Reyansh Goswami

Nice question Mr. Goel. 1.Distance: Due to long distance between different countries, it is difficult to establish quick and close trade contacts between traders. Buyers and sellers rarely meet one another and personal contact is rarely possible. There is a great time lag between placement of order and receipt of goods from foreign countries. Distance creates higher costs of transportation and greater risks. 2.Different languages: Different languages are spoken and written in different countries. Price lists and catalogues are prepared in foreign languages. Advertisements and correspondence also are to be done in foreign languages.A trader wishing to buy or sell goods abroad must know the foreign language or employ somebody who knows that language. 3.Difficulty in transportation and communication: Dispatch and receipt of goods takes a longer time and involves considerable expenses. During the war and natural calamities, transportation of goods becomes even more difficult. Similarly, the costs of sending or receiving information are very high. 4.Risk in transit: Foreign trade involves much greater risk than home trade. Goods have to be transported over long distances and they are exposed to perils of the sea. Many of these risks can be covered through marine insurance but increases the cost of goods. 5.Lack of information about foreign businessmen: In the absence of direct and close relationship between buyers and sellers, special steps are necessary to verify the creditworthiness of foreign buyers. It is difficult to obtain reliable information concerning the financial position and business standing of the foreign traders. Therefore, credit risk is high.

I suppose that criticisms is also there for trade blocs. However, Many advocates of global free trade are opposed to trading blocs. Trade blocs are seen by them to encourage regional free trade at the expense of global free trade.Those who advocate for it claim that global free trade is in the interest of every country, as it would create more opportunities to turn local resources into goods and services that are both currently in demand and will be in demand in the future by consumers.However, scholars and economists continue to debate whether regional trade blocs fragment the global economy or encourage the extension of the existing global multilateral trading system

I suppose that as a rule the Shipper creates the Commercial Invoice. The document should include accurate and true information. Do not be tempted to devalue products, or guess any of the information; The shippers full business name and address including country. Product code, description, serial number, quantity, and value in sale currency. HS code and / or ECCN Number - you must ensure these are correct. Weights & dimensions of the package(s). Full business name, address, contact name, number and email address for the consignee. Information about Lithium batteries if applicable. If you require help creating you Commercial Invoice, or would like us to check your current template then please do let us know and we'd be happy to help. Note that we check CI's prior to the movement of a live job.

Incoterms do not cover property rights, possible force majeure situations and breach of contract. Include of these within the contract of sale. Similarly, all incoterms except the C terms do not assign responsibility for arranging insurance. Cargo insurance is, therefore, a separate cost for buyers.

Yes. Whether brand-new or used, purchased or donated, the imported vehicle is subject to 40% Customs duty, 10% VAT and Ad Valorem Tax from 15% to 100% depending on its piston displacement. Its book value serves as the tax base and not the purchase price nor the acquisition cost. The book value is sourced from universally accepted motor vehicle reference books such as the Red Book, Blue Book, World Book depending on the origin of the imported vehicle.