Shipping Terms

@ – At (referring to price)
A. & C.P. – Anchors and chains proved
a.a. – “Always afloat, after arrival”
A.A.D. – Annual aggregate deductible
a.a.r. – Against all risks
A.B. – Able-bodied seaman
A.B.S. – American Bureau of Shipping is an American ship classification society.
a.c. – Account
A.C.A.S. – “Advisory, Conciliation and Arbitration Service”
A.C.I.I. – Associate of Chartered Insurance Institute
A.C.V. – Air cushion vehicle (hovercraft)
A.F. – Advanced freight
a.f.a.a. – as far as applicable
A.G.W.I. – “Atlantic, Gulf, West Indies Limits”
a.h. – After hatch
A.H.F. – American hull form (insurance policy)
A.I.M.U. – American Institute of Marine Underwriters
A.I.R.M.I.C. – Association of Insurance and Risk Managers in Industry and Commerce “Fonds Africain de Developpement, FAD) is an affiliate of the African Development Bank (AfDB) which provides interest-free loans to African countries for projects which promote economic and social development and improve international trade among members o” –
A.M.I. – Absolute maximum loss
A.M.V.E.R. – Automated Mutual-Assistance Vessel Rescue
A.O. Voy. – Any one voyage
A.O.B. – Any one bottom
A.O.E. – Any one event
A.O.L. – Any one loss
a.o.loc. – Any one location –
A.O.O. – Any one occurrence
A.O.R. – Any one risk
A.O.V. – Any one vessel
A.P. – Additional premium
A.P.L. – As per list
A.R. – All risks
A.S.E.A.N. – Association of South East Asian Nations
A.T.L. – Actual total loss
A/C – Account current
A/o – Account of
A/P – Additional premium
A/R – All risks. Against all risks
A/S – “After sight, Account sales, Alonside (chartering)”
A/T – American terms (grain trade)
A/v – “Average, ad valorem (according to value)”
AADFI – Association of African Development Finance Institutions
AAEI – American Association of Exporters and Importers
AAIB – Arab-African International Bank
AATP – Association of African Trade Promotion Organizations
ABC – American Business Center
ABCA – Association des Banques Centrales Africaines
Abdnt. – Abandonment
ABEDA – Arab Bank for Economic Development in Africa
ABI – “American Business Initiative, Automated Broker Interface”
Absorption – “Absorption is investment and consumption purchases by households,businesses, and governments, both domestic and imported. When absorption exceeds production, the excess is the country’s current account deficit.”
Abt. – About
ABTA – Association of British Travel Agents
Abu Dhabi Fund for Arab Economic Development. – “ADFAED promotes economic and social development in African, Arab, and Asian developing countries. The Fund, which was created in July 1971, began operations in September 1974; headquarters are in Abu Dhabi”
ACAB – Association of Central African Banks
ACC – Arab Cooperation Council
Acc. – Acceptance. Accepted
Accession – “Accession is the process by which a country becomes a member of an international agreement, such as the General Agreement on Tariffs and Trade (GATT) or the European Community. Accession to the GATT involves negotiations to determine the specific obligat”
Accession – “This refers, in general, to the process of a country joining the GATT. During accession to the GATT, a country accords tariff and other concessions that are its ‘price of admission’ to the GATT. Although accession to the GATT binds a country to the Genera”
ACCJ – American Chamber of Commerce in Japan
accomplished bill of lading – Original bill of lading surrendered to the carrying ship at the discharge port in exchange for the goods.
ACCT – Agency for Cultural and Technical Cooperation
Acct – Account
ACDA – Arms Control and Disarmament Agency
ACEP – Advisory Committee on Export Policy
ACH – Automated Clearinghouse
ACP – “African, Caribbean, and Pacific”
ACP – “African, Caribbean and Pacific States”
ACPC – Association of Coffee Producing Countries
ACS – Automated Commercial System
ACTPN – Advisory Committee on Trade Policy and Negotiations
ACU – Asian Clearing Union
AD – Antidumping
Ad Val – Ad Valorem
Ad Valorem – “Literally: according to value. Any charge, tax, or duty that is applied as a percentage of value. “
Ad Valorem Equivalent – “AVE is the rate of duty which would have been required on dutiable imports under that item, if the United States customs value of such imports were based on the United States port of entry value. “
AD Valorem Tariff – “A tariff assessed as a percentage of the value of the goods cleared through customs. For example, 10 percent Ad Valorem means the tariff is 10 percent of the value of the goods.”
Ad. val. – Ad valorem-according to value
ADB – Asian Development Bank
ADB – Asian Development Bank
ADF – “African Development Foundation, African Development Fund, Asian Development Fund”
ADFAED – Abu Dhabi Fund for Arab Economic Development
Administrative Exception Notes – “CoCom controls exports at three levels, depending on the item and the proposed destination. At the lowest level, “”national discretion”” (also called “”administrative exception””), a member nation may approve the export on its own, but CoCom must be notified”
Administrative Protective Order – “An Administrative Protective Order, APO, is used to protect proprietary data that is obtained during an administrative proceeding. Within Commerce, APO is most frequently used in connection with Antidumping and Countervailing Duty investigations to prohi”
Administrative Review – “Each year, beginning on the anniversary of the date of publication of an antidumping duty order, the Commerce Department’s International Trade Administration is required to review and determine the amount of any antidumping duty, if an interested party re”
ADRs – American Depository Receipts
ADS – Agent Distributor Service ADS provides a custom search overseas for interested and qualified foreign representatives on behalf of a U.S. exporter. Officers abroad conduct the search and prepare a report identifying up to six foreign prospects that have examined the U.S. firm’s product literature and have expressed interest in representing the U.S. firm’s products.
Advanced Technology Products – “About 500 of some 22,000 commodity classification codes used in reporting U.S. merchandise trade are identified as “”advanced technology”” codes and they meet the following criteria: -The code contains products whose technology is from a recognized high tec”
Advisory Committee on Export Policy – “The Advisory Committee on Export Policy, ACEP, is an interagency dispute resolution body that operates at the Assistant Secretary level. ACEP is chaired by Commerce; membership includes the Departments of Defense, Energy, and State, the Arms Control and “
Advisory Committee on Trade Negotiations (ACTN) – “A group appointed by the U.S. President to advise him on matters of trade policy and related issues, including trade agreements.”
