Jasmine Gladstone

Firstly: All business partners should be screened against global sanctions lists – including US lists – to ensure a company does not trade with restricted parties. This is not a one-time screening, but applies to all business transactions. Once parties appear on a sanctions list, trade may be fully prohibited or restricted to certain goods.
Secondly: US re-export controls under the US Export Administration Regulations (EAR) apply to goods that contain US parts above the “de-minimis” threshold. If the share of US components is above 10% of the value (for embargo countries) or 25% (other countries), the goods must be classified and the transaction must undergo an export control check under EAR. This even applies if goods are shipped within the EU or APAC. Violations of US export control regulations can bring about hefty fines: under EAR, maximum criminal fines are $1 million per violation and maximum jail time is 20 years. This is in addition to possible loss of export privileges and reputational damages, of course.

CY stands for Container Yard. Container Yard is a place within a port or terminal where containers are stored before it is loaded on the ship in the case of exports or offloaded from the ship in the case of imports. In some cases in the body of a bill of lading you might have seen a notation CY/CY or in the Port of Loading or Port of Discharge fields in the bill of lading, you might have seen this added after the name of the port, like so (Durban CY). This means that the responsibility of the carrier either begins (in the case of Port of Load) or ends (in the case of Port of Discharge) at the Container Yard. In some ports, as part of the export process, the container maybe received at a point other than the Container Yard and there might be an additional movement involved (with or without cost) to move it to the Container Yard. Similarly as part of the import process, the container might have to be moved from the Container Yard to a different yard or staging area (with or without cost) before it is loaded on the importers truck. In such cases, if the notation of CY/CY is present on the bill of lading, the shipper/consignee will be responsible for any movement, costs or risks before the container is delivered to the carrier at the CY or picked up from the CY.

Before accepting exports of a chemical product from Australia, many countries require an assurance from the government authority responsible for regulating the product in Australia. The Australian Pesticides and Veterinary Medicines Authority (APVMA) issues certificates containing the relevant details of such products through a range of common types of certificate, such as:

Certificate of Export and Manufacture (Approved GMP)
Certificate of Export (Unregistered Product)
Certificate of Free Sale

Gains accrue to all the participating countries in international trade. The classical economists usually adopted the following alternative criteria of measuring the gain from trade accruing to an individual country: Reduction in the Cost of Production.
Enhancement of the Real Income.
The nature of Terms of Trade.
In short, an index of cost reduction or improvement in the marginal physical product of labour can be used as a criterion for measuring the gain from international trade.
Thus, the gain from trade may be measured as under: G = Ca - Cb
Where,
G stands for the gain;
Ca stands for per unit cost of production after trade;
Cb stands for per unit cost of production before trade.
If G is negative, it suggests cost economy to that extent.

GST (Goods and Services Tax) is a broad-based tax of 10% on most goods, services and other items sold or consumed in Australia and also on most imports of goods. These include fees for professional services conducted in Australia such as fees for an Australian educational institution.

GST is not applied to a service if it is outside Australia and the use of the service is outside Australia. It is also GST free if the recipient of the service is outside of Australia.

Exports of goods and services are generally GST-free. If you're registered for GST, this means:

You don't include GST in the price of your exports
You can still claim credits for the GST included in the price of purchases you use to make your exported goods and services.
There are some circumstances where GST must be paid, such as if the goods remain in Australia for more than 60 days after they are sold. You should refer to the Australian Taxation Office for detailed information on GST rules and your obligations as an Australian business.
For an Australian company who exports, export sales need to be included when registering and reporting on GST turnover because the good or service is ‘connected with Australia’.