|| The North American Free Trade Agreement,
between Canada, Mexico, and the United States, went
into effect in 1994 and created the largest free trade
zone in the world. NAFTA promised to increase the
competitiveness of the region in relation to the rest
of the world and increase jobs and prosperity in all
three nations, but the evidence points to the contrary.
|| Usually used with regard to Bills of Lading: a
negotiable B/L is a valid document of title, while
a non-negotiable B/L is not - the beneficiary of a
DC (the exporter) may send the importer a non-negotiable
B/L for information.
|| Purchase of drafts under a documentary credit which
the issuing bank has undertaken to pay.
|| A view of the world based on the belief that the
optimal economic system is achieved by giving free
reign to market participants, privatization, free
trade, and the shrinking of government intervention
in the economy. Critics argue that neoliberal policies
prioritize corporate profits over the welfare of the
working majority and society at large.
|| The weight of the merchandise before any packaging.
|| Bills not drawn under DC i.e. sent on a collection
basis (D/P or D/A). In common usage we distinguish
between Non DC bills which are financed collections
and DCs which are non-financed.
|| Bills sent on collection in which the remitting
branch has no financial interest.
|Nonprivileged Foreign (Npf)
|| Foreign Merchandise or non-tax-paid domestic merchandise
upon which the duty and applicable taxes will be determined
at the time of entry from the zone for consumption.
|| Means, other than tariffs, to discourage imports.
They may include requiring advance deposits in import
payments, requiring excessive customs adherence and
excessive administrative procedures.
|Non-Vessel Operating Common Carrier (Nvocc)
|| A cargo consolidator of small shipments in ocean
trade, generally soliciting business and arranging
for or performing containerization functions at the
|North American Free Trade Agreement (Nafta)
|| It covers the largest free trade area in the world
encompassing Canada, the United States and Mexico.
This free trade pact was passed by the U.S. Congress
in November 1993 and began implementation in January
1994. NAFTA follows the model of the U.S.-Canada Free
Trade Agreement and will lower trade barriers among
the three countries over the next 15 years to zero
in most categories of goods and services.
|| The first stage in protest of a dishonoured bill:
if instructed to protest for non-payment/non- acceptance,
the collecting bank must send the bill to a notary
public who will represent it to the drawee on the
same day it was refused, or the next business day.
If the drawee still refuses the bill the notary public
notes on the bill: the amount of his charges, the
date and his initials. The reason for refusal is shown
on a note attached to the bill. The bill is then protested
- see Protest