Advisory Committee on Trade Policy and Negotiations – “The ACTPN is a group (membership of 45; two-year terms) appointed by the President to provide advice on matters of trade policy and related issues, including trade agreements. The 1974 Trade Act requires the ACTPN’s establishment and broad representation”
Advocacy Center – “The Advocacy Center, established in November 1993, facilitates high-level U.S. official advocacy to assist U.S. firms competing for major projects and procurements worldwide. The Center is directed by the Trade Promotion Coordinating Committee; offices ar”
AECA – Arms Export Control Act
AEF – Africa Enterprise Fund
AEN – Administrative Exception Note
AERP – Automated Export Reporting Program
AfDB – African Development Bank
AfDF – African Development Fund
AFESD – Arab Fund for Economic and Social Development
Affiliate – An affiliate is a business enterprise located in one country which is directly or indirectly owned or controlled by a person of another country to the extent of 10 percent or more of its voting securities for an incorporated business enterprise or an equi
Affiliated Foreign Group – “An affiliated foreign group means (a) the foreign parent, (b) any foreign person, proceeding up the foreign parent’s ownership chain, which owns more than 50 percent of the person below it up to and including that person which is not owned more than 50 pe”
“Affreightment, contract of “ – “An agreement by a steamship line to provide cargo space on a vessel at a specified time for a specified price to accommodate an exporter or importer, who then becomes liable for payment even if he is later unable to make the shipment.”
AFREXIMBANKAfrican Export-Import Bank –
Africa Enterprise Fund – “The AEF, operating under the International Finance Corporation, began operations in late 1989. The Fund assists small and medium-size enterprises in sub-Saharan Africa, supports investment projects, and promotes development of private enterprises in Afri”
Africa Project Development Facility – The APDF seeks to accelerate development of productive enterprises sponsored by private African entrepreneurs as a means of generating self-sustained economic growth and productive employment in Sub-Saharan Africa. The facility provides advisory services
African Development Bank – AfDB (French: Banque Africaine de Developpement) provides financing through direct loans to African member states to cover the foreign exchange costs incurred in Bank-approved development projects in those countries. Fifty-one African countries are member
African Development Foundation – “ADF provides economic assistance to groups and institutions involved in development projects at the local level. The foundation’s assistance, designed as a complement to the U.S. foreign aid program, is awarded only to native African organizations and in”
African Development Fund – The ADF (or AfDF) (French:
African Export-Import Bank – “AFREXIMBANK offers short-term export trade financing to African exporters aimed at enhancing intra-African trade and Africa’s exports. Agreement to create the bank was basedon a January 1993 agreement reached in Cairo, Egypt among African governments, ce”
African Management Services Company – “AMSCO provides temporary managers and management training to support the development of African companies. AMSCO works through a network of representatives in Africa; its clients include privately owned companies, public sector companies, and subsidiarie”
African Regional Organization for Standardization – “ARSO (French: Organisation Regionale Africaine de Normalisation, ORAN) promotes and coordinates standardization, quality control, certification, and metrology practices in Africa. The Organization has been developing African Regional Standards (ARS) in “
aft – At or towards the rear of a ship.
AFTA – ASEAN Free Trade Area
After Date – “A term used on a draft, bill of exchange or note indicating the date from which a draft will begin counting days until maturity. If an exporter draws a draft and stipulates a payment “”30 days after date””, the draft is due 30 days from the date on which it”
AG – “Aktiengesellschaft, Australia Group”
Agence de Cooperation Culterelle et Technique – “The ACCT (English: Agency for Cultural and Technical Cooperation) was created in 1970 to promote cultural and technical cooperation among French-speaking countries. Members include: Belgium, Benin, Burkina. Burundi, Canada, Central African Republic, Ch”
Agency for International Development – “AID was created in 1961 to administer foreign economic assistance programs of the U.S. Government. AID has field missions and representatives in approximately 70 developing countries in Africa, Latin America, the Caribbean, and the Near East. “
Agent/Distributor Service – “The Agent/Distributor Service, ADS, is an International Trade Administration (ITA) fee-based service which locates foreign import agents and distributors.”
Agrement – Agreement by one government to accept the accreditation of an ambassador from another government.
AGRICOLA – Agricultural OnLine Access
Agricultural Marketing Service – “Among its activities, the Agriculture Deparment’s AMS is available to foreign buyers to assure that any product shipped overseas meets contract specifications. The service is operated on a user-fee basis. AMS works with the buyers to write a specificati”
Agricultural Officers – “Agricultural officers are embassy officials who are responsible for addressing agricultural trade policy issues and preparing reports on agricultural commodities such as rice, wheat, and dairy products. These officers promote U.S. exports by providing ma”
AGRIS – Agriculture Information System
Agt. – “Agent, Against, Agreement”
AIB – Arab International Bank
AIBD – Association of International Bond Dealers
AID – Agency for International Development
AID – Agency for International Development
Aide-Memoire – A short written summary of oral remarks made to a foreign government representative and left with that individual.
AIES – Automated Information Exchange System
AIG – Airbus Industries Group
AIMS – Agriculture Information and Marketing Services
Air Cargo Agent – A type of freight forwarder who specializes in air cargo and acts for airlines that pay him a fee (usually 5%). The Air Cargo Agent is registered with the International Air Transport Association (IATA).
Air Freight Forwarder – “A type of freight forwarder who specializes in air cargo. The Air Freight Forwarder usually consolidates the air shipments of various exporters, charging them for actual weight and deriving his profit by paying the airline the lower consolidated rate. He “
Air Waybill – “An AWB is a bill of lading which covers both domestic and international flights transporting goods to a specified destination. Technically, it is a non-negotiable instrument of air transport which serves as a receipt for the shipper, indicating that the “
Air Waybill (Of Lading) – “A signed receipt and a contract to deliver goods by air. Such bills are non-negotiable and do not convey title to the goods as do “”To Orders”” bills of lading used by ocean and land carriers. The title passes to the party to whom the goods are consigned (t”
Airbus Industries Group – “AIG is a supernational management organization responsible for design, development, manufacture, marketing, sales and support of selected commercial aircraft. Member countries are France, Germany, Spain, and the United Kingdom. Airbus Industrie, G.I.E. “
Aircraft Agreement (ATCA) – “Formally known as the ”Agreement on Trade in Civil Aircraft.” (ATCA), this MTN agreement is the only major sector-specific civil aircraft agreement. It establishes a framework of rules governing the conduct of trade in civil aircraft based on commercial”
AIST – Agency for Industrial Science Technology
AIT – American Institute in Taiwan
AIT – American Institute in Taiwan
AKA – Ausfuhrkredit-Gesellschaft
Aktiengesellschaft – “AG (German, meaning: “”stock company””) is a corporation with a separate legal personality which must have at least five partners. The firm name usually reflects the activities of the company and must include “”AG.”” “
ALADI – Asociacion Latinoamericana de Integracion
ALIDE – “Association Latinoamericana de Institutiones Financieras, de Desarrollo”
All Risks Coverage – “All Risks Coverage, a type of marine insurance, is the broadest kind of standard coverage, but excludes damage caused by war, strikes, and riots.”
