Contents
Section I International Trade Theory and Policy
CHAPTER 1 INTRODUCTION TO INTERNATIONAL TRADE3
1 The Reasons for International Trade3
1. Resources reasons4
2. Economic reasons4
3. Other reasons4
2 The Differences between International Trade and Domestic Trade5
1. More complex context5
2. More difficult and risky5
3. Higher skills required5
3 Basic Concepts Concerning International Trade6
1. Visible trade and invisible trade6
2. International trade value and international trade volume9
3. Favorable balance of trade and unfavorable balance of trade11
4. General trade system and special trade system15
5. Commodity composition of international trade16
6. Geographical composition of international trade17
7. Ratio of merchandise trade to GDP21
8. Trade in value-added22
CHAPTER 2 CLASSICAL TRADE THEORIES25
1 Mercantilism26
1. The development of mercantilist thought26
2. The mercantilist economic system27
3. Economic policies pursued by the mercantilists27
4. Discussions28
2 David Humes Challenge to Mercantilism28
1. Assumptions of price-specie-flow mechanism28
2. The price-specie-flow mechanism29
3 Adam Smiths Theory of Absolute Advantage29
1. Assumptions of Adam Smiths theory of absolute advantage30
2. Challenge to Mercantilism31
3. Example31
4 David Ricardos Theory of Comparative Advantage32
1. The concept of comparative advantage32
2. Example34
3. Analysis of the theory of comparative advantage by using modern tools36
CHAPTER 3 NEOCLASSICAL TRADE THEORIES41
1 Gains from Trade in Neoclassical Trade Theory41
1. Increasing opportunity costs on the PPF41
2. General equilibrium and gains in autarky42
3. General equilibrium and gains after the introduction of international trade43
2 Reciprocal Demand Theory44
1. A countrys offer curve45
2. Trading equilibrium46
3. Measurement of terms of trade47
3 Factor Endowment Theory49
1. Factor intensity in production49
2. Factor endowments, factor prices, and comparative advantage50
3. Assumptions of the factor proportions theory51
4. The Heckscher-Ohlin theorem52
5. An example to illustrate H-O theorem53
6. The factor price equalization theorem54
7. The Stolper-Samuelson theorem55
4 The Leontief ParadoxAn Empirical Test of the Factor Proportions Theory55
1. The Leontief paradox55
2. Suggested explanations for the Leontief Paradox and related theories57
CHAPTER 4 POST-HECKSHER-OHLIN THEORIES OF TRADE59
1 The Product Cycle Theory60
1. The imitation lag hypothesis60
2. The product cycle theory61
2 The Linder Theory64
1. Assumptions of the Linder theory64
2. Trade comes in the overlapping ranges of product sophistication65
3 Intra-Industry Trade Theory66
1. Explanations of intra-industry trade67
2. Measurement of intra-industry trade68
CHAPTER 5 IMPORT PROTECTION POLICY： TARIFFS71
1 Types of Import Tariffs71
1. In terms of the means of collection72
2. In terms of the different tariff rates applied73
3. In terms of special purposes for collection78
2 The Effects of Import Tariffs84
1. Concepts of consumer surplus and producer surplus84
2. The welfare effects of import tariffs85
3 Measurement of Import Tariffs86
1. The height of import tariffs86
2. Nominal versus effective tariff rates87
CHAPTER 6 IMPORT PROTECTION POLICY： NON-TARIFF BARRIERS91
1 Forms of Non-tariff Barriers91
1. Quantity control measures92
2. Price control measures94
3. Para-tariff measures94
4. Finance measures95
5. Anti-competitive measures96
6. Miscellaneous measures96
2 Effects of Non-tariff Barriers99
1. The effects of an import quota100
2. The effects of a subsidy to an import-competing industry101
CHAPTER 7 EXPORT PROMOTION AND OTHER POLICIES103
1 Export Subsidy and Production Subsidy103
1. Export subsidy and its effects103
2. Production subsidy and its effects105
