countries. They may be imposed unilaterally and can also be negotiated on a so-called voluntary basis. Obviously, exporting countries do not readily agree to limit their sales. Thus, the ,voluntary‖ label generally means that the importing country has threatened to impose even worse restrictions if voluntary cooperation is not forthcoming. In addition to visible trade, which involves the import and export of goods, there is also invisible trade, which involves the exchange of services between countries. Transportation service across national boundaries is an important kind of invisible trade. International transportation involves different means of transport such as ocean ships, planes, trains, trucks and inland water vessels. However, the most important of them is ships. When an exporter arranges shipment, he generally in the cargo compartment of a ship, or as Greece and Norway have large maritime fleets and earn a lot by way of this invisible trade. Insurance is another important kind of invisible trade. In the course of transportation, a cargo is to many risks such as collision, , fire, storm, explosion, and even war.Goods being transported in international trade must be insured against loss or damage. Large insurance companies provide service for international trade and earn fees for insuring other nation’s foreign trade. Tourism is yet another important form of invisible trade. Many countries may have beautiful scenery, wonderful attractions, places of historical interest, or merely a mild and sunny climate. These countries attract large numbers of tourists, who spend money for traveling, hotel (外汇收入), and many countries are making great efforts to develop their tourism. The fourth type of invisible trade is called This refers to the money sent back to home countries by people working in a foreign land. Import and export of labor service may be by individuals, or organized by companies or even by states. And this is becoming an important kind of invisible trade for some countries. Invisible trade can be as important to some countries as visible trade is to others. In reality, the kind of trade nations engage in are varied and complex, often a mixture of visible and invisible trade. nation which is a tariff treatment. It is bilaterally given MFN means most-favored – and provides for the lowest tariff in the tariff code. It is important to understand that the term most –favored –nation gives the impression that the tariffs involved are the lowest, it is in fact not the case. MFN is not really special but is just normal trading status. GSP ( generalized system of preferences) establishes even lower tariffs than MFN. As a matter of fact the United States has granted MFN status to all but a few countries. MFN only gives a country the lowest tariffs in the tariffs schedule, but it is still possible to have lower tariffs. Nevertheless, it is important to have MFN since the difference between MFN tariff and the general tariff is very big. For instance one of the largest Chinese export items to the United States is toys. And the tariff on a toy doll is only 6% if a country has MFN, whereas the tariff is as high as 70%, more than ten times greater without MFN. It is quite obvious that there would be a sharp drop in Chinese exports to the United States should China lose its MFN status, and it would have a serious impact on the Chinese economy. 最惠国待遇(拼音:zuìhuìguó dàiyù，英语:most-favored-nation treatment，简 称MFN)是国际经济贸易关系中常用的一项 制度 关于办公室下班关闭电源制度矿山事故隐患举报和奖励制度制度下载人事管理制度doc盘点制度下载 ，是国与国之间根据某些条约 规定的条文，在进出口贸易、税收、通航等方面互相给予优惠利益、提供必要的 方便、享受某些特权等方面的一项制度，又称―无歧视待遇‖。它通常指的是缔约 国双方在通商、航海、关税、公民法律地位等方面相互给予的不低于现时或将来 给予任何第三国的优惠、特权或豁免待遇。条约中规定这种待遇的条文称―最惠 国条款‖。 最惠国待遇原则包含4个要点。 1.自动性。当一成员国给予其他国 家的优惠超过其他成员享有的优惠时，其他成员便自动享有这种优惠。 2.同一 性。当一成员给予其他国家的某种优惠自动的转给其他成员方时，受惠标的必须 相同。 3.相互性。任何一成员既是受惠方，又是给惠方。即在享受最惠国待遇 权利时，也承担最惠国待遇义务。 4.普遍性。最惠国待遇适用于全部进出口产 品、服务贸易的各个部门和所有种类的知识产权的所有者和持有者。 1.一件商品的成本会因生产规模扩大而减少。 2.在实际中，即使完全的专业化在经济上有利，也可能永远不会发生。 3.配额或者数量限制是最常见的非关税壁垒。 4.有形贸易指货物的进出口贸易，而无形贸易涉及的是国家间的劳务交换。 5.国家从事的贸易种类是多样的、复杂的，往往是有形贸易和无形贸易的混合。 Lesson 4 International Payment 第四课 国际贸易中的支付 Generally speaking, it is not very difficult for buyers and sellers in domestic trade to get to know each other’s financial status and other information, and payment is manner, say by remittance or by 记入借方). In international trade, however, things are Purchase and sale of goods and services are carried out beyond national boundaries, concerned in the transaction to get adequate information about each other’s商誉) Therefore, mutual trust is hard to build. Both the exporter and importer face risks as there is always the possibility that the other party may not fulfill the contract. For the exporter there is the risk of buyer . The importer might fail to pay in full for the goods. He might might, for various reasons, ban trade with the exporting country or ban imports of certain commodities. The buyer might run into difficulties getting the foreign exchange to pay for the goods. It is even possible that the buyer is not reliable and simply refuses to pay the agreed amount on various excuses. On the part of the importer, there is the risk that the shipment will be delayed, and he might only receive them long after payment. The delay may be caused by problems in production or transportation, and such delays may lead to loss of business. There is also a risk that might be sent as a result of negligence of the exporter or simply because of his . Political risks such as war, quotas, foreign exchange control; commercial risks like market change and exchange rate fluctuations; and even language barriers Because of these problems and risks, exporters are hesitant to release their goods before receiving payment, while importers prefer to have control over the goods before Various methods of payment have been developed to cope with different situations in international trade. When the political and economic situation in the importing country makes payment uncertain or when the buyer’s credit standing is In this case, the importer has no guarantee that the exporter will fulfill his obligations once he has made payment by cash. If the buyer and the seller know each other well, they may decide to trade on . This means that no documents are involved and that legally the buyer can pay anytime. The seller loses all control over the goods once they have been shipped. Sales on this basis are usually paid for by , and obviously the exporter must have sufficient financial strength toreceiving payment. If the exporter wishes to can enter into to send his goods abroad and will not get payment until the goods are sold. If not sold, the goods can be shipped back.. Therefore, this arrangement should only be made with full understanding of the risks involved and is preferably to be limited to stable countries where the exporter has a trusted agent to look after his interest. A lot of international transactions are paid for by means of the also referred to as the , is an unconditional order to a bank or a customer to pay a sum of money to someone draft, usually the exporter, is called , and the person to whom the draft is drawn is called (受票人) There is yet another party , i.e. the person receiving the payment, who and the drawer are generally but not necessarily the same person, as the drawer can instruct the drawee either to pay ,to the order of ourselves‖ or someone else, for instance, the bank. A draft is either a sight draft (即期汇票)or a 票) (also called tenor draft or term draft). The former calls for immediate payment on presentation to the drawee while the latter is at a later date, e.g. 30, 45, 60, or 90 days , the insurance policy (保险单)etc. relevant documents such as 票) In documentary collection(跟单托收), the exporter sends the draft and the shipping documents(航运单据) representing title to the goods to his bank, which forwards them to another bank in the importer’s country, which , documents will not be released to the importer until payment is effected. There are . The former requires immediate payment by the importer to get hold of the documents. The latter gives the importer a certain period after presentation of the documents, but documents are not released to him until he actually pays for the merchandise. In the case of upon his acceptance of the bill of exchange drawn by the exporter. Payment will not be made until a later date. D/A is always after sight. So far as the exporter’s interest is concerned, D/P at sight is more favorable than D/P after sight, and D/P is more favorable than D/A(承兑交单). In actual trade, payment by collection(托收付款方式) should be accepted . It is usually used when the financial standing of the importer is sound, or when the exporter wishes to his goods, or when the transaction involves only a small quantity. Otherwise, the letter of credit is generally preferred. Exercises: 1. Why is it difficult to effect payment in a straight-forward manner in international trade? 