All-Risk Clause – An insurance provision that all loss or damage to goods is insured except inherent vice (self-caused).
Alongside – “A phrase referring to the side of a ship. Goods to be delivered “”alongside”” are to be placed on the dock or lighter within reach of the transport ship’s tackle so that they can be loaded aboard the ship. Goods are delivered to the port of embarkation, b”
AMB – Ambassador
AMCHAM – American Chamber of Commerce
Amendments – Article XXX of the GATT Agreement provides that amendments (that become effective upon acceptance by two thirds of the Contracting Parties) are to be effective only for those parties which accept them.
American Business Center – “The ABC program provides U.S. companies which are exploring or establishing commercial opportunities in the Newly Independent States of the former Soviet Union with business services such as telephone and fax, temporary office space, market information, a”
American Business Initiative – “The ABI, or American Business and Private Sector Development Initiative for Eastern Europe, emphasizes the export of American telecommunciations, energy, environment, housing, and agriculture products and services to Eastern European countries. “
American Depository Receipts – “ADRs are negotiable receipts for the securities of a foreign company which are kept in the vaults of an American bank, allowing Americans to trade the foreign securities in the United States while accruing any dividends and capital gains. “
American Institute in Taiwan – “The AIT is a non-profit corporation that represents U.S. commerical, cultural, and other interests in Taiwan in lieu of an embassy. In 1979, the United States terminated formal diplomatic relations with Taiwan when it recognized the People’s Republic of “
American Traders Index – “The American Traders Index, ATI, is the U.S. and Foreign Commercial Service headquarters compilation of individual US&FCS domestic client files, for use by overseas posts to generate mailing lists. “
AMF – Arab Monetary Fund
amidships – At or towards the middle of a ship.
AMS – “Agricultural Marketing Service, Automated Manifest System”
AMSC – African Management Services Company
amt. – Amount
AMU – Arab Maghreb Union
Andean Group – The Andean Group (Spanish: Grupo Andino; sometimes referred to as Pacto Andino or Corporation Adino de Fomento; formal reference is Acuerdo de Cartegana in recognition of the Group’s establishment in Cartegena in October 1969) is an association of Latin
Andean Reserve Fund – “The Andean Reserve Fund (Spanish: Fondo Andina de Reservas), associated with the Andean Group, was established to strengthen the balance of payments positions of member countries by offering credit, guarantee loans, and promoting compatibility among memb”
Andean Trade Preference Act – “The ATPA is a unilateral trade benefit program designed to promote economic development through private sector initiative in the four Andean countries of Bolivia, Colombia, Ecuador, and Peru. The ATPA encourages alternatives to coca cultivation and produ”
ANF – Arrival notification form
Anti-Dumping Clause – A tariff imposed to discourage sale of foreign goods in the United States market at very low prices (below foreign country’s domestic market) which might hurt U.S. manufacturers.
Antidumping – “Antidumping, as a reference to the system of laws to remedy dumping, is defined as a converse of dumping.”
Antidumping Duty – A duty assessed on imported merchandise which is subject to an antidumping duty order. The antidumping duty is assessed on an entry-by-entry basis in an amount equal to the difference between the United States price of that entry and the foreign market v
Antidumping Duty Order – “A notice issued following final determination of sales at less than fair value and material injury, or threat of material injury, providing for the imposition of antidumping duties.”
Antidumping Investigation Notice – The notice published in the Federal Register announcing the initiation of an antidumping investigation. An investigation must be initiated within 20 days of the filing of a valid petition.
Antidumping Petition – “A petition filed on behalf of an affected United States industry, alleging that foreign merchandise is being sold in the United States at “”less than fair value”” and that such sales are causing or threatening material injury to, or materially retarding the”
Antidumping/Countervailing Duty System – “The Antidumping/Countervailing Duty System, a part of Customs’ Automated Commercial System, contains a case reference database and a statistical reporting system to capture data for International Trade Commission reports on antidumping and countervailing “
AOSIS – Alliance of Small Island States
AP – Administrative Protective Order
APAC – Auto Parts Advisory Committee
APDF – Africa Project Development Facility
APEC – Asian-Pacific Economic Cooperation
API – American Petroleum Institute
Appd. – Approved
Arab Bank for Economic Development in Africa – The ABEDA (French: Banque Arabe pour le Developpement Economique en Afrique — BADEA) was created by the League of Arab States in November 1973 (began operations in March 1975) to promote economic and technical cooperation between Arab and African states
Arab Cooperation Council – “The ACC was created in 1989 to promote economic cooperation and integration. Members include Egypt, Iraq, Jordan, and North Yemen. The ACC, partly intended as a counterpart to Gulf Cooperation Council, was created one day subsequent to the establishment”
Arab Fund for Economic and Social Development – “AFESD promotes regional economic integration and social development in Arab states. Members include: Algeria, Bahrain, Djibouti, Egypt, Iraq, Jordan, Kuwait, Lebanon, Libya, Mauritania, Morocco, Oman, Qatar, Saudi Arabia, Somalia, Sudan, Syria, Tunisia,”
Arab International Bank – “The AIB provides financing to support development of foreign trade among member nations and other Arab states. The Bank was established in October 1971; headquarters are in Cairo, Egypt. Member include: the governments of Oman, Qatar, and United Arab E”
Arab Maghreb Union – “The AMU (French: Union du Maghreb Arabe, UMA) encompasses Algeria, Libya, Mauritania, Morocco, and Tunisia. The Union was established in February 1989 to foster integration of the Maghreb economy. The Union also seeks to join the AMU and the Gulf Coope”
Arab Monetary Fund – “The AMF, originally aimed at correcting chronic deficits in the balance of payments in most member states, promotes Arab integration in monetary and economic affairs. The Fund’s priorities have included: (a) addressing payments imbalances, (b) creating “
Arab Trade Financing Program – “The ATFP promotes trade among Arab countries and exports from Arab countries. The Program was established in 1989 by the Arab Monetary Fund; headquarters are in Abu Dhabi, United Arab Emirates. “
Arab-African International Bank ous buying and selling of the same commodity or foreign exchange in two or more markets in order to take advantage of price differentials.
