FINAL EXAM Definitions

FINAL EXAM - HUEC 3032 FINAL EXAM CHAPTER 13-15 Agreement of Textiles and Clothing(ATC-a trade agreement that replaced the Multi-Fiber Arrangement

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HUEC 3032 FINAL EXAM CHAPTER 13-15 Agreement of Textiles and Clothing (ATC) -a trade agreement that replaced the Multi-Fiber Arrangement and provided for elimination of most quotas on textiles and apparel products by Jan. 1, 2005 Bilateral agreements -trade agreements between two countries Cut, make, and trim (CMT) -includes the processes of actually manufacturing the product; literally, it is cutting the fabric, sewing the garment together, and applying the trims Domestic contracting -the use of manufacturing facilities located in the same country as the product developer, but not owned by the product developer Embargo -the prohibition against importing products from an exporting nation Free on board (FOB)-the exporter or offshore contractor includes in the price of goods the transportation to port, the handling and loading aboard the vessel, and cost of quota and export duty charges incurred in country of origin. Ownership transfers when the goods are loaded on board Free trade zone -areas that allow for the duty-free movement of equipment and supplies General Agreement on Tariffs and Trade (GATT)-agreement signed in 1947 that formed a temporary, rather than permanent, organization whose goal was to liberalize trade and create a more global market International Labor Organization (ILO)-A UN agency that promotes social justice and internationally recognized human and labor rights. The ILO sets minimum standards for basic labor rights related to collective bargaining and regulating working conditions Joint venture -the shared ownership of a facility with a business based in another country Labor-intense -describes an industry that requires many workers to complete each product Landed price -the total product cost including shipping costs and duty charges Letter of credit -document authorizing a firm’s bank to pay the exporting contractor once the contracted goods are loaded on a vessel Manufacture -to make or product Quota -an annual limit on the volume of a product, designated by category that may be shipped from an exporting country to an importing country Sourcing -the practice of procuring materials and production elsewhere Sourcing mix -the combination of resources a firm uses to product its products Tariff -a tax on imported goods that is assessed by the country of import World Trade Organization (WTO) -replaced GATT as a permanent organization in 1995 Worldwide Responsible Apparel Production (WRAP) -an independent, nonprofit organization dedicated to the certification of lawful, humane, and ethical manufacturing throughout the world
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This note was uploaded on 02/13/2012 for the course HUEC 3032 taught by Professor Park during the Fall '08 term at LSU.

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FINAL EXAM - HUEC 3032 FINAL EXAM CHAPTER 13-15 Agreement of Textiles and Clothing(ATC-a trade agreement that replaced the Multi-Fiber Arrangement

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