2. Mention some of the risks the exporter and the importer may face in trade. 3.Explain briefly the following methods of payment: cash in advance; open account; consignment transactions. 4.What is a draft? Does it have another name? What are the relevant parties in relation to a draft ? 5.What is the difference between a sight draft and a usance draft and what is the difference between a clean draft and a documentary draft? 6.What is meant by documents against payment? What are D/P at sight and D/P after sight? Which is more favorable for the exporter? When does the importer get the shipping documents in the case of D/P after sight? 7.What is the difference between D/A and D/P after sight? Which is safer for the exporter? 8.Is payment by collection very common in international trade? Mention some cases when collection is used. Documentary collection is a means of ensuring that the goods are only handed over to the buyer when the amount shown on a bill of exchange is paid or when the customer accepts the bill as a contract to pay by a specified date. The exporter sends the bill of exchange and the shipping documents to his bank, which forwards them to a bank in the customer’s country. This bank, or the exporter’ s agents in the country concerned, takes the documents to the customer. If it is a sight bill the customer pays the amount directly. If it is a time bill he signs the bill, which means he has ,accepted‖ it for payment within a certain specified time. In return for either payment or acceptance of payment, the customer is handed the shipping documents which give title to the goods. The customer now has authority to collect the goods, which may already have s bank forwards the money, which it arrived at the port of destination. The customer’ has received, to the exporter’s bank, which pays the exporter for the goods. 1.国际贸易中进出口双方都面临风险，因为总存在对方不履约的可能。 2.为处理国际贸易中的不同形势，各种支付方法便发展了起来。 3.许多国际交易是通过汇票支付的， 汇票是对银行或顾客的支付命令。 4. 即期付款交单要求进口商立即付款以取得单据。 5.就出口商而言，即期付款交单比远期付款交单有利，付款交单比承兑交单有 利。 Lesson 5 Regional Economic Integration 第五课 区域经济一体化 The past decades witnessed growing importance of capital, labour and other resources, countries have signed various agreements to liberalize trade among themselves while possibly putting up barriers to economic activities with The first and loosest form is the . Members of a free trade area removes barriers to the flow of goods and services among themselves while each member still adopts its own policy as regards to trade with outsiders. In other words different members may have different tariff rates or quota restrictions. Consequently, non-member countries may situation and try to enter the market of the area from the member country with the lowest barrier before selling the goods to a member with a higher barrier. The most notable free trade area is the the largest free market formed by the United States, Canada and Mexico in 1991 with over 360 million consumers and a total GDP of more than 6 trillion US dollars. The second form is the (关税联盟)that goes a step further by adopting the same trade policy for all the members toward countries outside their organization in addition to abolishing trade barriers among themselves. Since imports from other countries are the same tariff no matter which member they export to, it is impossible for non-members to get into the market of the customs union in a detour as they possibly do in the case of trade with a free trade area. Such an example isParaguay and Uruguay in 1991. The (共同市场)is of regional economic integration. Besides free movement of goods and services and adoption of common external trade policy, such as labour, capital and technology are free to move among members so that they can be utilized in a more efficient and way. The overall benefit enjoyed by all the members as a whole is quite obvious, but it is hard to say individual members will always benefit, still less to expect them to enjoy the advantage of the same degree.In the past, the common market for some years. The highest form of economic integration is called which is characterized by integration of the domestic policies of its members in respect of economy, finance etc. in addition totrade barriers, common external policy and free production factor mobility. The members of an Economic Union are required not only to harmonize their taxation, government expenditure, , etc, but also adoption of the single European currency euro by most members of the EU, we can say it is towards the realization of an economic union. It can be seen that the member countries of an economic union are required to the tradition of the world political system based on the autonomy and supreme power of . So people begin to talk about a still higher form of integration —— the political union, members of which will not only be integrated economically, but also harmonize their foreign policy and national defence. With that realized, the members would more or less come together and form a new . The European Union is so far the most prominent example of regional economic integration in the world. Its history dates back to the early post-war years. The first community, the European Coal and Steel Community (ECSC) was established in 1952 which more ambitious integration efforts. The signing of the establishment of the European Economic Community with the aim of gradually realizing the free movement of goods, services, labor and capital as well as the integration of economic policies of the member countries. Ten years later in 1967, the European Community was formed by merging EEC, ECSC and the European Atomic Energy Community (EURATOM). 1992 was a year in the development of the EC when it became a true common market as being on the strength of the members including the six signatories of the Treaty of Rome. France, Germany, Italy, the countries and six other countries that joined later. (Britain, Island and Denmark in 1973, Greece in 1981, Spain and Portugal in 1986). The Finland and Sweden in 1995. From the beginning of 1999 most of the members began to use the common European currency for accounting and and coins were put into circulation. The European Union is a entity.Its is the departments in charge of different affairs. Though appointed by member governments, the instead of their home country. The most powerful institution of the EU is the . It has the final say on all important matters. Decisions of the council are made by votes allocated to member countries on the basis of their size. Different ministers attend the council meetings depending on the matters discussed. The council even has the power to , which is quite different from the case of all the major countries of the world. The , despite the title, is but an advisory body with limited power. However, it is to membership application and trade agreements with non-members. And it is believed the European Parliament will be more powerful in the future. The successful integration of European economies eliminated the cost of cross-border transactions, realized better economies of scale and made the European companies more efficient through more intense competition. The European Union has become an economic rival of the United States. Its total GDP has exceeded that of.And though still a long way to go towards political union, the EU members have begun to harmonize their foreign and security policies. It is no exaggeration to say EU will play an important role in the multi-polarization of the world. Asia-Pacific Economic Co-operation (APEC) has caught more and more attention for the past decade, especially in China since the country is playing an active role in it. APEC was set up at the Ministerial Meeting held in the Australian capital Canberra attended by 12 members of Australia, the United States, Canada, Japan, Republic of Korea, New Zealand and six countries. As put by the ,Seoul Declaration‖ passed in 1991, its are ,inter-dependence, mutual benefits, adhering to an open and multilateral trading system and reduction of regional trade barriers‖. In 1991, China joined APEC as a sovereign state while Chinese Taipei and Hong Kong joined it as . Now APEC has altogether countries and regions. APEC has a five-layer organisational structure. The first is the held annually. China hosted the 2001 meeting in Shanghai and made a great success. The second is the attended by foreign ministers (excluding Chinese Taipei and Hong Kong) and ministers in charge of foreign trade. The third is the Meeting for Ministers Responsible for Trade. The fourth is the ministers, or ambassadors to implement decisions by economic leaders and ministerial meetings. The fifth layer refers to the four subordinate committees under SOM, i.e. committee o Trade and Investment, Economic Committee, Economic and Technical Cooperation Sub-committee of SOM and Budget Management Committee. As its name suggests, APEC was not exactly an organization but an official forum, though the Chinese translation used However, it has been developing towards being an organization since the establishment of its secretariat in Singapore that serves as an auxiliary body. APEC co-operation concentrates ontechnical cooperation (ECOTECH) commonly termed as ,the two wheels of APEC‖. Besides regional economic integration, countries may form a and sale of particular goods so as to seek higher and more stable prices for the relevant goods. The most influential commodity cartel is the Organization of Petroleum Exporting Countries (OPEC) composed of thirteen members established in 1960 with headquarters at Vienna. By among its members, OPEC tried to limit the overall crude oil supply of the world for the purpose of maintaining higher oil prices. Despite internal contradictions and competition from non-OPEC oil producing countries, the influence on oil prices by OPEC that accounts for 40% of the global oil production is something the world cannot . Exercises: 1. What is a free trade area? Make a brief account of the most notable free trade area in the world. 