Arbitrage – The practice of exchanging the currency of one country for that of another or a series of countries to gain an advantage from the differences in exchange rates.
Arbitration Clause – A clause in a sales contract outlining the method under which disputes will be settled.
Arms Control and Disarmament Agency – ACDA is an independent agency within the State Department. ACDA participates in interagency working groups that discuss export license applications requiring dispute resolution. ACDA is interested in dual-use license applications from a non-proliferatio
Arr. T. L. – Arranged total loss
Arrangement on Guidelines for Officially Supported Export Credits – “The Arrangement is an international agreement under Organization for Economic Cooperation and Development auspices governing the conditions — such as interest rate, repayment term, and cash downpayment — of medium- and long-term official export credit; “
arrest – Seizure of a ship by an authority of a court of law either as a debt security or to prevent the ship from departing until a dispute is settled.
ARS – African Regional Organization for Standardization
AsDF – Asian Development Fund
ASEAN – Association of Southeast Asian Nations
ASEAN – Association of South-East Asian Nations
ASEAN Free Trade Area – “The Association of Southeast Asian Nations (ASEAN) agreed in January 1992 to create a free trade area (ASEAN Free Trade Area, or AFTA) with use of a common effective preferential tariff. Under the agreement ASEAN members will cut tariff rates within 15 y”
Asia Pacific Economic Cooperation – “APEC, established in November 1989, is an informal grouping of Asia Pacific countries that provides a forum for Ministerial level discussion of a broad range of economic issues. APEC includes the six ASEAN countries (Brunei, Indonesia, Malaysia, Philippi”
Asian Clearing Union – “The ACU promotes regional trade and economic cooperation, including arrangements to conserve foreign exhcange and encourage domestic currencies in trade. Members include Bangladesh, India, Iran, Myanmar, Nepal, Pakistan, and Sri Lanka; Bhutan, Malaysia, “
Asian Development Bank – “The ADB helps finance economic development in developing countries in the Asian and Pacific area through the provision of loans on near-market terms, with its Ordinary Capital Resources (OCR), and on concessional terms, through the Asian Development Fund “
Asian Development Fund – “The ADF (or AsDF), an affiliate of the Asian Development Bank, lends funds on concessionary terms to the Bank’s least developed member countries.”
Assessment – The imposition of antidumping duties on imported merchandise.
Association of African Development Finance Institutions – “AADFI (French: Association des Institutions Africaines de Financement du Developpement, AIAFD) promotes cooperative financing for social development in Africa and economic integration. The Association was established in March 1975; headquarters are in A”
Association of African Trade Promotion Organizations – “AATPO promotes inter-African trade, harmonization of commercial policies, communication among African states in trade matters, and research and training. The organization, which has about 26 members, was established in 1975 under the auspieces of the Org”
Association of Central African Banks – “ACAB (French: Association des Banques Centrales Africanines, ABCA) promotes cooperation among monetary, banking, and financial institutions in Africa. Members include two African regional banks and about 32 national banks. The Association was created i”
Association of International Bond Dealers – The AIBD provides a forum for over 500 members from 30 countries to review international securities market matters. The primary objectives of the Association are to provide a basis for examinaitn and discussion of questions relating to the secondary mark
Association of Southeast Asian Nations – “ASEAN was established in 1967 to promote political, economic, and social cooperation among its six member countries: Indonesia, Malaysia, Philippines, Singapore, Thailand, and Brunei. ASEAN headquarters are in Jakarta, Indonesia. In January 1992, ASEAN”
At. wt. – Atomic Weight
ATFP – Arab Trade Financing Program
athwartships – Across the ship or from side to side.
athwartships – Across the ship or from side to side.
ATI – “American Traders Index, Andean Trade Initiative”
Atl. – Atlantic
ATLAS – Automated Trade Locator Assistance Network
ATMIC – Agricultural Trade and Marketing Information Center
ATOs – Agricultural Trade Offices
ATP – Advanced Technology Products
ATPA – Andean Trade Preference Act
ATPI – Andean Trade Preference Initiative
AUMA – “Die Ausstellungs- und Messe-Ausschuss der Deutschen, Wirtschaft”
Ausfuhrkredit-Gesellschaft – AKA (English: Export Credit Establishment) is an association of German banks which provide medium and long-term funding for exports.
Ausstellungs (Die) – und Messe-Ausschuss der Deutschen Wirtschaft – “AUMA (German: the German Industry Council for Exhibitions and Trade Fairs) promotes exports by bringing together government, semiprivate, and private organizations in the coordination of domestic and overseas trade events. AUMA is a private organization “
Australia Group – “The Australia Group, AG, is an informal forum through which 22 industrialized nations cooperate to curb proliferation of chemical and biological weapons through a supply approach. The AG’s first meeting, held at the Australian Embassy in Paris in June 19”
Automated Broker Interface – “ABI, a part of Customs’ Automated Commercial System, permits transmission of data pertaining to merchandise being imported into the United States. Qualified participants include brokers, importers, carriers, port authorities, and independent data process”
Automated Clearinghouse – The Automated Clearinghouse (ACH) is a feature of the Automated Broker Interface which is a part of Customs’ Automated Commercial System. The ACH combines elements of bank lock box arrangements with electronic funds transfer services to replace cash or c
Automated Commercial System – “The Customs Service’s Automated Commercial System, ACS, is a joint public-private sector computerized data processing and telecommunications system linking customhouses, members of the import trade community, and other government agencies with the Customs”
Automated Export Reporting Program – The AERP provides for electronic submission of most information required on the Shipper’s Export Declaration. The program was initiated in 1969 with the intent of enabling large volume exporters to submit electronically and facilitate Census Bureau data
Automated Information Exchange – “AIES, a part of Customs’ Automated Commercial System, allows for exchange of classification and value information between field units and headquarters. “
Automated Manifest Systems – “AMS, a part of Customs’ Automated Commercial System (ACS) controls imported merchandise from the time a carrier’s cargo manifest is electronically transmitted to Customs until control is relinquished to another segment of the ACS. “
Automated Trade Locator Assistance Network – “ATLAS is a Small Business Administration-sponsored, contractor-operated, automated system which provides market research information and statistics on world markets by SIC code (and possibly harmonized system). Indirect access is available for businesses”
AUTOVON – Automatic Voice Network
Aux. – Auxiliary Vessel
Av. – Average
Av. disbts. – Average disbursements
AVE – Ad Valorem Equivalent
AWB – Airway Bill

Balance of Payments – The balance of payments is a statistical summary of international transactions. These transactions are defined as the transfer of ownership of something that has an economic value measurable in monetary terms from residents of one country to residents of
Balance on – ” – Current account; – Goods, services, and income; – Investment income; – Merchandise trade; – Services; – Unilateral transfers See: Balance of Payments.”
