Glossary on Trade
Financing Terms - G Glossary on Trade
Financing Terms - G
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GATS: See General Agreement on Trade in Services.
GATT: See General Agreement on Tariffs and Trade.
GDP:
Gearing: This indicates the degree of a company’s indebtedness. The most common measures of corporate indebtedness are the debt ratio (measuring the share of the company’s capital which is in the form of debt) and the debt-equity ratio (the ratio between the company’s debt and the equity provided by its shareholders). The higher the gearing ratios, the more critical is the company’s financial situation and the more vulnerable it is to bankruptcy. The term gearing may also refer to the ratio between ordinary shares and preference shares in the company’s equity. The expression "income gearing" refers to the proportion of the company’s profits used to pay interest. The US expression for gearing is leverage.
Français: Effet de levier
Español: Apalancamiento
General Agreement on Tariffs
and Trade (GATT): An international agreement, established in January 1994, providing the legal framework for international trade, whose primary mission is the reduction of barriers to free trade between member countries. The GATT is now managed by the World Trade Organisation, based in Geneva, Switzerland.
Français: Accord
Général sur les Tarifs Douaniers et le Commerce (AGETAC)
Español: Acuerdo
General sobre Aranceles Aduaneros y Comercio (GATT )
General Agreement for Trade
in Services (GATS): Created in the Uruguay Round as a comprehensive system establishing multilaterally-agreed and legally enforceable rules and disciplines covering international trade in services. The Agreement contains a framework of general rules and disciplines, annexes addressing special conditions relating to individual sectors and liberalization commitments specific to the service sectors listed in each country's schedule.
Français: Accord
Général pour le Commerce des Services
Español: Acuerdo
General sobre el Comercio de Servicios (AGCS)
General Arrangement to Borrow: A credit line set up in 1962 by the Group of Ten on behalf of the International Monetary Fund. Until January 1983, this credit line was limited to loans to G10 members but since then it has been open to all IMF members.
Français: Disposition
Générale pour Emprunter
Español: Acuerdos
Generales para la Obtención de Préstamos (AGP)
General creditor: An unsecured creditor.
Français: Créancier
général
Español: Deudor general
General Export License: This gives its holder the right to export to specified countries without requiring any additional formal application or prior written authorisation. Compare with Validated Exports License.
Français: Licence
d’Exportation Générale
Español: Licencia
general de exportación
General tariff: A tariff which applies to countries which do not enjoy preferential or Most Favoured Nation (MFN) tariff treatment. Where the general tariff rate differs from the MFN tariff rate, the general tariff rate is usually the higher.
Français: Tarif général
Español: Arancel general
Generalized System of Preferences
(GSP): A preferential trade framework under which exports of developing countries are allowed to enter the markets of industrialised countries at a lower preferential tariff rate. However, the GSP framework includes a number of important exceptions, mainly in relation to exports of textiles and agricultural goods from developing countries. In general, the GSP is one element of a co-ordinated effort by the industrial trading nations to bring developing countries more fully into the international trading system.
Français: Système
Généralisé des Préférences (Privilèges)
Español: Sistema
Generalizado de Preferencias (SGP)
Gilt-edged bonds: Highly rated bonds, whose issuers have a long-standing reputation of paying interest on time. See also Gilt-edge securities.
Français: Obligations
de premier ordre
Español: Gilt-edged bonds
Gilt-edged securities: A UK term indicating the loans made to the government. This type of security is considered practically "risk free", since the risk of default associated with the government is the lowest possible. Some types of gilt-edged securities are known also as Treasury bills.
Français: Titres de
premier ordre
Español: Gilt-edged security
Giro: A payment system set up by a group of banks or postal authorities which allows customers of one bank to make payments to customers of any other bank without the use of cash or cheques. The customer simply needs to fill in an instruction form which is passed through a central clearing system operated by the group.
Français: Giro
Español: Giro
bancario, transferencia bancaria
Global policy: A credit insurance policy which covers all export activities of the exporter during an agreed period, usually one year.
Français: Police globale
Español: Póliza global
Global quota: An import quota applying to the total imports of a specific product coming from all countries.
Français: Quota global
Español: Contingente global
GNP:
Good delivery: A term used in purchase or sales contracts indicating that the merchandise, securities or precious metals which are the object of the transactions meet the general delivery conditions of the market.
Français: Bonne livraison
Español: Buena entrega
Grace period: The period during which no repayments of principal (sometimes principal plus interest) are due from the borrower to the lender. With reference to public sector debt rescheduling, it indicates the period, usually of several years, during which no payments (either principal or interest) need to be made. See also rescheduling agreement.