2. In what way is a customs union different from a free trade area? 3. What are the characteristics of a common market,Which organization remained a common market for some years in the past? 4. How much do you know about an economic union? Can members of an economic union keep all of their national sovereignty? 5. Make a brief account of the origin and development of the EU. 6. What is the most powerful institution of the EU? What is the executive body of the EU? How does it operate? 7.Explain briefly the five layer organizational structure of Asia-Pacific Economic Cooperation. 8. What are the tenet and objectives of APEC? What is meant by its two wheels? 9. What are the nature and objectives of OPEC? (Some words are given the first letter or letters.) The vision of a unified Europe has a long history. The idea has at different times been promoted by philosophers, monarchs, politicians and religious leaders and can be traced _______ at least as far as the Roman Empire. The twentieth century saw this dream sh________ by the two world wars that ravaged the continent during the first half of the century. However, WWII served to reaffirm that "antagonistic nationalism" was a potent cause of violent conflict on the continent. Winston Churchill, in a speech de_______ in Zurich on September 19, 1946, suggested moving forward with a plan to unify Europe ______ a ,United States of Europe‖. Soon after, in 1949, the Council of Europe was founded to foster political cooperation among the countries of Europe. Before examining the , a brief look into the foundations and dominant features of this profoundly important, mutually productive partnership will be taken. The United States and the European Union enjoy the world’s largest commercial relationship and are each other’s largest trade and investment partners. In 2003, two-way trade in goods and services between the EU15 and the US amounted to USD 593.2 billion. EU15 investment in the US has likewise grown steadily: by the end of 2003, EU15 direct investment in the US amounted to USD 855.669 billion, or 62.1 percent of total foreign direct investment in the US. Similarly, US direct investment in the EU15 amounted to USD 844.698 billion, or 47.2 percent of total US FDI. The economic importance of the 1.过去的几十年，地区经济一体化越来越重要。 2.最著名的自由贸易区是北美自由贸易区，它是由美国、加拿大和墨西哥于 1991年建立的。 3.经济联盟的成员国不仅要在税收、政府开支、企业策略等方面保持一致，而 且还应使用同一的货币。 4.欧洲委员会是欧盟的管理机构之一，此机构将提议呈交给部长理事会做决定， 并监督各成员国根据所制定的条约履行自己的义务。 5. APEC建立于在澳大利亚首都堪培拉召开的一次部长级会议上。当时有12 位成员国出席，分别为澳大利亚、美国、加拿大、日本、朝鲜、新西兰和东盟六 国。 UNIT 5 WTO与中国 After member of the World Trade Organization on Dec. 11, 2001. People may wonder whether it pays for China to devote such a lot of time and efforts for WTO as well as the opportunities it provides and the challenges it poses to China is quite necessary. The origin of the WTO can the early post World War II years. To guard against the threat of trade wars, major trading nationsInternational Trade Organization for the promotion of international trade. That objective was, however, not realized for over the extensiveness of the powers of the proposed ITO, mainly for the refusal by the United States to ratify the charter of the organization Nevertheless, the General Agreement on Tariffs and Trade was formed as a for multilateral negotiations on a variety of international trade issues. Headquartered in Geneva, GATT provides a framework within which international negotiations are conductedcreating global trade rules and a consultative mechanism for resolving differences and settling disputes under those rules. It also provides technical assistance to developing countries in the form of seminars and training courses on trade policy issues. The general aims of GATT are the improvement of , a large and steadily growing volume of real income and effective demand, the full use of the world’s resources, and the expansion of production and international trade. It is the specific task of GATT to contribute to the of these objectives through arrangements directed to the substantial reduction of tariffs and other trade barriers and to the elimination of discrimination. Initially, GATT consisted of only three basic parts. In part 1 the basic obligations which are to be fulfilled by the contracting parties are —the most-favored nation clause and the . The is meant to assist developing countries in their economic development efforts. It was established in 1968 after years of endeavors by developing countries in the (联合国贸易与发展会议)and the GATT. Under the system, developed countries grant developing countries favorable lower tariffs without granting them to developed members. And the developing countries do not have to such favorable treatment to the developed countries. So the GSP is an important exception to the non-discriminate principle of MFN. A number of tariff negotiating conferences were held functioning. Altogether 8 rounds of yet fruitful multilateral trade negotiations were held since GATT entered into force in 1947 till the end of 1993 when the last round, the Uruguay Round finally concluded. The effect of the 8 rounds realized substantial reduction of tariffs. Tariff rate by the developed countries fell from an average of over 40 percent to about 3 percent in 1995. Despite GATT’s success in coordinating international trade policy, it is only an with little legal enforcement power. So a big decision was made at the last Round to establish a permanent organization, the World Trade organization, to GATT. On January 1, 1995 the WTO administrative work, taking over all the unfinished work left by GATT and continuing to carry out the agreements reached during the Uruguay Round. Being a new, improved replacement of GATT, the WTO is a permanent international organization to which all the members of GATT automatically become members. It is the organization’s aim to facilitate the creation of an environment for international trade and further strengthen the multilateral trading system. The WTO has three major objectives: 1. To promote free trade by encouraging members to adopt nondiscriminatory, predictable trade polices; 2. To further reduce trade barriers through multilateral negotiations; 3. To establish more effective trade dispute settlement procedures. Instead of being a mere replacement of GATT, the WTO differs from its in several prominent . Firstly, as the name suggests, the GATT is only an agreement, or more exactly an interim secretariat, rather than an organizational entity in the true sense, while the WTO is a full-fledged permanent organization, with the ministerial meeting as its supreme decision-making body, international . And its subsidiary bodies specialize in different areas. Secondly, the WTO has a much broader promoting commodity trade which used to be the focus of GATT, the WTO is also responsible for service trade, international intellectual property protection and trader-related investment. Thirdly, the WTO has far greater . Unlike GATT，the new organization has a clearly defined dispute settlement mechanism. Its is all its members. In this respect, the WTO is an international court of justice for world trade with the institutional strength and legal mandate to implement its decisions. China’s efforts to gain accession to the WTO can be divided into two periods. During the GATT days, China the restoration of its was not realized, the work laid some foundation for negotiations in the second period after the WTO century when China was the WTO, . There were worries as well as great expectations. Now that three years have passed since China’s accession to the WTO, it is time to review China’s performance as a WTO member. As a responsible