FOREIGN TRADE

Banks perform export-import business through Foreign Trade Department of AD Branches & CTOD of Non-AD Branches with support of International Division & Treasury Division of Head Office. Foreign Trade in a Bank is operated under Export-Import Policies, Guidelines for Foreign Exchange Transactions (GFET), FFERA 1947, The Export-Import Control Act 1950, The Customs Act 1969 or any other act/policy/law of concerned country or its central Bank & international regulations mainly through International Chamber of Commerce (ICC) like Uniform Customs and Practice for Documentary Credits (UCP 600), eUCP Version 2.0, URC 522, eURC Version 1.0, The International Standard Banking Practice (ISBP 745), Uniform Rules for Demand Guarantees (URDG 758), URR 725, Incoterms 2020, ISP 98, etc. Export-import business of a country is very important for maintaining surplus Balance of Payment (BOP) & good amount of reserve of foreign currency to gain strong debt repayment capacity. David Ricardo’s theory of comparative advantage (1817) is the basis of the International Trade.

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