Français: Période de grâce
Español: Período
de gracia, período de amortización diferida
Grant element: A measure of the degree of concessionality of a loan. It is defined by the OECD's Development Assistance Committee (DAC) as the difference between the face value of the loan and the present value of the stream of repayment on that loan (discounted at a flat rate of 10 percent regardless of the currency of denomination), expressed as a percentage of the face value.
Français: Elément de
subvention
Español: Factor
concesionario, factor de donación
Green clause credit: A clause in a letter of credit enabling the buyer to receive pre-shipment advances against a collateral represented by, for example, warehouse receipts/warrants. It is commonly used in the export of agricultural commodities, where the company may raise funds to harvest new crops for export by pledging available stocks as collateral.
Français: Crédit à
clause verte
Español: Carta
de crédito con cláusula verde
Gross: The total amount of money given before any deductions have been made. For example, Gross income refers to income before taxation, Gross Domestic Product indicates the value of a country's output of goods and services before any deduction is made for the depreciation of the country's capital investment or for taxation. Opposite: Net.
Gross Income: See Gross.
Français: Revenu Brut
Español: Ingreso bruto
Gross interest: Interest paid before deductions for withholding tax are made from the original amount Opposite: net interest.
Français: Intérêt brut
Español: Interés bruto
Gross Domestic Product (GDP): A measure of the market value of all goods and services produced in a given country during the reference period of time, regardless of the asset’s ownership. Unlike Gross National Product, GDP excludes receipts from that country’s assets invested abroad, such as the earnings of foreign affiliates of domestic corporations.
Français: Produit
Intérieur Brut (PIB)
Español: Producto
interno bruto (PIB)
Gross National Product (GNP): A measure of the value of a nation's output of goods and services during a particular time period produced by domestic assets. It thus includes the revenues from the country’s business operations conducted abroad, as well as earnings from foreign investments. Nominal GNP measures the value of output expressed in present day prices, while Real GNP measures output value in constant prices (i.e. taking account of inflation). The latter is the better indicator of the country’s economic growth.
Français: Produit
National Brut (PNB)
Español: Producto
Nacional Bruto (PNB)
Gross profit: The difference between a company’s sales revenues and its production costs (such as inventories, raw materials, wages, etc.) before taxation.
Français: Profit brut
Español: Beneficio bruto
Gross weight: The full weight of a shipment, including both goods and packaging. Compare with Tare weight.
Français: Poids brut
Español: Peso bruto
Gross yield: The revenue produced by investments (such as securities, real estate, property, etc.) before any deductions, such as for charges or taxes, are made. Net yield is the opposite.
Français: Rendement brut
Español: Rendimiento
bruto, producto bruto
Group of Ten: The group of wealthy industrial countries ready to lend their currencies to the International Monetary Fund under the General Agreements to Borrow, up to specified amounts when supplementary resources are needed. The finance ministers of these countries comprise the Group of 10. Its members include: Belgium, Canada, France, Germany, Italy, Japan, The Netherlands, Sweden, Switzerland, the United Kingdom and the United States. The numerical name persists, although the number has increased to 11 with the addition of Switzerland in 1984.
Français: Groupe des dix
Español: Grupo de los Diez
Guarantee: A contractual engagement protecting the holder of the guarantee against default, bankruptcy or failure of a third party. The guarantor will pay the debt to the obligee if the third party (principal debtor or obligor) fails to perform. It also refers to the commitment provided by an Export Credit Agency to reimburse the lender (frequently a commercial bank) if the exporter fails to repay a loan. In return for this coverage, the lender pays a guarantee fee. Although guarantees may be unconditional, they frequently have conditions attached to them.
Français: Garantie
Español: Garantía
Guarantee credit: A bank credit not involving the actual provision of funds by the bank, but rather the bank’s assumption of liabilities or obligations on behalf of its customers, e.g. bill guarantee, acceptance or surety credit. Compare with money loan.
Français: Garantie
de crédit
Español: Crédito de
garantía
Guarantee Fee: A fee charged by an Export Credit Agency to provide assurance of payment or compliance by a third party. Sometimes also called Premium.
Français: Honoraires,
commission de garantie
Español: Comisión de
garantía
Guaranteed bond: A bond issue where a third party (e.g. parent company) guarantees the fulfilment of the terms of the issue
Français: Obligation
garantie
Español: Obligación
garantizada
Guaranteed credit: A credit secured by one or several guarantees. In some European countries, special guarantee co-operatives have been founded for this purpose, such as mortgage guarantee co-operatives. The bank usually requires joint and several guarantees before agreeing to extend credit..
Français: Crédit garanti
Español: Crédito
garantizado
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