Banco Centroamericano de Integracion Economico – See: Central American Bank for Economic Integration.
Banco Interamericano de Desarollo – See: Inter-American Development Bank.
Banco Latinoamericano de Exportaciones – BLADEX (English: Latin American Export Bank) is a multinational bank which provides short- (95%+) and medium-term financing. Operations are conducted in U.S. dollars. Borrowers are primarily Latin American commercial banks of member countries which fi
Banco Nacional de Comercio Exterior – “BANCOMEXT, Mexico’s national foreign trade bank, provides credits, guarantees, and promotion services to support Mexico’s foreign trade. BANCOMEXT also assists Mexican importers by providing short-term loans to support importation of selected commodities “
Bank Advisory Committee – “The Bank Advisory Committee, which in some respects has replaced the London Club, is not a structured or formal organization. The Bank Advisory Committee consists mostly of lead bankers in an individual debtor country. The lead bankers, representing the “
Bank Affiliate Export Trading Company – An Export Trading Company partially or wholly owned by a banking institution as provided under the U.S. Export Trading Company Act.
Banker’s Acceptance – “A banker’s acceptance is a draft drawn on and accepted by a bank. Depending on the bank’s creditworthiness, the acceptance becomes a financial instrument which can be discounted.”
Banker’s Bank – A bank that is established by mutual consent by independent and unaffiliated banks to provide a clearinghouse for financial transactions.
Banker’s Draft – Draft payable on demand and drawn by or on behalf of the bank itself; it is regarded as cash and cannot be returned unpaid.
Bank for International Settlements – “BIS, established in 1930, promotes cooperation among central banks in international financial settlements. Members include: Australia, Austria, Belgium, Bulgaria, Canada, Czechoslovakia, Denmark, Finland, France, Germany, Greece, Hungary, Iceland, Irela”
Bank Guarantee – “An assurance, obtained from a bank by a foreign purchaser; that the bank will pay an exporter up to a given amount for goods shipped if the foreign purchaser defaults. (see: Letter of Credit.)”
Bank Holding Company – “Any company which directly or indirectly owns or controls, with power to vote, more than five percent of voting shares of each of one or more other banks.”
Bank of Central African States – “The bank (French: Banque des Etats de l’Afrique Central, BEAC) issues a common currency unit, the Central African Franc. Members include The Cameroon, Central African Republic, Chad, People’s Republic of Congo, Gabon, and Equitarial Guinea. France part”
Bank Release – Negotiable time draft drawn on and accepted by a bank which adds its credit to that of an importer of merchandise.
Banque Arabe pour le Developpement Economique en Afrique – See: Arab Bank for Economic Development in Africa.
Banque Centrale des Etats de l’Afrique de l’Ouest – “BECAO, which operates as a central bank under authority of the West African Monetary Union, issues the common currency for member states: Benin, Burkina Faso, C“te d’Ivoire, Mali, Niger, Senegal, and Togo.”
Banque de Developpement des Etats de l’Afrique Centrale – See: Central African States Development Bank.
Banque de Developpement des Etats du Grand Lac – See: Development Bank of the Great Lakes States.
Banque des Etats de l’Afrique Centrale – See: Bank of Central African States.
Banque Fran‡aise du Commerce Exterieur – “BFCE, a government-owned agency, is the French Government lender for officially supported export credits at preferential interest rates. The Bank, which provides financing for international trade, plays a coordinating role between exporters and the Frenc”
Banque Quest-Africaine de Developpement – See: West African Development Bank.
Barter – Trade in which merchandise is exchanged directly for other merchandise or services without use of money.
Basel Convention – “The Basel Convention restricts trade in hazardous waste, some non-hazardous wastes, solid wastes, and incinerator ash. It was adopted in 1989 by a United Nations-sponsored conference of 116 nations in Basel, Switzerland. Twenty nations must ratify the tr”
Belgium-Luxembourg Economic Union – “BLEU (French: UEBL, from Union Economique Belgo-Luxembourgeoise), established in July 1921, introduced a system of monetary association between Belgium and Luxembourg.”
Benelux Economic Union – “Benelux (acronym for Belgium, Netherlands, and Luxembourg) is an economic union originally established in January 1948 and revised in January 1960. Benelux continues as an internal regional association within the European Community (EC) because the associ”
Best Information Available – “Under GATT rules, when a respondent in an antidumping or countervailing duty case either declines to provide information, or provides inadequate information, the investigating authority has the right to resort to other information, a practice known as bes”
Bilateral Clearing Agreement – A bilateral clearing agreement is a government-to-government reciprocal trade arrangement whereby two nations agree to a trade turnover of specified value over one or more years. The value of the products trade under the agreement is denominated in accou
Bilateral Investment Treaty – “A bilateral investment treaty, BIT, ensures U.S. investments abroad of national or most favored nation treatment; prohibits the imposition of performance requirements; and allows the American investor to engage top management in a foreign country without “
Bilateral Steel Agreements – “The U.S. negotiated ten bilateral steel agreements, BSAs, with major steel trading partners. Under BSAs, the governments agreed to reduce or eliminate state intervention — that is, domestic subsidies and market barriers.”
Bill of Lading – “Bills of lading are contracts between the owner of the goods and the carrier. There are two types. A straight bill of lading is nonnegotiable. A negotiable or shipper’s order bill of lading can be bought, sold, or traded while goods are in transit and i”
Biological Agents – “Several classes of biological agents have been identified according to their degree of pathogenic hazard, and are controlled by the United States in accord with provisions of the Australia Group. Applications submitted to the Department of Commerce for t”
Blue Lantern – “Blue Lantern, a procedure pertaining to U.S. Munitions List items, is intended to verify that information stated on export license applications is valid and that the use of the commodity or service exported is consistent with the terms of the license. It”
Bonded Exchange – Exchange which cannot be freely converted into other currencies.
Bond System – “The Bond System, a part of Customs’ Automated Commercial System, provides information on bond coverage. A Customs bond is a contract between a principal, usually an importers, and a surety which is obtained to insure performance of an obligation imposed “
Bonded Warehouses – The U.S. Customs Service authorizes bonded warehouses for storage or manufacture of goods on which payment of duties is deferred until the goods enter the Customs Territory. The goods are not subject to duties if reshipped to foreign points.
