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Foreign Trade - Lesson Summary

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Foreign Trade - Lesson Summary

Trade promotion is an umbrella term for economic policies, development interventions and private initiatives aimed at improving the trade performance of the country or a group of countries involved in an economic trade area.
Post-shipment finance refers to the credit extended to exporters after the shipment of goods for working capital requirements.
An export processing zone is a specific type of free trade zone that is set up in developing countries by their governments to import plant machinery, equipment and material for the manufacturing of exported goods without the payment of duty.
The Directorate General of the Foreign Trade organization is responsible for formulation and implementation of the foreign trade policy with the main objective of promoting exports in India.
A Letter of Undertaking is a letter of guarantee that is issued by a bank on behalf of its customers to foreign branches of other banks who offer credit to these customers.
A Foreign Letter of Credit is a guarantee from a bank that a particular seller based in a foreign country will receive a payment due from a particular buyer within a specified time period.
Almost every country exports and imports products, in order to benefit from international trade and this, can only be increased if the countries follow a common set of rules and regulations related to imports and exports.
The Bretton Woods agreement was negotiated in order to establish a new international monetary system aimed at creating an efficient exchange system thereby preventing competitive devaluations of currencies and promoting international economic growth.
The purpose of the International Monetary Fund is to monitor exchange rates and identify nations that need global monetary support. It aims to promote global economic growth, financial stability, and encourage international trade.
The IMF provides technical assistance and training to help member countries build better economic institutions and strengthen related human capacities.
The World Bank is an international financial institution that provides financial and technical assistance to developing countries for development programs.
The World Trade Organization is an international organization dealing with the trade rules among nations. Its goal is to help producers of goods and services, exporters and importers conduct their business.