large nation, China has been doing a lot in for entering the WTO. In a short span of three years, China amended over 2300 of which over 800 were abolished. The overall tariff level was lowered from about 40% to 10.5%. Non-tariff measures including quota and import license were removed step by step. The sector of service trade has been opened further and protection of intellectual property right considerably . All these efforts have produced positive results both for the other members of the WTO and for China itself who has made good use of the opportunities offered by the organization. China’s total volume of import and export doubled from 500 billion US dollars in 2001 to over 1.1 trillion US dollars in 2004, ranking the third in the world, only after the United States and Germany. , the country remained the largest recipient of foreign direct investment with the average yearly exceeding 50 billion US dollars, showing the improvement of its investment environment in line with the requirement of the WTO. Contrary to the worry of some people that there would be trade deficit after entry into the WTO, China still enjoys a of 12 billion US dollars. And China’s foreign exchange reserve increased to 550 billion US dollars, being the second largest foreign exchange reserve next only to that of Japan, the sensitive industries of the WTO entry such as agriculture, automobile, retail business, banking, insurance, and telecommunication all encouraging development. Despite all the achievements, China still faces big challenges. The first is the protectionist measures in some countries that place various barriers to trade. They intensified and (抵销)measures to restrict the export expansion of other countries. Among the anti-dumping investigations, as many as 380 are directed against China, constituting about one seventh of the total, making China the largest of such investigations. With the complete removal of textile quotas from January 1st 2005, antidumping investigations against China will be further intensified, and we must get mentally prepared and endeavor to reduce the negative effects. The second is the increasing competition faced by commercial banks and insurance enterprises from their foreign . The foreign banks already enjoy in China and they have offered over 100 items of services, tripling those by domestic banks. From Dec. 1st 2004, the number of cities where foreign banks are allowed to handle Reminbi business for enterprises increased from 13 to 18. And from 2006 Reminbi business for individuals will also be open to foreign banks. The third is the challenge faced by agriculture. China committed itself for entry into the WTO not to provide any export subsidy for its agricultural produce, and ultimately lower its import tariff for farm produce to about 15%. applicable to the import of bulk produce, but the quotas are fairly large and the tariff rates within the quotas are as low as 1% to 10%. All those form great pressure on China’s agricultural production and market. Exercises: 1. Make a brief account of the origin and development of WTO (including its predecessor). When did it formally start operation? 2. What is the cumulative effect of all the GATT negotiations in respect of tariffs? 3. Explain the principles of GSP. How and when was it established? 4. How many rounds of negotiations were held under GATT? What important decision was made before the conclusion of the Uruguay Round? 5. What are the three major objectives of WTO? 6. Is the WTO a mere replacement of GATT,How does WTO differ from its predecessor? 7. What has China done to honour its commitments for gaining accession to the WTO? 8. Does it pay for China to devote such a lot of efforts for WTO membership? Mention some of its major performances in respect of trade and investment. 9. Are all the worries before China’s entry into WTO groundless? What major challenges does China still face despite all its achievements? Allowing foreign banks to enter the Chinese market will exert a positive influence on domestic banks, making Chinese banks more competitive, introducing new technology and information and providing additional funds. But in the short and not-so-long term future after foreign banks enter the Chinese market, these banks will be able to use lower prices and efficient services, including such services as tele-banking, to win over a large number of customers from domestic banks, especially prized customers. This will result in a cut in the amount of funds in the hands of domestic banks. The toughest challenge the government will face will be to eliminate bad debt, implement cautious and standard risk management models, and tighten up bank administration so that domestic banks can adapt to international competition. To cope with these challenges, some domestic banks will choose to partner with foreign banks. This will allow foreign banks gain a foothold in the Chinese monetary market, allow domestic banks to learn from foreign peers and allow domestic banks to obtain a greater pool of funds from their foreign partners. 1.关贸总协定体系(现为世界贸易组织)是通过一系列的贸易谈判或回合发展 起来的，它最初有三个基本目标。 2.加入世界贸易组织对中国有益，因为它将促进中国的改革和发展，提高商品 和服务的质量，降低商品成本和服务费用，刺激投资和创造就业机会，改善法制。 3.世界贸易组织的主要目的是为了促进自由贸易、进一步减少贸易壁垒并建立 更有效的贸易纠纷解决机制。 4.有形贸易指货物的进出口贸易，而无形贸易涉及的是国家间的劳务交换。 5.国家从事的贸易种类是多样的、复杂的，往往是有形贸易和无形贸易的混合。 Lesson 7 Economic Globalization and Multinational Corporations 第七课 经济全球化和跨国公司 The term ,economic globalization‖ is now being used conferences. With the basic feature of free flow of commodity, capital, technology, service, and information in the for optimized allocation, economic globalization is giving new impetus and providing opportunities to world economic development and meanwhile making the various economies more and more interdependent andinvolved in globalization since it also has an important on politics, culture, value and way of life. While many people are the benefits brought about by economic globalization, there are also loud voices of opposition, since different countries and peoples do not enjoy balanced benefits. Economic integration enables countries benefit from the of other countries but also makes them more vulnerable to the adverse events across globe. Maybe we can say few topics are as controversialas globalization. But like it or not, it has become an objective trend in world economic development. The best policy for us is to the trend closely, availing the opportunities it offers to develop ourselves and avoiding its possible impacts. Such world organizations as the WTO, the World Bank and the International Monetary Fund which we shall discuss in later lessons, are, in a sense, of economic globalization, while the multinational corporations are directly engaged in the trend and their operations constitute the major content of economic globalization. Some knowledge of the multinationals will help us gain a better understanding of the global trend. Before World War II there were already a number of companies that would be described as multinationals. They were, however, comparatively . The first step in the internationalization of business after the War was simply a very rapid growth in fairly traditional companies in one developed country set up their own, or bought over existing, manufacturing facilities in other countries. As development of such business activities grew rapidly, they had not only been wholly or partly), controls and manages assets, often including productive resources, in more than one country, through its member companies incorporated separately in each of these countries. Each member company is known as a multinational corporation. Each MNC of the multinational enterprise and is linked to one another within the organizational framework of the same multinational enterprise. If the MNC is the original investing corporation, it is known as the MNE. If the MNC is established as a result of investments by the MNE, whether through the parent or through another of its already established MNC, it is an . A MNE may also have various regional or operational headquarters, in addition to its international headquarters. The multinationals have the following distinctive characteristics: Firstly, MNEs are generally enormous in size. For instance, General Electrics established in 1892 now has subsidiaries in over 100 countries and regions with more than 300,000 employees. In 2001 its business volume reached 126 billion US dollars. In China alone, it has 30 joint ventures or solely owned subsidiaries with over 8000 employees. There is little doubt that the size of an MNE indicate the amount of resources it controls even though the amount of resources located in particular countries may be small. is also characteristic of MNEs. Such geographical spread of MNEs enables them to have a wide range of options in terms of decisions in They are also more able to take advantage