Border Cargo Selectivity – BCS is an automated cargo selectivity system based on historical and other information. The system is designed to facilitate cargo processing and to improve Customs enforcement capabilities by providing targeting information to border locations. The sys
Border Environment Cooperation Commission – The BECC is a U.S.-Mexican binational commission intended to facilitate border environmental clean-up and to provide additional support for community adjustment and investment related to the North American Free Trade Agreement. The BECC will assist borde
British High Commission – “The term British High Commission (BHC, or High Commission, HC, or Her Majesty’s High Commission, HMHC) is used in lieu of “”embassy”” in Commonwealth countries.”
British Overseas Trade Board – “The BOTB, located in the Department of Trade and Industry (DTI), advises on international trade and guides the government’s export promotion prorgram, including policy, financing, and overseas projects. The Board is composed of industry and government re”
Brussels Tariff Nomenclature – A once widely used international tariff classification system which preceded the Customs Cooperation Council Nomenclature (CCCN) and the Harmonized System Nomenclature (HS). The BTN was changed in name only to the CCCN in 1976 to avoid confusion with the
Bulk Cargo – “Bulk cargo is unbound as loaded and carried aboard ship; it is without mark or count, in a loose unpackaged form, and has homongeneous characteristics.”
Bundesbank – “The Bundesbank is the German central bank. The main functions of the Bundesbank are to regulate the money supply, support the general economic policy of the federal government, and issue banknotes. It sets the key discount rate, the Lombard rate, and mi”
Bundesstelle fur Aussenhandelsinformation – See: Bundesministerium fur Wirtschaft.
Bundesministerium fur Wirtschaft – “The BMWi (German: Ministry for Economic Affairs) gathers and distributes market information and supports semiprivate and private organizations, such as overseas chambers of commerce. Within the BMWi is the Federal Office for Foreign Trade (Bundesstelle “
Bureau of International Expositions – “The Bureau of International Expositions, BIE, is an international organization established by the Paris Convention of 1928 to regulate the conduct and scheduling of international expositions in which foreign nations are officially invited to participate. “
Business Council for International Understanding – “The BCIU is an independent, non-partisan, business association which was formed at the initiative of President Eisenhower. BCIU operates the U.S. Ambassadorial and Senior Diplomat Industry Program in which most U.S. Ambassadors come to BCIU after appoint”
Business Executive Enforcement Team – “The Business Executive Enforcement Team, BEET, provides a channel for private sector executives to discuss export control enforcement matters with the Bureau of Export Administration.”
Business Facilitation Office – This is usually a booth with a reference desk with product catalogs manned by the Commercial Section or a qualified contractor to assist fair visitors or buyers searching for U.S. products or services at an international trade fair.
Business Information Office – The business information office or center is a post or contract-staffed commercial reference facility usually at a scheduled international trade exhibition.
Business Information Service for the Newly Indpendent States – “BISNIS is a one-stop shop for U.S. firms interested in obtaining assistance on selling in the markets of the Newly Independent States of the former Soviet Union (Armenia, Azerbaijan, Belarus, Georgia, Kazakhstan, Kyrgyzstan, Moldova, Russia, Tajikistan, T”
Buy American Restrictions – “BARs were derived from the Buy American Act (BAA) of March 1933 and amended by the Buy American Act of 1988. Restrictions may take several forms, including: (a) straightforward prohibition of public sector bodies from purchasing goods from foreign suppl”
Buyback – See: Countertrade.
B & T cl – Blocking & Trapping clause
B. or B/- – “Bale, Bag”
B.B. – “Bill Book, Below Bridges”
B.B.cl. – Both to blame collision clause
B.C. – Bristol Channel
b.d.i. – Both dates inclusive
B.D.I. – Both days inclusive
B.D.S. – Broker’s daily statement
B.H.P. – Brake hore-power
B.I.I.B.A. – British Insurance &Investment Brokers’ Association
b.m. – Board measure (timber)
B.O. – “Buyer’s option, Branch Office”
B.O.T. – Board of Trade
B.P.B. – Bank Post Bill
B.R. – Builders’ Risks Insurance
B.R.C. – “Broker Regulatory Committee (Lloyds’s), Brokers Registration Council”
B.S. – Boiler survey. Balance sheet
B.S.T. – British Summer Time
b.t. – Berth terms
B.T.U. – Bow Thrust Unit(s)
B.th.U. – British Thermal Unit
B.V. – Bureau Veritas
B/Ch – Bristol Channel
B/D – “Bank Draft, bar draft (grain trade)”
B/E – “Bill of Exchange, Bill of Entry”
B/G – Bondage goods
B/H – “Bill of Health, Bordeaux to Hamburg inclusive”
B/L – Bill of Landing
B/O – Brought over
B/P – Bills payable
B/R – Bills receivable. Builders’ risks. Bordeaux or Rouen (grain trade)
B/s – “Bags, Bales”
B/S – “Bill of Sale, Bill of Store”
B/St – Bill of sight
BACAT – Barge aboard catamaran
Bal. – Balance
Bar. – Barrel
bbls – Barrels
Bd. – “Bound, bond”
Bdls – Bundles
Bds. – Boards (timber)
Bg. – Bag
Bg. – Bag
bhp – Brake horsepower
Bk. – “Back, Backwardation, Book”
Bkge. – “Breakage, brokerage”
Bls. – Bales. Barrels
bp – Between perpendiculars
Brl. – Barrel
BTN – Brussels Tariff Nomenclature
bu – Bushels
Balance of Payments Consultations – The coordination between the GATT and the IMF to ensure that trade and payments implications of trade restrictions imposed for balance of payments reasons are taken fully into account. GATT Articles XII and XVIII allow countries to temporarily deviate fro
bale (capacity) – Total cubic capacity of a ship’s hold available for carrying solid cargo.
ballast – “A heavy weight, usually sea water, necessary for the stability and safety of a ship at sea that is not carrying cargo.”
bar – Sand bank that forms at the mouths of rivers and that often limits the type of ships that are able to reach up-river destinations.
base cargo – Relatively heavy cargo stowed at the bottom of a hold to provide a ship with stability when at sea or a minimum quantity of cargo required by a shipping line for calling at a port for loading.
berth – A location alongside a quay where a ship loads or discharges cargo.
Binding – “GATT Article 11 provides that signatories may ”bind” tariff rates by including them in schedules appended to the GATT. Once a duty is bound, it may not be raised beyond that bound level without compensating affected parties.”
bill of lading – “A document issued by a shipowner to a shipper of goods. It serves as a receipt for the goods, contract of carriage, and document of title.”
booking – Reservation made by a shipper or his agent with a carrier to carry certain defined goods between locations.
