Counter As Means Of Reducing Trade Barriers

1904 words - 8 pages

International trade is the exchange of goods and services across national borders. In most countries, it represents a significant part of gross domestic product (GDP). While international trade has been present throughout much of history, its economic, social, and political importance have increased in recent centuries, mainly because of Industrialization, advanced transportation, globalization, multinational corporations, and outsourcing. In fact, it is probably the increasing prevalence of international trade that is usually meant by the term "globalization".Counter trade which is a form of international trade has being explained by Hennert and Anderson 1993 ' as a trade which describe six types of transactions, barter, clearing arrangements, switch trading, buy-back, counter purchase and offsets . He further explain that all these transactions have one characteristics in common, in each of the transactions a seller provides a buyer with goods and services and promise in return to purchase goods and services from the buyer.The Wikipedia encyclopedia defines Countertrade as the exchange of goods or services which is paid for, in whole or part, with other goods or services, rather than with money. A monetary valuation can however be used in counter trade for accounting purposes. In dealings between sovereign states, the term bilateral trade is used, or "Any transaction involving exchange of goods or service for something of equal value." Countertrade also occurs when countries lack sufficient hard currency, or when other types of market trade are impossible. It can also be described as an alternative means of structuring an international sale when conventional means of payment are difficult, costly, or nonexistent (Hill, 2006). Countertrade refers to "international and domestic trade where buyer and seller have at least a partial exchange of goods for goods" (Monczka et.al, 2010:248). Countertrade is considered to be the oldest methods of payment in the known history. It means the exchanging of goods and services in whole or part, with other goods and services as payment, rather than with money.There different types of counter trade, barter, compensation, buyback, Tolling, Clearing Arrangement, Switching Trading, Counter Purchase and Offsets.In Barter, the goods and/or services are exchanged with other goods and/or services of equal value, where little or no money is paid by the buyer. This is the only trade activity with no money involved. Barter involves a single contract that covers both transaction flows. An example is the Minerals and Metals Trading Corporation of India (MMTC) imported 50,000 tons of rails value of about $38 million from a Yugoslavian company against iron ore concentrates and pellets of the same value.Under the buyback agreement, the seller supplies plant, equipment or technology and agrees to buy goods produced with that plant, or equipment as payment. typically, the Buyback deals are of much longer term and also of larger...

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