of changes in the international economic environment. Such multi-nationality also enables MNEs to engage in worldwide integrated production and marketing giving rise to extensive which constitute a very significant proportion of total international trade. Another general characteristic of large MNEs is their longevity and rapid growth. Some MNEs have a history of many years and their growth rate of revenue is higher than that of the GDP of many countries. The behavior of MNEs is very much determined by their needs. These needs are often as goals.The purpose of organization is to facilitate the MNEs’ operations and the purpose of its operations is to achieve its organizational goals. Like most business organizations, MNEs are formed for profit. There is little doubt that the profit goal represents the basic need of the MNEs’ shareholders. It is also the need of all groups interested in the continued survival of the MNE. Yet this interest in the continued survival of the MNE expresses a second basic need --- of security. The importance of security to any MNE cannot be doubted. Profit is useless if it cannot be secured by the MNE and transferred Its assets and investments must be secured. A favorable business environment must also be secured. Without security, a MNE’s survival can never be assured. It is no wonder that MNEs have embarked on policies to grow into gigantic sizes, to control in many countries, and even to intervene in the affairs of government in both the , in order to ensure the security of its profits, assets, organizations and operations. The need for security includes the security of profits in the short-and-long-run, the security of the MNE’s assets and investment, and the security of other organizational needs, including a favorable business environment, the need for supplies of raw materials and other resource effective organizational control and management, the need for transportation and communications, the need for technical improvements and the private needs of employees including managers. In our world today, the multinational enterprises are very important for the transfer of resources across national boundaries. the organizational unity of parent and affiliates within such enterprises and the fact that they are situated in different countries, intra-organizational resource transfers between parent and affiliate or between affiliates of the same enterprise are also international transfers. to less developed host countries. The MNE is considered to be the most effective vehicle for the promotion of global economic development. Typical parent which control is the by the home country’s citizens or residents, in spite of the fact that the MNE is multinational in terms of the worldwide of its profits, the high proportion of sales and investments in many foreign countries, the large of employees in foreign affiliate MNCs and the multinational derivation of its finance. The of the members of the board of directors also originate from the home country. It is a fact that host governments can and do located within their territories. MNCs are under the legal jurisdiction of their host governments which can the MNCs . Multinational Corporations can be classified into four different types according to their organization and way of operation. The first type is called that is a group of relatively independent subsidiaries(附属 机构). The parent company each subsidiary to manage the production and marketing in the host country for the needs of local customers. This is a useful approach when there are distinct differences in the specific conditions of host countries. The second type is the which operates under an opposite principle from the first type and . Power and responsibility are concentrated at the headquarters that manages production and marketing to achieve the economies of scale as much as possible. The third type, , aims to combine the advantages of the above two ways of operation so as to achieve both efficiency and flexibility. The activities and resources of the transnational corporation are neither highly centralized as the second type nor decentralized as the first type but are integrated in an interdependent network of affiliates. The fourth type can be referred to as as their national identities are if any, have reached this level of internationalization. But they will be great of economic globalization. It is interesting to imagine the situation on the globe with the. When such companies become dominating, the possibility of conflicts among sovereign states may be greatly reduced. Possibly they will be 1.经济全球化为世界经济发展提供新的动力和机会，同时也使各经济体更加相 互依赖，相互影响。 2.跨国公司是在一个以上国家拥有、控制和经营资产的商业组织。 3.许多人欢呼经济全球化带来的好处，但同时也有强烈的反对声音。 4.跨国公司的5.尽管公司的日常管理工作下放到跨国企业的子公司，但重要决 策，如有关公司目标和新投资等都由母公司来决定。 6.无论人们是否喜欢，经济全球化已成为世界经济发展中的一个客观趋势。 Lesson 8 The Business Contract 第八课 合同 A contract is an agreement which relevant parties. It is, and any party that fails to fulfill his contractual obligations may be and forced to make compensation, though most contracts do not The contract is based on , which is the result of business negotiations. There are two types of business negotiations: oral and written. refers to direct discussions conducted at trade fairs or by sending trade groups abroad or by inviting foreign customers. Business discussions through international also included in this category. Written negotiations often begin with made by the buyer to get information about the goods to be ordered such as quantity, specifications, prices, time of shipment and other terms. An enquiry is made on the part of the enquirer. In case of a first enquiry, that is, an enquiry sent to an exporter whom the importer has never dealt with, information should be given in the enquiry as to how the name and address of the exporter have been obtained, the and usual practice of the importer, etc. so as to facilitate the exporter’s work. In response to an enquiry, a which should include all the necessary information required by the enquiry.Sometimes, the exporter may make an offer to an importer is a promise to sell goods at a stated price. In making a firm offer, mention should be made of the time of shipment and the the goods including the quantity, quality, specifications, packing, etc. The is indispensable to a firm offer. An offer is considered until after a stipulated time or until it is accepted or rejected. The further discussions his own proposals which constitute a the price, terms of payment, time of shipment or other terms and conditions of the offer. It is a refusal of the offer which will be invalid and unbinding once a counter-offer is made. The counter-offer thus becomes a new offer made by the original offeree to the original offerer. No matter whether business negotiation is conducted orally or by way of writing, transaction is considered concluded once an offer or a counter-offer is accepted. That is to say, a legitimate contract can be either in written or oral form. In business practice however, a written contract is generally and signed as the proof of the agreement and as the basis for its execution. When the contract is made by the seller, it is called a and when made by the buyer, a .A is less detailed than a contract, covering only the essential terms of the transaction. It is usually used for smaller deals or between familiar trade partners. The any other type of formal agreements. It generally contains the following items : 1.. The type of the contract is indicated in the title such as Sales Contract, Purchase Contract, etc. The number of the contract and the date are given bellow the title to the right side. 2..This part includes A. the full name and address of the buyer and seller. B. The commodities involved including quantity, quality, specifications, packing, etc. C. All the terms and conditions agreed upon such as the price, total amount, terms of payment, transportation, insurance etc. D. indication of the number of languages used, the term of validity and 3.The signatures of the contracting parties indicating their status as the seller or the buyer. 