Glossary

A complete glossary of terms for international trade on Exporting and Importing.
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

IATA (INTERNATIONAL AIR TRANSPORT ASSOCIATION)

The International Air Transport Association (IATA) is an international industry trade group of airlines headquartered in Montreal, Quebec, Canada, where the International Civil Aviation Organization is also headquartered. IATA's mission is to represent, lead, and serve the airline industry. IATA represents some 230 airlines comprising 93% of scheduled international air traffic.

IATA DANGEROUS GOODS DECLARATION

Used specifically for dangerous goods being despatched by air. Relevant training must be undertaken to allow the responsible employee of the exporter to sign the declaration. The IATA Dangerous Goods Declaration can be created using e-z consign.

IBAN (INTERNATIONAL BANK ACCOUNT NUMBER)

The International Bank Account Number (IBAN) is an international standard for identifying bank accounts across national borders with a minimal of risk of propagating transcription errors. It was originally adopted by the European Committee for Banking Standards (ECBS), and was later adopted as an international standard under ISO 13616:1997 and now as ISO 13616-1:2007.

ICD (INLAND CLEARANCE DEPOT)

Instead of having your goods cleared at a port or airport, you can obtain customs clearance at an approved inland depot. There are depots throughout the UK. Normally only goods in containers, rail freight wagons or road vehicles which can be sealed may be removed for clearance inland.

IMF (INTERNATIONAL MONETARY FUND)

The International Monetary Fund (IMF) is an organization of 187 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world

IMO (INTERNATIONAL MARITIME ORGANISATION)

The IMO is the United Nations specialised agency for improving maritime safety and preventing pollution from ships.

IMPORT DUTY

Import duty which is a charge made by the government on importation of goods is applied to most goods entering the UK. If the goods are being imported from a country where the EU has a trade agreement such as a GSP (General System of Preference) country, if the suppler provides the correct certificate this could greatly reduce or even eliminate any import duty. 

IMPORT LICENCE

If your business is considering exporting or importing goods, you will need to check if you need a licence. There are controls on exports of military or paramilitary goods, technology, artworks, plants and animals, medicines and chemicals. Licence requirements may depend on the potential use of the item - e.g. if it has a military application (usually referred to as dual-use goods) and where you are exporting to. There are also controls on imports including firearms, plants and animals, foods, medicines, textiles and chemicals. Whether you need a licence can also depend on where the goods are coming from. Exporting or importing controlled goods without the right licence is a criminal offence, so it's important to check first. You may need a licence even if you are only exporting or importing goods temporarily - e.g. taking a sample to an exhibition.

INCOTERMS

The Incoterms® 2010 rules are an internationally recognized standard and are used worldwide in International and domestic contracts for the sale of goods. Incoterms®2010 defines who pays for what, who contracts for what and where the risk in the goods passes. Companies should ensure that any quotes, orders, agreements and contracts refer to Incoterms®2010. When considering which Incoterm® to apply exporters should be particularly aware of the need to have the appropriate documentary proof of export and should be aware that some Incoterms® may not have an obligation to provide you with that documentation. 

INTERNATIONAL IMPORT CERTIFICATE

An International Import Certificates (IIC) is an end use assurance. The UK importer may be asked to provide an International Import Certificate Available by his supplier. The supplier possibly needs an export licence from is countries authorities and to enable him to gain his export licence he will need to produce the import certificate so the authorities know what the goods are going to be used for. 

IOE (INSTITUTE OF EXPORT)

The Institute of Export is the professional membership body representing and supporting the interests of everyone involved in importing, exporting and International trade. They offer a unique range of individual and business membership benefits as well as a world renowned suite of qualifications and training.

IPR (INTELLECTUAL PROPERTY RIGHTS)

Intellectual property rights, very broadly, are rights granted to creators and owners of works that are the result of human intellectual creativity.  The main intellectual property rights are: copyright, patents, trademarks, design rights, protection from passing off, and the protection of confidential information.

IPR (INWARD PROCESSING RELIEF)

Inward Processing Relief (IPR) is a method of obtaining relief from Customs duties and VAT charges. The relief applies to goods imported from outside the EU, processed and exported to countries outside the EU. IPR provides relief to promote exports from the EU and assist EU companies to compete on an equal footing in the world market. The processing allowed under IPR can be anything from repacking or sorting goods to the most complicated manufacturing. If a company manufacture, process or repair goods obtained outside the EU and export the finished product they can save Customs duty and VAT normally payable at import.

IRREVOCABLE LETTER OF CREDIT

The issuing bank and the confirming bank (if any) undertake to honour a specified credit provided the terms of the credit are observed. The irrevocable credit may be communicated to the beneficiary by the advising bank and cannot be amended or cancelled unless the issuing bank, the confirming bank and the beneficiary agree.

ISO (INTERNATIONAL STANDARDS ORGANISATION)

ISO (International Organisation for Standardisation) is the world's largest developer and publisher of International Standards. ISO is a network of the national standards institutes of 163 countries, one member per country, with a Central Secretariat in Geneva, Switzerland, that coordinates the system.

ISSUING BANK

The bank that opens a documentary/letter of credit at the request of its customer, the applicant. If a company or individual in the UK is intending to import controlled goods from another COCOM (Co-Coordinating Committee on Multilateral Export Controls) member country it is the norm to apply for an International Import certificate at the request of the Licensing Authority of the country of export.

An IIC constitutes an undertaking by the importer to import the goods into the country of destination, without diversion or transhipment elsewhere, and not to re-export the goods without an export licence from the Licensing Authority in the country of importation. It is also an assurance from the Government of that country that it will control any subsequent export of those goods.