INCOTERMS-WORDS USED IN FOREIGN TRADE
INCOTERMS-WORDS USED IN FOREIGN TRADE
INCOTERMS (International Commercial Terms) are a set of standardized terms that define the rights and obligations of buyers and sellers involved in international trade. They are developed and maintained by the International Chamber of Commerce (ICC) and are widely used in commercial transactions worldwide.
The purpose of INCOTERMS is to provide a common language and understanding of the responsibilities, risks, and costs associated with the delivery of goods.
For all modes of transport:
- EXW (Ex Works)
- FCA (Free Carrier)
- CPT (Carriage Paid To)
- CIP (Carriage and Insurance Paid To)
- DAP (Delivered at Place)
- DDP (Delivered Duty Paid)
For sea and inland waterway transport:
- FAS (Free Alongside Ship)
- FOB (Free on Board)
- CFR (Cost and Freight)
- CIF (Cost, Insurance, and Freight)
- DAP (Delivered at Place)
It is important to note that the use of INCOTERMS is voluntary, and parties to a transaction may choose to use other terms or create their own terms.
FOREIGN TRADE MEANING
AA |
AANF |
ACU |
AEZ |
ANF |
ACP |
AEO |
AES |
ARO |
ASEAN |
AU |
BCD |
BG |
BIFR |
BOT |
BRC |
BTP |
BIS |
CBEC |
CCP |
CEA |
CEC |
CED |
CENVAT |
CETF |
CFCs |
CG |
CGST |
CIF |
CIN |
CIS |
CKD |
CoD |
CoO |
CQCTD |
CST |
CIN |
CRES |
CSP |
CECA |
DA |
DBK |
DC |
DDA |
DEA |
DEL |
DES |
DFIA |
DGCI&S |
DPIN |
DGFT |
DIPP |
DoBT |
DoC |
DeitY |
DoT |
DRS |
DTA |
e-BRC |
e-IEC |
ECA |
EDI |
ECGC |
EEFC |
EFC |
EFT |
EGM |
EHTP |
EIC |
EO |
EODC |
EOP |
EOU |
EPC |
EPCG |
EPO |
EXIM |
FDI |
FE |
FEMA |
FIEO |
FIRC |
FOR |
FTDO |
FTP |
FT(R) Rules |
FTA |
G&J EPC |
GATS |
GR |
GST |
HACCP |
HHEC |
ICD |
ICM |
IEC |
IGST |
ISO |
IAEA |
INFCIRC |
IEM |
IMSC |
IL |
ISO |
KVIC |
LC |
LCS |
LLPIN |
LPG |
LoC |
LoI |
LoP |
LUT |
MAI |
MDA |
MEA |
MEIS |
MRA |
MoD |
MoF |
MSME |
NBFC |
NC |
NFE |
NI |
NCB |
NOC |
PDS |
PEC |
PIC |
PRC |
PAN |
PH |
PTA |
PSU |
R&D |
RA |
RBI |
RCMC |
REP |
RPA |
S/B |
SAD |
SEI CMM |
SEIS |
SGST |
SIA |
SIIC |
SION |
SKD |
SLEPC |
STCL |
STE |
STH |
STPI |
STR |
SUVs |
TED |
TEE |
TH |
TPO |
TRA |
TRQ |
TUFS |
UAC |
UN |
VA |
WCO |
Advance Authorisation |
Appendices and Aayaat Niryaat Form |
Asian Clearing Union |
Agri Export Zone |
Aayat Niryaat Form |
Accredited Clients Programme |
Authorised Economic Operator |
Approved Exporter’s Scheme |
Advance Release Order |
Association of South- East Asian Nations |
Actual User |
Basic Customs Duty |
Bank Guarantee |
Board of Industrial and Financial Reconstruction |
Board of Trade |
Bank Realisation Certificate |
Biotechnology Park |
Bureau of Indian Standards |
Central Board of Excise and Customs |
Customs Clearance Permit |
Central Excise Authority |
Chartered Engineer Certificate |
Central Excise Duty |
Central Value Added Tax |
Common Effluent Treatment Facility |
Common Facility Centres |
Capital Goods |
Central Goods and Services Tax |
Cost, Insurance & Freight |
Corporate Identification Number |
Commonwealth of Independent States |
Completely Knocked Down |
Cash on Delivery |
Certificate of Origin |
Committee on Quality Complaints and Trade Disputes CRES |
Central Sales Tax |
Company Identification Number |
Certification of Registration as Exporter of Spices CEPA |
Common Service Provider |
Comprehensive Economic Cooperation Agreement CVD |
Document against Acceptance |
Drawback |
Development Commissioner |
Diamond Dollar Accounts |
Department of Economic Affairs |
Denied Entity List |
Duty Exemption Schemes |
Duty Free Import Authorisation |
Director General, Commercial Intelligence & Statistics. DIN |
Designated Partner Identification Number |
Director General of Foreign Trade |
