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amdt wsu

amdt wsu

Description

School: Washington State University
Department: Apparel, Merchandising, Design & Textiles
Course:
Professor: Ting chi
Term: Fall 2015
Tags:
Cost: 50
Name: AMDT 413 Study Guide midterm 1
Description: this is a completed study guide for the first test. It is extremely accurate and all of the information is what will be covered on the test
Uploaded: 02/21/2017
9 Pages 85 Views 0 Unlocks
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What are the goal and main mission of WTO?




What do the abbreviation terms such as GATT, MFA, ATC, and WTO stand for, respectively?




Why do we still use SIC in some occasions?



1. Globalization Drivers: (1)Comparative and competitive advantages: cost or  differential. (2) Improvements in business infrastructure: physical  communications, telecommunications, and financial markets. (3) government and institutional strategies: industrial development, employment, tradDon't forget about the age old question of bellicist theory
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e  liberalization. (4) demand dynamics: growing customer sophistication,  emergence of new technical and international markets. (5) company  strategies: retailers, manufacturers, suppliers 2. Three types of integration occurring: (1) financial: globally integrated.  Banking system: policies, documents, wiring, currency exchange. (2) trade  and investment: trade and investment (regionally integrated). (3) labor:  nationally regulated. Labor law compliance, need to understand the history 3. Gross national product (GNP): value of annual output of domestic residents including output produced outside the country (per capita GNP =  GNP/population). Gross domestic product (GDP): market value of annual  output of products and services produced within a country (per capita GDP  = GDP/population). Purchasing power parity (PPP): the relative buying power  of a currency  4. Exports: goods shipped to another country. Imports: goods available  domestically because of exports of another country. Trade balance: exports –  imports. Trade surplus: a positive trade balance (more goods being exported  than imported). Trade deficit: a negative trade balance (more goods being  imported than exported). Sourcing: determines the most cost-efficient  vendor of services, materials, production, or finished goods, at a specified  quality and service level, for delivery within an identified time frame.  5. SITC: standard international trade classification HS: Harmonized System HTS: Harmonized Tariff Schedule of the United States SIC: Standard industrial  classification NAFTA: north American free trade agreement NAICS: north  American industrial classification system  6. NAICS is more detailed than SIC, does a better job of covering service and  technology industries, and covers all three NAFTA economies. NAICS also  adopted metric system instead of English system to better support US  companies to conduct international business.  7. Many research tools still use SIC (trend analysis and comparison analysis) 8. Know NAICS313, NAICS 314, and NAICS 315 represent the business sectors of “Textile Mills”,  “Textile Product Mills”, and “Apparel Manufacturing”, respectively.  9. Know NAICS442, 448, 452, and 454 represent the business sectors of  “Furniture and Home Furnishings Stores”, “Clothing and Clothing Accessories Stores”, “General  Merchandise Stores”, and  “Nonstore Retailers”, respectively.  10.Know that the Harmonized Tariff Schedule (HTS) comprises a hierarchical  structure for describing  all goods in trade for duty, quota, and statistical purposes.  11.The chapters of HTS with specific reference to textile and apparel products  (Section XI: Chapter 50- Chapter 63). For example, Chapter 61 is for “Knit  Apparel” and Chapter 62 represents “Woven Apparel”.  12.ad valorem duty rate: a percentage applied to the product’s customs value.  For example, an ad valorem duty rate of 4.4 percent applies to men’s  overcoats made of cotton containing 10 percent or more by weight of down,  covered by HTS subheading 6201.12.10. Specific duty rate (aka special duty  rate): a price per quantity. For example, a specific rate of duty of 5 cents per  KG applies to imports of fine hair of camel covered by HTS sub-headed  5102.19.20. Compound duty: A duty rate with both an ad valorem and a  specific component. For example, imports of men’s and boy’s coats, made of  knitted wool or fine animal hair, covered by HTS subheading 6101.90.05, has  a compound rate of duty of 61.7 cents per KG plus 16% ad valorem. 13.Know how to read the HTS table and determine duty rate for apparel  products.  14.Know how to calculate duty for specific apparel product imported from a  specific country.  15.Describe the trade functions of the following government agencies:  ∙ OTEXA: (1) deputy assistant secretary: oversees programs and strategies to  improve the domestic and international competitiveness of the US fiber, textiles,  and apparel industries. (2) office director: oversees the development of info, options and recommendations on a broad spectrum of issues for consideration by the DAS.  (3) market expansion division: to improve exports of US textile and apparel  companies in overseas markets, MED sponsors US companies’ participation in  International exhibitions abroad, Trade Missions, Seminars. MED offers event-related market research and provides export counseling. (4) industry assessment division:  evaluates the current state of the domestic fiber textile and apparel industries,  recommends the establishment policies, collects and disseminates info concerning  fiber, textile and apparel markets and industries.  ∙ USITC: The US international Trade Commission. An independent federal agency: (1) determining import injury to US industries in antidumping, countervailing duty, and  global and China safeguard investigations. (2) directing actions against unfair trade  practices involving patent, trademark, and copyright infringement (3) supporting policymakers through economic analysis and research on the global  competitiveness of Us industries (4) maintaining the US harmonized tariff schedule  ∙ Customs & Border Protection (CBP): enforce all laws involving the imports of textile and apparel products (tariffs, quotas, import procedures), another key objective is  security (illegal trade of drugs and counterfeit, terrorism, textiles designated a  Priority Trade Issue) 16.Globalization 1.0 is globalization of countries! Globalization 2.0 is  globalization of companies! Globalization 3.0 is globalization of individuals!  17.GATT: the general agreement on tariffs and trade, MFA: Multi-fiber  arrangement, ATC: agreement of textiles and clothing, and WTO: World Trade  Organization  18.relationships between GATT and WTO: the GATT was an agreement not an  organization, the functions of the GATT have been replaced by the WTO which was established in 1995.  19.relationships between MFA and ATC: MFA integrated into ATC under WTO,  MFA’s quota system scheduled to be phased out 20.goal of WTO: to improve the welfare of the people of its member countries,  specifically by lowering trade barriers and providing a platform for  negotiation of trade. Main mission of WTO: to ensure that trade flows as  smoothly, predictably and freely as possible.  21.(1) non-discrimination (2) reciprocity (3) binding and enforceable  commitments (4) transparency (5) safety valves  22.trade barrier: is a general term that describes any government policy or  regulation that restricts international trade. tariff barriers: a schedule of  duties imposed by a country on imported goods. It is paid at a border or  port of entry to the relevant government to allow a good to pass into that  government’s territory. Non-tariff barriers: have become weapons to offset  exposure to liberalized competition  23.custom procedures, distribution limits/restrictions, import licensing, import  quotas, exchange rates, export quotas, etc.  24.FOB import values = the value when the product is loaded on the carrier to  leave the country (USA). CIF cost: merchandising cost, transport insurance,  and freight (Europe) 25.Know China entered WTO in 2001 and Vietnam entered WTO in 2007.  26.Know in the US apparel industry most job positions are in retail sector (90%)  while wholesaling and manufacturing sectors only account for 5% respectively.  27.Know that the continent of Europe encompasses multiple ethnicities and  diverse cultures, miniscule to-large size developed, developing, newly developing, and least-developed  countries.  28.Know that within the EU-28, Italy, France, the UK, Germany, and Spain are the most populated  countries and produce the largest volume of textiles and apparel.  29.Know Western Hemisphere refers to North America, Central America, West  Indies, and South  America.  30.Know apparel production in Caribbean Basin has grown under 807-type  production (i.e., using US  made fabrics to produce garments to receive duty free treatment to the US  market) and shifted to  CMT. This special arrangement is called Caribbean Basin Initiative (CBI).  31.Know Asia is the largest continent; countries range from fully developed to  least developed; Asia  contains the world’s two most populous nations, China (1.4 billion) and India  (1.1 billion).  32.Know China is the world’s largest manufacturer in MMF, silks, flax, yarns,  trims, pigments/dyes, fabrics, apparel, jewelries, accessories, footwear,  handbags, toys, ... and China is the world’s largest  exporter in textiles and apparel.  33.Vietnam established its garment industry during the 1990s and has  experienced extraordinary growth  to become the third largest apparel exporter globally in 2013.  34.Know African Growth and Opportunity Act (AGOA) with the US.  35.Understand the purposes for a buyer to attend market weeks 1. Much business is conducted during market weeks (not important on  notecard?) 2. Identify fashion trends/ market conditions  3. See entire lines of vendor’s merchandise  4. Discover new vendors  5. Meeting with established suppliers to discuss issues  6. Negotiating special terms/ deals  7. Networking with other buyers  36.insourcing pros: control over proprietary technology, control over quality,  economies of scale/scope. Insourcing cons: higher level of investment  (equipment, space, personnel), higher technology/demand risk (sunk  investment in specialized assets). Outsourcing pros: increased flexibility,  lower investment/risk, improved cash flow, improved return on investment,  smaller workforce, lower unit costs. Outsourcing cons: increased supply chain complexity (supplier variability, control difficulties), loss of core skills,  creation of competitors, unethical behaviors37.Understand and discuss the five driving forces for Globalization (the diamond  model in the lecture PPT “AMDT 413 Introduction to Globalization and Global  Economy”.)  38.Understand and discuss three types of integration occurring in the trend of  globalization.  39.The definitions of gross national product (GNP), Gross domestic product  (GDP), Purchasing power  parity (PPP).  40.The definitions of sourcing, exports, imports, trade balance, trade surplus,  and trade deficit.  41.What do the abbreviation terms such as NAFTA, NAICS, HTS, HS, SIC, and SITC stand for,  respectively?  