The knowledge of the most important terms used in international trade is crucial for mutual understanding. We will present the most common international trade terms accompanied with the detailed definition.
What is the Certificate of Origin?
Generally speaking, it is a document, which proves that the goods in a particular export shipment have been wholly obtained, produced, manufactured or processed in a particular country. The name can be abbreviated to C/O or COO. The origin of goods is important for tax and tariff authorities (for example duty is applicable in the case of buying goods in country A, but not in country B). While a lot of Chinese products are exempted from duty, there are still some categories in which the EU uses duty as a market protection tool.