2 Other Export Promotion Policies107
1. Devaluation of home currency108
2. Commodity dumping108
3. Bonded warehouse109
4. Special trade zone110
5. Export promotion programs112
3 Export Restrictions and Import Promotion Policies116
1. Export restrictions policies116
2. Import promotion policies118
4 Trade Sanctions119
1. Introduction to trade sanctions119
2. Effectiveness of trade sanctions121
CHAPTER 8 ARGUMENTS AGAINST FREE TRADE123
1 Traditional Arguments against Free Trade123
1. Infant industry argument123
2. Terms of trade argument125
3. Balance of trade argument126
4. Tariff to reduce aggregate unemployment argument127
5. Fair competition argument128
6. National security argument128
2 New Protectionism129
1. Tariff to extract foreign monopoly profit129
2. Export subsidy in duopoly131
3 The Political Economy of Trade Policy133
1. Median voter model133
2. Collective action theory134
3. Contribution in political campaigns135
CHAPTER 9 REGIONAL ECONOMIC INTEGRATION137
1 Types of Regional Economic Integration137
1. Preferential tariff arrangement138
2. Free trade area138
3. Customs union138
4. Common market139
5. Economic union139
2 The Static and Dynamic Effects of Regional Economic Integration140
1. Static effects of regional economic integration140
2. Dynamic effects of regional economic integration142
3 Economic Integration in Europe, North America and Asia143
1. Economic integration in Europe143
2. Economic integration in North America148
3. Economic Integration in Asia and Asia-Pacific region152
CHAPTER 10 GATT and WTO159
1 GATT159
1. The origination of the GATT159
2. The GATTs activities： eight trade negotiation Rounds160
3. The Uruguay Round of trade negotiations162
4. Two GATTs165
5. WTO vs. GATT： main differences166
2 WTO167
1. An overview167
2. The fundamental principles of the WTO167
3. The structure of the WTO170
4. WTO agreements172
5. Ministerial conferences176
3 China and the WTO178
1. Chinas accession to the WTO178
2. Opportunities and challenges to China179
Section II International Trade Practice
CHAPTER 11 INTERNATIONAL TRADE TERMS185
1 INCOTERMS 2010185
1. The role of trade terms185
2. INCOTERMS 2010186
2 FOB, CFR and CIF188
1. FOBFree on Board ... named port of shipment188
2. CFRCost and Freight ... named port of destination191
3. CIFCost, Insurance and Freight ... named port of destination192
3 FCA, CPT and CIP193
1. FCAFree Carrier ... named place of delivery193
2. CPTCarriage paid to ... named place of destination194
3. CIPCarriage and Insurance Paid to ... named place of destination195
4 Other Trade Terms195
1. EXWEx Works ... named place195
2. FASFree Alongside Ship ... named port of shipment196
3. DATDelivered at Terminal ... named terminal at port or place of
destination196
4. DAPDelivered at Place ... named place of destination197
5. DDPDelivered Duty Paid ... named place of destination198
5 Shipment Contract and Choice of Trade Terms199
1. Shipment contract199
2. Choice of trade terms200
CHAPTER 12 QUALITY, QUANTITY, PACKING AND PRICING201
1 Quality201
1. Name of commodity201
2. Methods of expressing quality of commodity in the contract202
3. Quality clause in the contract204
2 Quantity205
1. The systems of weights and measures205
2. Quantity units206
3. Methods for calculating weight206
4. Quantity clause in the contract207
3 Packing208
1. Types of transport packing208
2. Marks on transport packing209
3. Neutral packing211
4. Bar codes211
5. Packing clause in the contract213
4 Pricing213
1. Factors to be considered in pricing213
2. Choice of currency for accounting and payment214
3. Commission and discount215
4. Cost accounting in export216
5. Price clause in the contract217
CHAPTER 13 INTERNATIONAL CARGO TRANSPORTATION219