4. The stipulations on the back of the contract are constituent parts of the contract and are equally binding upon the contracting parties. These may include the shipping documents required, , Lesson 9 Incoterms 第九课 国际贸易术语解释通则 Sending goods from one country to another, as part of commercial transaction, delivery does not take place for some other reason, the confidence between parties may degenerate to the point where a law suit is brought. Therefore, above all, sellers and buyers in international contracts want their deals to be successfully completed. If, when drawing up their contract, buyer and seller have some commonly understood , they can be sure of defining their respective responsibilities simply and safely. subsequent dispute. The purpose of 国际贸易术语解释通则is to provide a set of international rules for the interpretation of the most commonly used trade terms in foreign trade. Thus, the uncertainties of different interpretations of such terms in different countries can be avoided or at least reduced to a considerable degree. Frequently parties to a contract are unaware of the different rise to misunderstandings, disputes and with all the waste of time and money that this In order to remedy these problems, the 1936 a set of international rules for the interpretation of trade terms. These rules were Incoterms have been revised to take account of changes in transportation techniques, such as the (滚装式)traffic with road vehicles and railway wagons in ―‖ maritime transport----- certain terms have been and rearranged-----and to render them fully compatible with new developments in The main reason for the 1990 revision of Incoterms was the desire to adapt terms to the increasing use of electronic data interchange. In the 1990 version of Incoterms this is possible when the parties have to provide various documents (such as commercial invoices, documents needed for as well as transport documents). Particular problems arise when the seller has to present a transport document and notably the which is frequently used for the purpose of selling the goods . In these it is of vital importance, when using EDI messages, to ensure that the buyer has the same legal position as he would have obtained if he had received a bill of lading from the seller. The 2000 revision of Incoterms took account of the spread of and the changes in transport practices. The new version offers a simpler and clearer presentation of the definitions of all the terms. As in the previous version, the trade terms of Incoterms 2000 are presented in a format which allows seller and buyer to follow a step-by-step process to determine their respective obligations. The terms have been grouped in four basically different categories; namely starting with the only term the seller makes the goods available to the buyer at the seller’s own upon to deliver the goods to a carrier appointed by the buyer (the F-terms , 船 边交货价and 离岸价); continuing with the C-terms where the seller has to contract for carriage, but without assuming the risk of loss of or damage to the goods or additional costs due to events occurring after shipment and dispatch ( abbr. 成本加运费(=Cost and Freight), 指定目的地，按时长付费。and abbr. 运费保险费已付 (=Carriage and Insurance Paid)); and, finally, the D-terms whereby the seller has to bear all costs and risks needed to bring the goods to the country of destination abbr. 目的港船上交货(=Delivered Ex Ship), 完成交货。卖方应承担将货物运至指定的目的港并卸至码头的一切风险和费 用。 "Delivered Duty Unpaid(… named place of destination)"， 即" 未完税交货(……指定目的地)" and Further, under all terms, the respective obligations of the parties have been grouped under 10 headings where each heading on the seller’s side the position of the buyer with respect to the same subject matter. Thus, if for instance, according to A.3. the seller has to arrange and pay for the contract of carriage we find the words ,No under the heading ,Contract of carriage‖ in B/3. buyer position. obligation‖ Conversely, under some terms such as the D-terms, the buyer is not interested in costs which the seller might incur in order to bring the goods the classification of Incoterms 2000. Lesson 10 Modes of Trade 第十课 贸易形式 The bulk of international trade is done in the general mode of buying and selling of goods and services by means of money and the market. Under specific conditions, however, special modes of transactions may be adopted to better realize one’s bus iness purposes. Among them, are perhaps the most popular modes of trade. Counter trade is a peculiar form of transaction generic term to describe a set of cross-border contracts that link a seller’s exports to imports from the buyer, and it is often associated with policy objectives of relevant economies like dealing with foreign exchange shortages and promotion of exports. The terminology counter trade employed today can be traced to the pre- World War II years when normal trade relations were breaking down. Following German 竞争性贬值and protectionism meant a global collapse in trade and in international . Unwilling to see Germany cut off from its traditional raw material supplies in the Balkans, the a year --- a measure that permitted traditional trade flows between Germany and the Balkans to continue. These arrangements were called . Another term used in the context of such bilateral clearing operations was ,counter trade‖. During and after World War II, when financial markets were in Britain used similar bilateral arrangements, as did Western Europe when setting up the the countries of centrally planned economies copied such clearing systems and used them among themselves and also in trade with neighboring countries like Finland. Conceptually, all these arrangements are between familiar trading partners exchanging unrelated goods. In the 1970s and 1980s counter trade was different from the old practice although some similarities remained. Current counter trade partners are not necessarily familiar partners and goods exchanged are sometimes as follows: is completed in a short period of time, e. g., an exchange of frozen from New Zealand for Iran crude oil. : The assumption by an exporter of a transferable obligation through separate but linked contract to accept as full or partial payment The contract is usually stipulated to be fulfilled within a given period of time, e. g. , 5 years, and the goods or services received in return are usually pre-specified in a list and . In essence, then, counter purchase is an 跨期的direct exchange of goods and services. equipment to take back in the future part of the output produced by these goods as full or partial payment.The important difference between counter purchase and buyback is that in buyback the goods and services taken back are tied to the original goods exported whereas that is not the case in counter purchase. Another important difference is that a buyback deal usually stretches over a longer period of time (as long as 15 to 20 years) than a counter purchase deal. For instance, the sold to China the plant and technology for the production of low-volume photocopying machines, and to repurchase a very large portion of the photocopy machines produced in the Chinese plant. The intriguing features common to barter, counter purchase, and buyback is ―‖: the exchanges of goods and services are bundled together (the exchanges are implemented either concurrently or intertemporally). In normal market transaction buying and selling of goods and services is unbundled, an arrangement made possible by the use of money and the ,market‖ as an . Thus, an individual can sell goods and services to obtain monetary income and can then use the income for other desired goods and services. Such unbundling greatly facilitates transaction and allows more efficient economic exchanges. While counter trade does not represent an extreme form of bundling, and money as a unit of account is not totally --- in many counter trade deals, only a fraction of the initial purchase is paid for in goods and services --- the buying and selling of goods and services should be bundled together. The impression one gets is that bundled trade takes place where the market institution is imperfect. It can be said to generally take place between mature market economies and economies with a market system.Under such circumstance there are several presumed advantages in counter trade. 1. Counter trade is implemented because it helps a country to deal with foreign exchange shortages. 2. Counter trade can be used to promote exports. 3. Counter trade can be used to reduce uncertainty regarding export . 4. Counter trade is used to bypass an international price agreement like, for example, that of OPEC. 5. Counter trade may help those nations with serious debt problems to continue to import goods while, in effect, concealing export earnings from However, counter trade can be very risky business. By concealing the real prices and costs of transactions it may conceal and help perpetuate economic inefficiencies in the market place. Companies may suffer losses because they could not get rid of products of poor quality. Finally, counter trade may be considered as a form of protectionism. Among other modes of trade are , consignment, , agency etc. 