42.Why did the U.S. government develop NAICS to replace SIC?  43.Why do we still use SIC in some occasions?  44.Know NAICS313, NAICS 314, and NAICS 315 represent the business sectors of “Textile Mills”,  “Textile Product Mills”, and “Apparel Manufacturing”, respectively.  45.Know NAICS442, 448, 452, and 454 represent the business sectors of  “Furniture and Home  Furnishings Stores”, “Clothing and Clothing Accessories Stores”, “General  Merchandise Stores”, and  “Nonstore Retailers”, respectively. 46.Know that the Harmonized Tariff Schedule (HTS) comprises a hierarchical  structure for describing  all goods in trade for duty, quota, and statistical purposes.  47.The chapters of HTS with specific reference to textile and apparel products  (Section XI: Chapter 50-  Chapter 63). For example, Chapter 61 is for “Knit Apparel” and Chapter 62  represents “Woven  Apparel”.  48.The definition of ad valorem duty rate, specific duty rate (aka special duty  rate), and compound duty  rate (aka combined duty rate).  49.Know how to read the HTS table and determine duty rate for apparel  products.  50.Know how to calculate duty for specific apparel product imported from a  specific country.  51.Describe the trade functions of the following government agencies:  ∙ OTEXA: (1) deputy assistant secretary: oversees programs and strategies to  improve the domestic and international competitiveness of the US fiber, textiles,  and apparel industries. (2) office director: oversees the development of info, options and recommendations on a broad spectrum of issues for consideration by the DAS.  (3) market expansion division: to improve exports of US textile and apparel  companies in overseas markets, MED sponsors US companies’ participation in  International exhibitions abroad, Trade Missions, Seminars. MED offers event-related market research and provides export counseling. (4) industry assessment division:  evaluates the current state of the domestic fiber textile and apparel industries,  recommends the establishment policies, collects and disseminates info concerning  fiber, textile and apparel markets and industries.  ∙ USITC: The US international Trade Commission. An independent federal agency: (1) determining import injury to US industries in antidumping, countervailing duty, and  global and China safeguard investigations. (2) directing actions against unfair trade  practices involving patent, trademark, and copyright infringement (3) supporting  policymakers through economic analysis and research on the global  competitiveness of Us industries (4) maintaining the US harmonized tariff schedule  ∙ Customs & Border Protection (CBP): enforce all laws involving the imports of textile and apparel products (tariffs, quotas, import procedures), another key objective is security (illegal trade of drugs and counterfeit, terrorism, textiles designated a  Priority Trade Issue) 16.Discuss the three stages of globalization. (Globalization 1.0, Globalization 2.0, and Globalization 3.0,)  17.What do the abbreviation terms such as GATT, MFA, ATC, and WTO stand for,  respectively?  18.Understand the relationships between GATT and WTO.  19.Understand the relationships between MFA and ATC.  20.What are the goal and main mission of WTO?  21.Understand the five primary principles of WTO in developing trade policies for its member countries. a. Nondiscrimination; b. Reciprocity; c. Binding and  enforceable commitments; d. Transparency; and  e. Safety valves.  22.The definitions of trade barrier, tariff barriers, and non-tariff barriers.  23.Understand the non-tariff barriers commonly used by governments.  24.Understand the difference between FOB import value of goods and CIF import value of goods.  25.Know China entered WTO in 2001 and Vietnam entered WTO in 2007.  26.Know in the US apparel industry most job positions are in retail sector (90%)  while wholesaling and  manufacturing sectors only account for 5% respectively.  27.Know that the continent of Europe encompasses multiple ethnicities and  diverse cultures, miniscule to-large size developed, developing, newly developing, and least-developed  countries.  28.Know that within the EU-28, Italy, France, the UK, Germany, and Spain are the most populated  countries and produce the largest volume of textiles and apparel.  29.Know Western Hemisphere refers to North America, Central America, West  Indies, and South America.  30.Know apparel production in Caribbean Basin has grown under 807-type  production (i.e., using US  made fabrics to produce garments to receive duty free treatment to the US  market) and shifted to  CMT. This special arrangement is called Caribbean Basin Initiative (CBI).  31.Know Asia is the largest continent; countries range from fully developed to  least developed; Asia  contains the world’s two most populous nations, China (1.4 billion) and India  (1.1 billion).  32.Know China is the world’s largest manufacturer in MMF, silks, flax, yarns,  trims, pigments/dyes, fabrics, apparel, jewelries, accessories, footwear,  handbags, toys, ... and China is the world’s largest  exporter in textiles and apparel.  33.Vietnam established its garment industry during the 1990s and has  experienced extraordinary growth  to become the third largest apparel exporter globally in 2013.  34.Know African Growth and Opportunity Act (AGOA) with the US.  35.Understand the purposes for a buyer to attend market weeks  1. Identify fashion trends/ market conditions  2. See entire lines of vendor’s merchandise  3. Discover new vendors  4. Meeting with established suppliers to discuss issues  5. Negotiating special terms/ deals  6. Network with other buyers  36.Understand the pros and cons of insourcing & outsourcing.

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