L5-8 Flashcards
How many countries commissioned the European Union?
27
In what year was the Civil Service Tribunal of the European Union created?
2004
Where is the Treaty on European Union signed on July 29, 1992?
Maastricht
The agreement that requires the developed country members have agreed to reduce over a six-year period beginning in 1995.
Tariffication Formula
It presents the collections to the drawee and collects the payment or obtains the acceptance from the drawee.
Presenting Bank
Subsidies that require recipients to meet certain export targets, or to use domestic goods instead of imported goods.
Prohibited Subsidies
Tariff concessions that WTO members give are bound by ceiling, not floor tariffs.
Bound Tariff
When is Europe Day?
May 9
In what year General Court of the European Union was created?
1988
It is directly elected by and is the voice of the EU people for a term of office in five years.
European Parliament
What is the meaning of TPP?
Trans-Pacific Economic Strategic Partnership Agreement
Is any bank involved in the processing of the collection and would normally be the remitting bank’s correspondent in the buyer’s country?
Collecting Bank
In what year did Austria, Finland, and Sweden join the European Union?
1995
An act that sets out the goal of all EU member states must achieve while allowing member states to decide how to achieve the goal.
Directive
What are the member countries under NAFTA?
Canada, Mexico, and the United States
In what year and date did the Euro become the single currency for the member states in the European Union?
1 January 1999
In what article of GATT mentioned about set out the meaning of FTA in GATT and specifies the applicability of other GATT provisions to FTAs?
Article XXIV
It is an undertaking given by a bank to add its undertaking to a letter of credit to pay according to the terms of credit provided all the documents are presented in order.
Silent Confirmation
Credit claim to be used in the coffee trade in syre and operates.
Green Clause Credit
Normally the seller’s bank which forwards the documents together with the seller’s instruction to the collecting bank.
Remitting Bank
It is a binding on those to whom it is addressed.
Decision
In what year and date did the European Union have 500 million people living in 27 member states and using 23 official languages to become an organization with a strong legal power?
February 2012
What is the meaning of NAFTA?
North American Free Trade Agreement
It is similar to ordinary documentary credit in that it is issued by a bank and embodies an undertaking to make payment to a third party or to accept bills of exchange loan provided that the beneficiary tenders.
Standby Credits