加工贸 易、寄售、租赁贸易、代理 Counter trade is more popular in centrally planned economies and in less developed countries. As these economies lack mature and competitive markets, the role of counter trade becomes even more important. In such an environment counter trade can be viewed as a national form of contracting to deal with transaction difficulties. The practical advantage exist due to the peculiar environment within which counter trade usually takes place. They quite likely disappear when the environment changes as is happening now in many countries. Restructuring and the development of markets may therefore mean that the environment within which counter trade usually takes place is changing so as to reduce its frequency. Reduced ownership restrictions are likely to shift the organizational forms toward joint ventures and wholly owned production facilities. Improved knowledge, experience, and legal enforcement of contractual obligations will likely mean increasing prevalence of longer term and more sophisticated explicit transaction contracts. 1.对销贸易一般是与有关国家的政策目标相互联系的，如应对外汇短缺和扩大 达出口之类的问题。 2.实质上，反向贸易指的是各种货物和服务的直接交换。 3.回购贸易和互购贸易之间另一个重要的区别在于回购贸易一般比互购贸易要 延续更长一段时间。 4.在正常的市场交易中，由于使用货币及市场手段，货物的买与卖是分别进行 的。 5.尽管有很多好处，反向贸易可能是风险很大的事。 6.在其他贸易方式中还有加工贸易、寄售、租赁贸易、代理等 。 Lesson 11 The Letter of Credit(1) 第十一课 信用证 (1) In international trade it is almost impossible for trade, since the exporter prefers to get paid before releasing the goods and the importer prefers to gain control over the goods before paying the money. The letter of credit is an effective these problems. Its objective is to by means of the This method of payment offers security to both the seller and the buyer. The former has the security to get paid provided he presents goods required through the documents he stipulates in the credit. This bilateral security is the unique and characteristic feature of the letter of credit. ,Letter of credit‖ is often shortened as L/C or L.C. and is sometimes referred to as ,banker’s credit‖, ,commercial credit‖ or simply ,credit‖. Modern credits were in the second half of the 19th century and had substantial development after the First World War. The credit is a letter issued by a bank at the request of the importer in which the bank promises to pay upon presentation of the relevant documents. It is actually a The operation of the letter of credit starts with the importer. He instructs his bank to of the purchase. Here the importer is called the applicant, or opener, etc., the bank that issues the credit is called the opening bank, the issuing bank or the establishing bank, and the exporter in whose favor the credit is opened is called the beneficiary. The opening bank sends the credit to its in the exporter’s country, who will, after examining the credit, Here the correspondent bank is called theor beneficiary will make a careful examination of all the contents of the credit and will request the opener to make amendments to any in the credit so as to ensure safe and timely payment. Sometimes the exporter may require a either because the credit amount is too large, or because he does not fully trust the opening bank. The bank that adds its confirmation to the credit is called the confirming bank which is undertaken either by the advising bank or another . When everything with the credit is in order, the exporter will dispatch the goods to the importer. Then he will the draft and the accompanying documents to the advising bank that pays or or . The advising bank then also becomes the paying bank which acts as the agent of the opening bank and gets bank after paying the beneficiary. If a bank, either nominated by the opening bank or at its own choice, buys the exporter’s draft submitted to it under a credit, it is called a . The draft and the documents will then be sent to the opening bank for reimbursement. Letters of credit are varied in form, length, language, and stipulations. Generally speaking, however, they include the following contents: 1. The number of the credit and the place and time of its establishment. 2. The type of the credit. 3. The contract on which it is based. 4. The major parties relevant to the credit, such as the applicant, opening bank, beneficiary, advising bank. etc. 5. The amount or value of the credit. 6. The place and date on which the credit . 7. The description of the goods including name of commodity, quantity, , packing, unit price, 8. Transportation clause including the port of shipment, the port of destination, the time of shipment, whether allowing 9. Stipulations relating to the draft. 10. Stipulations concerning the shipping documents required. 11. Certain special clauses . e.g. restrictions on the carrying vessel and the route. 12. Instructions to the negotiating bank. 13. The seal or signature of the opening bank. 14. Whether the credit follows ―‖. The letter of credit provides security to both the exporter and the importer. However, it only assures payment to the beneficiary provided the terms and conditions of the credit are fulfilled. It does not or shipped. It is stipulated in Article 4 of the uniform customs and practice for documentary credit that , in credit operations all parties concerned deal in documents, and not in goods, services and /or other performance to which the documents may relate‖. That is to say the banks are only concerned with the documents representing the goods instead of the comply with the contract. They will be considered as having fulfilled their responsibility so long as all the documents comply with the stipulations of the credit. The quality and quantity of merchandise shipped, although specified in the documents, ultimately depend on the seller who has manufactured, packaged, and arranged shipment for the goods. If the importer finds any problems with the goods, e.g. inferior quality or insufficient quantity, he has to contact or even the exporter instead of the bank so long as the documents are ,proper‖ on their face. Exercises: 1.What constitutes conflicting problems for international trade in respect of payment? Why? 2. What is the unique feature of the letter of credit? How does it offer security to the buyer and the seller? 3. When was the modern letter of credit introduced and when did it have substantial development? What are the other names of the letter of credit? It should be noted, however,, that the existence of a letter of credit is not a guarantee of payment to anyone. Its existence only assures payment to the beneficiary if the terms and conditions of the letter of credit are fulfilled. In addition, a letter of credit does not insure that the materials purchased will be those invoiced or shipped. Banks issuing letters of credit deal in documents not in merchandise. They have no legal obligation to inspect the actual merchandise. The quality and quantity of merchandise shipped, although specified in the documents submitted to the bank as required by the letter of credit terms, ultimately depends on the honesty and integrity of the seller who has manufactured, packaged, and arranged for shipment of the merchandise. If the buyer discovers that the merchandise has been mislabeled or the cartons are empty, he must sue the seller, not the bank. 1.在国际贸易中几乎不可能使付款和实际交货同时进行。 2.信用证付款方式对买卖双方都提供保障。 3.现代信用证在19世纪后半叶开始采用，第一次世界大战后得到了实质性的发 展。 4.要么因为信用证金额过大，要么因为对开证行不完全信任，出口商有时可能 要保兑的信用证。 5.信用证的形式、长短、语言和规定各不相同 2) Lesson 12 The Letter of Credit( 第十二课 信用证 (2) Letters of credit on their function, form and mechanism. 1. Credits that only require clean credit. They are generally used in or in payment in advance by means of the L/C. Most of the credits used in international trade are documentary credits, i.e. credits that require shipping documents to be presented together with the draft. 2. :不可撤销的信用证 This classification is based on the certainty of the to pay the applicant and the issuing bank. The credit is a revocable one if such commitments can be altered or even canceled without the beneficiary. It is quite obvious that the exporter has little assurance to get payment, and therefore this type of credits are rarely used. Irrevocable credits are those that cannot be amended orparties concerned. Safe and reliable, this type is extensively used in world trade. It must be noted that if there is no specific indication whether a credit is revocable or irrevocable, it should be regarded as irrevocable. 3. 兑信用证): If a credit is confirmed by , it becomes a confirmed credit. The confirmation is the advising bank or by another leading bank. Under a confirmed credit, the beneficiary is given since the confirming bank has added its own undertaking to that of the opening bank. If the credit is not confirmed by another bank, it is an unconfirmed letter of credit. Though a confirmed credit is considered to be able to provide the greatest degree of security to the beneficiary, it involves additional cost as a result of the confirmation. Therefore if the establishing bank is a reliable prime bank, confirmation may not be necessary. A which payment cannot be made until a specific date or a specific time . The usance varies from 30, 60, 90, days to as long as 180 days or even longer. It is also clear that this type of credit requires a usance draft. If the beneficiary wishes to get payment before the maturity of the draft, he can ask the bank to . 