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World Trade Organisation

September 17, 2019

The Eighth Uruguay Round was successful and led to the setting up of the WTO. The WTO, was launched on January 1, 1995 replacing the GATT. Naturally, the GATT members became the members of WTO. It administers the agreements contained in the Final Act of the Uruguay Round. GATT was meant to deal with ...

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15 Documents used in External Trade

September 16, 2019

The main documents which are used in external trade are: Indent: It is an order placed for import of goods. It is sent to the exporter for supply of goods. It contains full information regarding the goods to be imported i.e., quantity, quality, mode of packing and marking, period of delivery, ...

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Procedure for Import Trade

September 15, 2019

The steps involved in importing goods are: Trade Enquiry: It is a written request by the importer to the exporters for supply of relevant information regarding the price, quality, quantity and various terms and conditions of export, etc. In response to the trade inquiry of the importer, the exporter ...

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Procedure for Export Trade

September 14, 2019

The procedure generally adopted for exporting goods to a foreign country is: Receipt of Enquiry and Sending Quotations: The importer of goods first sends an enquiry to different exporters requesting them to send information about price, quality, terms of payment etc. In reply to the enquiry, the ...

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Facilitators of External Trade

September 13, 2019

The traders need support from others in the process of buying and selling. The persons or institutions that provide various kinds of support are termed as facilitators of external trade. Indent Houses / Indent Firms: They help importer and exporter in sending and receiving the order of goods ...

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Assessing Individual Differences

September 13, 2019

Psychological assessment refers to the use of specific procedures for evaluating personal qualities, behaviours and abilities of individuals. These procedures describe people by specifying how they are different from or similar to other individuals. Such assessments are frequently done by most of ...

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Difficulties Faced in External Trade

September 12, 2019

In internal trade, generally buyers and sellers meet together and transactions take place as per their convenience. But in external trade the situation is completely different. Ittakes a long procedure to buy and sell the goods and services. The business people generally face a number of problems in ...

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Importance of External Trade

September 11, 2019

External Trade is an important indicator of economic condition of a nation. Both importing and exporting countries are benefited by external trade. While exporting country earns more foreign exchange by exporting its surplus, the importing country at the same time gets the opportunity to use better ...

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External Trade - Meaning and Types

September 10, 2019

No country in the world possesses everything that is needed by its people. So they all have to depend on others to meet their requirement of certain items. For example, a country may be rich in iron and steel but poor in aluminium. So it has to meet its requirement of aluminium from countries with ...

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Documents Used in Internal Trade

September 09, 2019

1. Performa Invoice It is a document sent prior to the actual sale to the buyer. It informs the buyer about the amount he is required to pay for the specified goods purchased by him. It provides almost the same information as an invoice provides. It is sent in the following cases: When goods are ...

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Retailing in the Changing Times

September 08, 2019

As business has evolved over the ages, retailing, an important and dynamic part of it, has also kept pace with the changes. However, in the recent past there have been such drastic and far-reaching developments in this field that it is said that we are presently experiencing a retailing revolution, ...

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Recent Trends in Distribution

September 07, 2019

With the advancement in the information technology (use of computers, telephone, internet, etc.) methods of distribution of goods from producers to consumers have witnessed new developments. Today, consumers can conveniently buy products of their choice without leaving their home or office, any time ...

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