1 Modes of Transport219
1. Ocean transport220
2. Rail transport222
3. Air transport223
4. Intermodal transport multimodal transport224
2 Major Shipping Documents226
1. Bill of lading BL226
2. Other shipping documents232
3 Shipment Clause234
1. Time of shipment234
2. Port of shipment and destination234
3. Partial shipments and transshipment235
CHAPTER 14 INTERNATIONAL MARINE CARGO INSURANCE237
1 Perils and Losses in Marine Transport238
1. Perils and risks238
2. Ocean average and charges238
2 Ocean Marine Cargo Clauses of the CIC240
1. Basic ocean marine cargo insurance240
2. WW clause241
3. Additional risks242
3 Institute Cargo Clauses ICC243
1. ICCA243
2. ICCB244
3. ICCC245
4 Export and Import Insurance Practice in China245
1. Insurance clause in the contract245
2. Insurance practice in Chinas export and import245
CHAPTER 15 INTERNATIONAL PAYMENT249
1 Instruments of International Payment249
1. Bills of exchange draft250
2. Promissory note252
3. Check253
2 Remittance and Collection254
1. Remittance254
2. Collection257
3 Letter of Credit260
1. Definition of letter of credit261
2. Parties to a letter of credit261
3. Procedure for letter of credit operations263
4. Content of a letter of credit265
5. Features of letter of credit business267
6. UCP600267
7. Classification of letters of credit269
4 Bankers Letter of Guarantee276
1. Parties to bankers letter of guarantee276
2. Types of bankers letter of guarantee276
3. Differences between letter of guarantee and letter of credit278
5 Terms of Payment in the Contract279
1. Payment by remittance279
2. Payment by collection279
3. Payment by letter of credit279
CHAPTER 16 INSPECTION, CLAIM, FORCE MAJEURE AND ARBITRATION281
1 Commodity Inspection281
1. Importance of commodity inspection282
2. Time and places of commodity inspection282
3. Commodity inspection body283
4. Commodity inspection standards285
5. Commodity inspection clause in the contract285
2 Claim286
1. Liabilities of breach of contract286
2. Claim clause in the contract287
3 Force Majeure289
1. The meaning of force majeure289
2. The consequences of force majeure289
3. Force majeure clause in the contract290
4 Arbitration290
1. The ways of settlement of disputes290
2. Features of arbitration291
3. Advantages over court proceedings291
4. Arbitration agreement292
5. Enforcement of an award294
CHAPTER 17 NEGOTIATION AND FORMATION OF CONTRACT297
1 International Trade Negotiation297
1. Enquiry297
2. Offer298
3. Counter-offer298
4. Acceptance298
2 Formation of Contract298
1. Offer299
2. Acceptance302
3. Formation of contract304
CHAPTER 18 IMPLEMENTATION OF INTERNATIONAL SALES CONTRACT307
1 Cargo Readiness308
1. Contractual quantity, quality and packing conformity requirements308
2. Fitness for ordinary and particular purposes308
3. To timely fulfil the obligation to deliver309
4. Ensuring freedom from third party claims310
2 Examination of and Amendment to the LC311
1. Urging the opening of LC311
2. Examining LC311
3. Amendment to LC312
3 Shipment, Insurance and Customs Clearance312
1. Shipment312
2. Insurance313
3. Customs clearance313
4 Documentation313
1. Quality requirements for documents313
2. Period of time for presentation of documents314
3. Types of documents required by the credit314
5 Settlement of Export Proceeds in Foreign Exchange318
1. Three ways of settlement of export proceeds in foreign exchange in China319
2. The ways of handling discrepancies between the documents and the LC319
6 Verification and Writing-off of Export Proceeds in Foreign Exchange and
Export Tax Rebate321
1. Verification and writing-off of export proceeds in foreign exchange321
2. Export tax rebate declaration323
REFERENCES324
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