5. If a credit can be transferred by the original beneficiary to one or more parties, it is a transferable credit. The original beneficiary is called the called the . It is usually used when the first beneficiary is a middleman and does not supply the goods himself. A credit can be transferred only once. But transferring a credit to more than one party at the same time is allowed provided partial shipments are permitted. If a credit does not specify whether it is transferable, it should be regarded as a non-transferable credit stipulation. 6.(无汇票信用证) There is a modern tendency for payment to be made by presentation of the documents without the formality of . Such credits are non-draft credit. They mainly include which are respectively similar to sight credit and usance credit with the difference that no draft is drawn and presented in the case of non-draft credit. 7. 限额循环周转信贷 If a credit stipulated that its amount can be renewed or it is then a revolving credit. It is particularly useful when the buyer and seller have regular trading relationship and a specific quantity of goods each month or any particular period of time. It has already been mentioned that the letter of credit has greatly facilitated and promoted international trade. However, like any other methods of payment, it is not perfect. It cannot provide absolute security for the contracting parties. The seller may sustain losses because of the . The buyer may suffer losses as a result of . And it is not absolutely avoidable that the bank may become or bankrupt. Besides, it is more expensive to use the letter of credit than as the bank will charge its client for all the services it provides. So the letter of credit may not be the most ideal method of payment foraccording to the specific conditions. Exercises: 1. Explain the difference between clean credit and documentary credit. Where is the former generally used? 2. What is an irrevocable letter of credit? If a credit is not specified as revocable or irrevocable, what type should it be regarded? 3. By whom confirmation undertaken in the case of a confirmed letter of credit? 4. Since a confirmed credit provides the greatest degree of security to the beneficiary, it should be used for all transaction. Is this statement right? Why? 5. What is the advantage of a letter of credit to the beneficiary? 6. What does the beneficiary do in the case of a usance credit if he wishes to get payment before the maturity of the draft? 7. How many times and to how many parties can credit be transferred? 1.信用证按其作用、形式 和机制分不同的种类。 2.光票信用证主要用于非贸易结算，而在商品贸易中一般使用跟单信用证付款。 3.在即期信用证情况下，提示汇票和正确无误的单据后便立即付款。 4.远期信用证显然要使用远期汇票。付款期限可为30天、60天甚至可长达180 天。 5.如果信用证可以由原受益人转让给另一个或几个人，那么这种信用证即为可 转让信用证。原受益人称作第一受益人，接受转让的人称作第二受益人。 6.对于一笔具体交易来说，信用证不一定是最理想的付款方式。缔约双方应根 据具体情况作出最好的选择。 Lesson 13 Major Documents Required in World Trade 第十三课 国际贸易中主要单据 One of the major differences between domestic trade and foreign trade is . Every must be accompanied by a number of correct documents. If they are not the correct , the importer will have difficulties in taking delivery of the goods, and delays caused by incorrect documentation may affect future business relations between the trading partners. In the case of documentary letter of credit, any and those specified in the credit may lead to refusal by the bank to make payment. Different documents are required for different transactions, depending on the nature of the deal, the the type of commodity, stipulations of credit, regulations and in different countries, etc. However, most transactions require the Generally called ,the invoice‖ for short, this document is the general description of the quality and quantity of the goods and the unit and total price. It constitutes the basis on which other documents are to be prepared, Invoice number and the date; name and address of the buyer and the seller; contract number and credit number; description of the goods including name of the commodity, quantity, specifications, etc.; unit price, total price, price terms, and commission and discount if any; terms of delivery and terms of payment; packing, shipping marks, etc.; and seal or signature of the exporter. that the description of the goods in the invoice must comply with the credit while in other documents the goods can be described , and that the total invoice value should not exceed the total amount of the . The packing list gives information such as the number, date, name and description of the goods, shipping marks, packing, number of packages, specific contents of each package and its net weight and gross weight etc. Sometimes the credit which is similar to the packing list but emphasizes the description of the specifications of the goods. The ,similar to the packing list in content and function but emphasis on the weight of the goods and are generally used for goods which are based on the weight for price calculation. The is one of the most important documents and has three major functions: 1. It serves as a cargo receipt signed by the and issued to the 2. It between the carrier and the consignor; 3. It is a document of and the of lading is the owner of the goods it covers. The major contents of the bill of lading include: 1. the carrier, i. e. the shipping company ; 2. the shipper or consignor, 3. the . It is generally either the importer or ; 4. , i. e. the party to be advised after arrival of the goods at the port of destination. It is often the agent of the consignee or the consignee himself.; 5. a general description of the goods including the name, number of packages, weight, measurement etc ; 6. ; 7. the port of shipment and the port of destination ; 8. the freight(运费), for CIF and CFR it should be ,freight prepaid‖, or ,freight paid‖, for FOB it should be ; 9. the place where the bill of lading is issued ; 10. the date when the bill of lading is issued which is regarded as the time of shipment and can by no means be later than that stipulated in the credit. There are quite a few types of bills of lading classified in several ways. However, most letters of credit stipulate for A clean bill of lading(清洁提单) is one which states that the goods have been shipped in good order and condition. It is meant that the document is packing and the outer appearance of the goods. And the carrier admits full liability for the goods described in the bill of lading and is carry the goods and deliver them in received them. An on board bill of lading(在比尔提单) indicates that the shipment has been actually loaded on the carrying vessel bound for the port of destination。Traditionally, this has been the only acceptable type to be presented by the seller under the term CFR and CIF. The document similar to the ocean bill of lading is called for air transportation and etc. for railway transportation. The are similar in function, the only difference being that the latter is a bit simpler than the former. The main contents of such insurance documents include: 1. . Under CIF terms, the insured is generally the beneficiary of the credit unless otherwise specified, while under CFR and FOB terms，the insured is usually the importer. 2. cargo description including name, quantity, weight, shipping marks etc . 3. . It should be noted that the currency of the amount insured should be the same as that of the credit. 4. contents concerning transportation including the carrying vessel, the port of shipment and the port of destination, the sailing date etc. 5. the place where claims are to be settled. Unless otherwise specified in the credit, the port of destination is taken as the place for settling claims. 6. the date on which the document is issued.. Various certificates may be required depending on the nature of the commodity and the stipulations of the specific countries. The major types are certificate of quality; certificate of weight; certificate of quantity; certificate of health; certificate of disinfection; veterinary certificate; 原产 地证 书 关于书的成语关于读书的排比句社区图书漂流公约怎么写关于读书的小报汉书pdf ;etc. Other documents that may be required are 发货通知书 etc. A straight bill of lading is made out so that only the named consignee is entitled to take delivery of the goods under the bill. This consignee is designated by the shipper. The carrier has to hand over the cargo to the named consignee, not to any third party in possession of the bill. This kind of bill of lading is not transferable. The shipper can’t pass the bill to a third party by endorsement. Because of the limited functions, this bill is in very restricted application. When goods are shipped on a non-commercial basis, such as samples or exhibits, or when the goods are extremely valuable, a straight bill of lading is generally issued. 1.在国际贸易中使用正确的单据很重要，否则进口商提货时会遇到困难。 2.商业发票，一般称,发票‖， 这种单据对货物的质量和数量以及单价和总价 进行概括性描述。 3.货物在运输过程中可能发生风险损失，需要办理货物保险。 4.已装船提单表明货物已实际装上开往目的港的承运船只。 5.清洁提单指货物在表面状态良好的情况下装船，这意味着提单上未加任何有 关包装或货物外表不良的批注。