Are you an aspiring entrepreneur looking to start a business in the world of import and export? Look no further! In this comprehensive guide, we will walk you through the ins and outs of the export and import industry. From understanding the basics to navigating the complexities, we’ve got you covered. Get ready to embark on an exciting journey of entrepreneurship in the global marketplace! Introduction to Export and Import Before we dive into the details, let’s first understand what export and import actually mean. Export refers to the process of selling goods or services produced in one country to …
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Incoterms, short for International Commercial Terms, are a standardized set of trade terms established by the International Chamber of Commerce (ICC). They define the responsibilities, risks, and costs associated with the transportation and delivery of goods in international trade transactions. Incoterms specify key aspects like when and where ownership and risk transfer from the seller to the buyer, as well as who is responsible for transport, insurance, and customs clearance. Common Incoterms include FOB (Free On Board), CIF (Cost, Insurance, and Freight), and EXW (Ex Works). Using Incoterms ensures clarity and consistency in global trade transactions, reducing misunderstandings and disputes between parties involved.