Bound Rates – Tariff rates resulting from GATT negotiations or accession which are appended to the GATT in the form of a ‘loose-leaf’ tariff schedule and are enforceable under ARTICLE 11 of GATT.
bow – Curved forward part of a ship.
bulk cargo – Unpacked dry cargo such as grain or coal.
bunkers – A ship’s fuel.
Buy American Act – An act mandating preferential treatment for American products when awarding some government procurement contracts. This act is waived for purchases covered by the government procurement code.
BADEA – Banque Arabe pour le Developpement Economique en Afrique
BAGGAGE – General License – BAGGAGE
BANCOMEXT – Banco Nacional de Comercio Exterior
BARs – Buy American Restrictions
BAS – Caribbean/Central America Business Advisory Service
BCEA – Banque Centrale des Etats de l’Afrique de l’Ouest
BCIE – Banco Centroamericano de Integracion Economico
BCIU – Business Council for International Understanding
BCS – Border Cargo Selectivity
BDEAC – Banque de Developpement des Etats de l’Afrique Centrale
BDEGL – Banque de Developpement des Etats du Grand Lac
BEAC – Banque des Etats de l’Afrique Centrale
BEEC – Border Environment Cooperation Commission
BEET – Business Executive Enforcement Team
BENELUX – “Belgium, Netherlands, Luxembourg Economic Union”
BfAi – Bundesstelle fur Aussenhandelsinformation
BFC – Business Facilitation Center
BFCE – Banque Francaise du Commerce Exterieur
BHC – “Bank Holding Company, British High Commission”
BIA – Best Information Available
BID – Banco Interamericano de Desarrollo
BIE – Bureau of International Expositions
BI – Business Information Office
BIS – Bank for International Settlements
BISNIS – “Business Information Service for the Newly Independent, States”
BIT(s) – Bilateral Investment Treaty(ies)
B/L – Bill of Lading
BLADEX – Banco Latinoamericano de Exportaciones
BLEU – Belgium-Luxembourg Economic Union
BMWi – Bundesministerium fur Wirtschaft
BOAD – Banque Ouest-Africaine de Developpement
BOP – Balance of Payments
BOT – Balance of Trade
BOTB – British Overseas Trade Board
BRITE – Basic Research in Industrial Technologies in Europe
BSA – Bilateral Steel Agreement
BSP – Business Sponsored or Between Show Promotion
BTN – Brussels Tariff Nomenclature
BXA – Bureau of Export Administration

C – Consulate
C&F – Cost and Freight
C&F Named Port – Cost and freight. All costs of goods and transportation to the named port are included in the price quoted. Buyer pays insurance while aboard ship up to overseas inland destination.
C. – Collected, Currency, Coupon, Coast
C. & D. – Collected and delivered
c. & f. – Cost and freight
c. & i. – Cost and insurance
C. &/or J. – China and/or Japan
C.&I. – Cost and insurance
C.A.C.T.L.V.O. – Compromised &/or arranged &/or constructive total loss of vessel only
C.A.D. – Cash against documents
C.B. & H. – Continent between Bordeaux and Hamburg
C.B.I. – Confederation of British Industry
C.C. – Current cost, Civil commotions, Cancellation clause, Continuation clause
C.C.I.S.G. – Convention Contracts of International Sale of Goods
C.C.S.A. – Collective company signing agreement
C.D. – Country damage
C.D.V. – Current domestic value
c.f. – Cubic feet. Carried forward
c.f.i. – Cost, freight and insurance
C.f.o. – Channel for orders. Coast for orders. Calling for orders
C.F.R. – Code of Federal Regulations (USA)
C.G.A. – Cargo’s proportion of general average
C.G.S.A. – Carriage of Goods by Sea Act
C.H. & H. – Continent between Havre and Hamburg
C.I. – Consular Invoice
C.I.E. – Captain’s imperfect entry (Customs). – c.i.f. – Cost, insurance and freight
c.i.f. & e. – Cost, insurance, freight and exchange
c.i.f.c.i. – Cost, insurance, freight, commission and interest
c.i.f.L.t. – Cost, insurance, and freight London terms
C.I.I. – Chartered Insurance Institute
C.K.D. – Completely knocked down
C.O.B. – Cargo on board
C.O.D. – Cash on delivery
C.P.A. – Claims payable abroad
c.p.d. – Charterers’ pay dues
C.P.P. – Controllable Pitch Propellers
C.R. – Current rate, Company’s risk, Carrier’s risk
C.R.O. – Cancelling returns only
C.S.D. – Closed shelter deck
C.S.T. – Central standard time
c.t.l. – Constructive total loss
c.t.l.o. – Constructive total loss only
c.v. – Chief value
C.W. – Commercial weight
C/- – Case
C/D – Commercial dock. Consular declaration
c/i – Certificate of insurance
C/L – Craft loss
C/N – Consignment note. Cover note. Credit note
C/O – Certificate of origin. Cash order. Case oil
C/P – Charter Party, Custom of Port (grain trade)
c/s – Cases
CABEE – Consortia of American Businesses in Eastern Europe
CABEI – Central American Bank for Economic Integration
Cable Address – A code word of less than 10 letters, registered annually with the Central Bureau of Registered Addresses, used in lieu of the entire name and address of a firm receiving or sending cablegrams in order to reduce the number of words required in a cablegram.
CABNIS – Consortia of American Businesses in the Newly Independent, States
Cabotage – A law which requires coastal and intercoastal traffic to be carried by vessels belonging to the country owning the coast.
CAC – Codex Alimentarius Commission
CACM – Central American Common Market
CAD – Cash Against Documents
CAD/CAM – Computer Aided Design/Computer Aided Manufacturing
CAEU – Council of Economic Arab Unity
CAF – Corporacion Andina de Fomento
Cairns Group – The Cairns Group, established in August 1986 in Cairns, Australia, is an informal association of agricultural exporting countries. Members include: Argentina, Australia, Brazil, Canada, Chile, Colombia, Fiji, Hungary, Indonesia, Malaysia, New Zealand, Philippines, Thailand, and Uruguay. The Group seeks to reduce export subsidies and internal support measures and to bring about other reforms to international agricultural trade. The Cairns Group countries account for one third of world farm exports.
Caisse Centrale de Cooperation Economique – The CCCE, a specialized financial institution, is the lead agency in the French Ministry of Cooperation and Development in providing funds for aid and cooperation. The Caisse provides support for development and technical assistance in developing countries, particularly in supporting economic and social development in Africa and in various countries on the Indian Ocean, the Caribbean and the South Pacific, and in overseas French departments and territories where it supports productive private and public investment. The Caisse was created in December 1941; headquarters are in Paris, France.
call sign – Sequence of letters and numbers, unique to each ship, that identify the ship.
