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MITI's Portal
 

Glossary

Balance of Trade

The difference between the value of exports and imports. (ALSO USED: Trade Balance) [read more]

Balance of Payments (BOP)

The difference in total value between payments into and out of a country over a period. Any transaction that causes money to flow into a country is a credit to its BOP account (i.e. sources of funds for a nation, such as exports or the receipts ... [read more]

Base Period

A period/level used as a base to determine reduction of subsidies. Under current Doha Round it is agreed that base period shall refer to 1995-2000 for Agriculture negotiations. [read more]

Best Practices

Methods or techniques that have consistently shown results superior to those achieved with other means, and that are used as a benchmark. The term is often used to describe the process of developing and following a standard way of doing things that ... [read more]

Big Data

A term for data sets that are so large or complex that pose challenges for traditional data processing applications to deal with. Challenges include analysis, capture, data curation, search, sharing, storage, transfer, visualization, ... [read more]

Big Data Analytics

The process of examining large data sets containing a variety of data types (i.e. big data) to uncover hidden patterns, unknown correlations, market trends, customer preferences and other useful business information. ... [read more]

Bilateral Trade

The exchange of goods between two countries. Bilateral trade agreements give preference to certain countries in commercial relationships, facilitating trade and investment between the home country and the foreign country by reducing or eliminating ... [read more]

Binding Commitments

In the WTO, when countries agree to open their markets for goods or services, they “bind” their commitments. For goods, these bindings amount to ceilings on customs tariff rates. Sometimes countries tax imports at rates that are lower ... [read more]

Blue Box

Blue Box refers to production limiting subsidies and considered therefore less trade-distorting. They are exempt from the reduction commitments under the WTO Agreement on Agriculture. Examples of Blue Box include certain payments to farmers where ... [read more]

Bonded Warehouse

Designated area, approved by the Royal Malaysian Customs (RMC) under Section 65 of the Customs Act 1967, for storing dutiable goods. A country can change its bindings, but only after negotiating with its trading partners, which could mean ... [read more]

Bound Tariff

The maximum tariff level of a product notified to the WTO which a country commits not to exceed. If the bound duty is raised, compensation must be given to the affected parties. [read more]

Budget Deficit

Also known as Fiscal deficit Occurs when the government annual amount of spending exceeds income from taxation. When a country is running a fiscal deficit it must finance this by borrowing through the issue (sale) of new debt. A government will ... [read more]

Budget Surplus

A situation in which income exceeds expenditures. Most commonly used to refer to the financial situations of governments - individuals speak of "savings" rather than a "budget surplus." A surplus is considered a sign that ... [read more]

Business Councils of Dialogue Partners

ASEAN Members States undertake regular consultations with business Councils of dialogue partners namely ASEAN-EU Business Council, ASEAN-Japan Business Council, ASEAN-New Zealand Business Council, ASEAN-Canada Business Council, US-ASEAN Business ... [read more]

BA

Bankers Acceptance - A Bankers Acceptance (BA) is a Bill of Exchange (draft) drawn by an importer/buyer/exporter/seller on his bank to his order, to finance an underlying trade transaction and accepted by that bank. It is termed ... [read more]