North American Free Trade Agreement (NAFTA)

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The North American Free Trade Agreement is a pact between Canada, Mexico, and the USA to promote economic integration and reduce trade barriers among member countries.

Letter of Credit (LC)

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A letter of credit is a financial document issued by a bank on behalf of a buyer, guaranteeing payment to the seller upon the satisfactory completion of the specified terms and conditions of the trade transaction.

Free Trade Agreement

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A free trade agreement is a treaty between two or more countries that facilitates the exchange of goods and services by reducing or eliminating tariffs, quotas, and other trade barriers.

Foreign Trade Zone (FTZ)

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A foreign trade zone is a designated area within a country’s borders where goods can be stored, processed, and traded with certain benefits, such as duty exemption or deferral, to promote international trade and economic activity.

Export Transaction (ET)

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Export transaction refers to the sale and transfer of goods or services from a seller located in one country to a buyer located in a foreign country, typically involving international trade and crossing national borders.

Customs Broker (CB)

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A customs broker is a licensed professional or firm specialized in facilitating and expediting the clearance of goods through customs on behalf of importers and exporters, ensuring compliance with customs regulations and requirements.

Bill of Lading (BOL)

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A bill of lading is a legal document issued by a carrier or its agent that serves as a receipt of goods, as well as a contract of carriage outlining the terms and conditions of the transportation.

Rules of Origin

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Rules of Origin refer to the criteria and regulations used to determine the national source or origin of a product, which is essential for applying tariffs, trade preferences, and other trade-related measures.

World Trade Organization (WTO)

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The World Trade Organization is an international organization that regulates and facilitates global trade by establishing rules and agreements among member countries to promote fair and predictable international commerce.

Standard Individual Export Licence (SIEL)

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A Standard Individual Export Licence (SIEL) permits UK exports of a defined number and value of items to a specific destination for a specified amount of time. Licenses for temporary and permanent exports are normally valid for one and two years, respectively.