Reyansh Goswami

The EU has a trade agreement with South Korea, enabling preferential trade. However, for shipments over 6000 Euros, normally a EUR1 would be issued to certify the goods meet the rules of origin. However South Korea does not accept the EUR1 form.

For preferential trade with South Korea, then Approved Exporter Status is required to enable preferential import duty. To apply for this, you need to complete a C1454 form and once approved you would use your Approved Exporter Number for your customer to benefit from preferential. Import duties.

A NVOCC is often termed as a “carrier to shippers” and “shipper to carriers”. What does this mean?

At the most basic level, a NVOCC enters into volume based ocean freight arrangements with the various shipping lines operating across the various trade lanes. A NVOCC then creates their own tariff based on which they sell space on these liner services to their various clients.

A NVOCC’s client list may include

• BCO – Beneficial Cargo Owner which is another term for Exporter or Importer
• Freight Forwarder
• Clearing Agent
• Freight Broker

Depending on certain jurisdictions and markets, NVOCC’s activities may include but not restricted to below:

• concluding contracts of international carriage of goods with the shippers as carriers;
• receiving cargo and delivering cargo as carriers;
• issuing bills of lading (usually a House Bill of Lading) or other transport documents;
• collecting freight and other service charges;
• booking space and arranging shipping with mainline carriers;
• paying port to port transportation freight or other transportation charges;
• consolidation and deconsolidation of containers either using own CFS or 3rd party

The termo de compromisso is required for import and for export and is related to the Central Bank supervision of exchange controls. It is a document issued by the commercial bank of the importer/exporter, which needs to be submitted to customs, in which the bank confirms that the importer/exporter is their client and that the bank commits to sending the required documentation to the central bank relating to the import/export operation.

The clearance through the private license on imported and exported goods only for the imports of the company itself, whose invoices are written in the name of the company or institution or one of its branches. The general license can clear all the imported and exported goods regardless of the name of the importer or exporter registered on the invoice.

TEU – for twenty-foot equivalent unit – is the standard measure of a ship’s cargo carrying capacity. The basis for the TEU is the multimodal shipping container, which is 20 feet long, 8 feet wide, and 8½ feet tall. One TEU can generally accommodate from 9 to11 pallets.