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MITI's Portal
 

Glossary

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]

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]

Balance of Trade

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

BEC

Broad Economic Categories - Was originally devised mainly for the summarization of data on international trade by large economic classes of commodities. In addition, it was designed to serve as a means for converting external trade data compiled on ... [read more]

BEF

Business Enabling Framework - Document prepared by the regulator in support of a regulatory proposal, following consultation with affected parties. It records the key steps taken during the development of the proposal, and includes assessment of the ... [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]

BG

Bank Guarantee - A Bank Guarantee is a written undertaking given by a bank to a third party (beneficiary), for payment in lieu of a debt, or performance of an obligation by another person liable in the first instance. [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]

BMC

Budget and Management Committee - advises SOM on issues concerning budget, administration and project management. BMC also monitors and evaluates project management activities of Committees and Working Groups and submits reports on the ... [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]