New NFU guide explains key trade terms

Overseas trade

The NFU has produced a handy explainer to help members understand key phrases around international trade.

In the post-Brexit era, hardly a week goes by when there isn’t news of a new trade negotiation, but farmers could be forgiven for not knowing their AIPs from their APIs.

From spelling out the meaning of a wide range of acronyms to explaining key terms such as the Northern Ireland Protocol, Most Favoured Nation and the Harmonized System, the new guide helps members navigate the challenging language of global trade.

Created by NFU trade experts, the guide contains over 100 useful words and phrases commonly used in reports of trade negotiations. It comes at a time when the UK is in advanced talks over deals with a range of countries including India, Canada and Mexico.

From quotas to trade deals

For example, did you know?

  • A conformity assessment is a test on goods and services to see if they meet the standards required by the country they are to be sold in.
  • The term “wholly obtained” is used under rules of origin. If the rules of origin require a product to be “wholly obtained” then there must be no doubt it was obtained from the market in question, for example meat from animals born and raised or plants grown and harvested.
  • DFQF stands for duty-free quota-free.
  • A multi-lateral agreement is an agreement among several countries. At the WTO (World Trade Organisation), multi-lateral agreements normally refer to agreements reached by all WTO members.

Trade terms explained

NFU members can access the document to see the full list of trade terms. The NFU international trade team has highlighted the most useful phases in yellow.

How to log in: Use your membership number or the email address associated with your membership. If you've forgotten your password, use this form to reset it or contact NFU CallFirst on 0370 845 8458.

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Last edited: 15:29 on 23 September 2021

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