Department of Industrial Policy & Promotion |
Department of Bio-Technology |
Department of Commerce |
Department of Electronics and Information Technology DoR |
Department of Telecommunications |
Duty Remission Schemes |
Domestic Tariff Area |
Electronic Bank Realisation Certificate |
Electronic Importer-Exporter Code |
Enforcement- cum-Adjudication |
Electronic Data Interchange |
Export Credit Guarantee Corporation |
Exchange Earners’ Foreign Currency |
Exim Facilitation Committee |
Electronic Fund Transfer |
Export General Manifest |
Electronic Hardware Technology Park |
Export Inspection Council |
Export Obligation |
Export Obligation Discharge Certificate |
Export Obligation Period |
Export Oriented Unit |
Export Promotion Council |
Export Promotion Capital Goods |
Engineering Process Outsourcing |
Export Import |
Foreign Direct Investment |
Foreign Exchange |
Foreign Exchange Management Act |
Federation of Indian Export Organisation |
Foreign Exchange Inward Remittance Certificate FOB |
Freight on Road and Rails |
Foreign Trade Development Officer |
Foreign Trade Policy |
Foreign Trade (Regulation) Rules FTWZ |
Free Trade Agreement |
Gems & Jewellery Export Promotion Council GOI |
General Agreement on Trade in Services |
Guarantee of Realisation |
Goods and Services Tax |
Hazard Analysis and Critical Control Process HBP |
Handicraft & Handlooms Exports Corporation ICB |
Inland Container Depot |
Indian Commercial Mission |
Importer Exporter Code |
Integrated Goods and Services Tax |
International Organisation for Standardisation |
International Atomic Energy Agency |
International Atomic Energy Agency Information Circular |
Industrial Entrepreneurial Memorandum |
Inter-Ministerial Standing Committee |
Industrial Licensing |
International Standards Organisation |
Khadi and Village Industries Commission |
Letter of Credit |
Land Customs Station |
Limited Liability Partnership Number |
Liquefied Petroleum Gas |
Line of Credit |
Letter of Intent |
Letter of Permit |
Legal Undertaking |
Market Access Initiative |
Market Development Assistance |
Ministry of External Affairs |
Merchandise Exports from India Scheme |
Mutual Recognition Agreements |
Ministry of Defence |
Ministry of Finance |
Ministry of Micro Small and Medium Enterprises MSMED |
Non- Banking Financial Company |
Norms Committee |
Net Foreign Exchange |
Non-Infringing |
National Competitive Bidding |
No Objection Certificate |
Public Distribution System |
Project and Equipment Corporation of India Ltd. |
Policy Interpretation Committee |
Policy Relaxation Committee |
Permanent Account Number |
Personal Hearing |
Preferential Trade Agreement |
Public Sector Undertaking |
Research and Development |
Regional Authority |
Reserve Bank of India |
Registration-cum-Membership Certificate |
Replenishment |
Rupee Payment Area |
Shipping Bill |
Special Additional Duty |
Software Engineers Institute’s Capability Maturity Model SEZ |
Service Exports from India Scheme |
State Goods and Services Tax |
Secretariat for Industrial Assistance |
State Industrial Infrastructure Corporation |
Standard Input Output Norms |
Semi- Knocked Down |
State Level Export Promotion Committee STC |
Spices Trading Corporation Limited |
State Trading Enterprise |
Star Trading House |
Software Technology Park of India |
State Trading Regime |
Sports Utility Vehicles |
Terminal Excise Duty |
Towns of Export Excellence |
Trading House |
Trade Promotion Organization |
Telegraphic Release Advice |
Tariff Rate Quota |
Technology Upgradation Fund Scheme |
Units Approval Committee |
United Nations |
Value Addition |
World Customs Organisation |
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