Calvo Doctrine – The Calvo Doctrine (or principle) holds that jurisdiction in international investment disputes lies with the country in which the investment is located; thus, the investor has no recourse but to use the local courts. The principle, named after an Argentinean jurist, has been applied throughout Latin America and other areas of the world.
Canadian Commercial Corporation – By serving as the prime contractor in government-to-government sales transactions, the CCC facilitates exports of a wide range of goods and services from Canadian sources. In response to requests from foreign governments and international agencies for individual products or services, CCC identifies Canadian firms capable of meeting the customer’s requirements, executes prime as well as back-to-back contracts, and follows through with contract management, inspection, acceptance, and payment.
Canadian International Development Agency – CIDA (French: Agence Canadienne de Developpement International) is Canada’s official agency which has the task of supporting sustainable development in developing countries. The Agency was established in 1968; headquarters are in Hull, Quebec.
Canc. – Cancelled
cancl. – Cancelling
cap – Capacity
CAP – Common Agricultural Policy, Country Action Plan
Capital Account – See: Balance of Payments.
Capital Development Initiative – The CDI, administered by the U.S. Agency for International Development, encourages infrastructure investment in countries in central and Eastern Europe. The CDI provides financial and technical services and assists U.S. businesses by providing up to 50 percent of estimated development work and feasibility study costs for proposed projects in energy, telecommunications, and the environment.
CAR – Commercial Activity Report
cargo – Goods carried in or on a ship
Cargo Selectivity System – The Cargo Selectivity System, a part of Customs’ Automated Commercial System, specifies the type of examination (intensive or general) to be conducted for imported merchandise. The type of examination is based on database selectivity criteria such as assessments of risk by filer, consignee, tariff number, country of origin, and manufacturer/shipper. A first time consignee is always selected for an intensive examination. An alert is also generated in cargo selectivity the first time a consignee files an entry in a port with a particular tariff number, country of origin, or manufacturer/shipper.
Caribbean Basin Economic Recovery Act – The CBERA affords nonreciprocal tariff preferences to developing countries in the Caribbean Basin area to aid their economic development and to diversity and expand their production and exports. The CBERA applies to merchandise entered, or withdrawn from warehouse for consumption, on or after January 1, 1984. This tariff preference program has no expiration date.
Caribbean Basin Initiative – The CBI is an inter-American program to increase economic aid and trade preferences for 28 states of the Caribbean region. The Caribbean Basin Economic Recovery Act of 1983 provided for 12 years of duty-free treatment of most goods produced in the Caribbean region. The Initiative was extended permanently (CBI II), by the Customs and Trade Act of August 1990. The 23 countries which are currently eligible for CBI beneifts include Antigua and Barbuda, the Bahamas, Barbados, Belize, the British Virgin Islands, Costa Rica, Dominica, the Dominican Republic, El Salvador, Grenada, Guatemala, Guyana, Honduras, Jamaica, Montserrat, the Netherlands Antilles, Nicaragua, Panama, St. Christopher-Nevis, St. Lucia, St. Vincent and the Grenadines, and Trinidad and Tobago. The following countries may be eligible for CBI benefits but have not formally requested designation: Anguilla, Cayman Islands, Suriname, and the Turks and Caicos Islands.
Caribbean Common Market – CARICOM includes 13 English-speaking Caribbean nations: Antigua and Barbuda, the Bahamas, Barbados, Belize, Dominica, Grenada, Guyana, Jamaica, Montserrat, St. Kitts-Nevis, St. Lucia, St. Vincent/Grenadines, and Trinidad and Tobago). CARICOM was established in 1973; headquarters are in Georgetown, Guyana.
Caribbean Development Bank – The CDB promotes economic development and cooperation by providing long-term financing for productive projects in CARICOM member countries and U.K.-dependent territories in the Caribbean. Members include: Anguilla, Antigua and Barbuda, the Bahamas, Barbados, Belize, British Virgin Islands, Canada, Cayman Islands, Dominica, France, Grenada, Guyana, Jamaica, Mexico, Montserrat, Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines, Trinidad and Tobago, Turks and Caicos Islands, the United Kingdom, and Venezuela. The Bank was established in 1969; headquarters are in St. Michael, Barbados, West Indies. Beginning in 1977, the Inter-American Development Bank (IADB) may make loans through the CDB to all CDB members, regardless of whether those countries are members of the IADB. See: Inter-American Development Bank.
Caribbean/Central America Business Advisory Service – The BAS helps entrepreneurs in the Caribbean and in Central America to develop project ideas into investment proposals and to obtain long-term finance for them. The Service does not lend or invest, but does provide advice and assistance in project structuring, identification of technical and marketing partners, project appraisal, and identification of financing resources. BAS operates under the auspices of the United Nations Development Program and is managed by the World Bank’s International Finance Corporation. BAS was established in 1981 as the Caribbean Business Advisory Service (CBAS). The BAS 1989 expansion to Central America extended its operations to all CBI beneficiary countries. see: Caribbean Basin Initiative.
CARICCM – Caribbean Common Market
CARICOM – Caribbean Common Market
CARICOM – Caribbean Community
Carnets – Customs documents permitting the holder to carry or send sample merchandise temporarily into certain foreign countries without paying duties or posting bonds. Foreign customs regulations vary widely; in some countries, duties and extensive customs procedures on sample products may be avoided by obtaining an ATA Carnet. The ATA Carnet is a standardized international customs document used to obtain duty-free temporary admission of certain goods into the countries that are signatories to the ATA Convention. Under the ATA Convention, commercial and professional travelers may take commercial samples; tools of the trade; advertising material; and cinematographic, audiovisual, medical, scientific, or other professional equipment into member countries temporarily without paying customs duties and taxes or posting a bodn at the border of each country visited. The carnets are generally valid for 12 months. Telephone:1-800-CARNETS.
Carriage Paid To – Carriage paid to (CPT) and carriage and insurance paid to (CIP) a named place of destination. Used in place of CFR and CIF, respectively for shipment by modes other than water.
Cartagena Agreement – See: Andean Pact.
Cartagena Group – See: Group of Eleven.
Cartel – An organization of independent producers formed to regulate the production, pricing, or marketing practices of its members in order to limit competition and maximize their market power.
CASE – Council of American States in Europe
Cash Against Documents – A term denoting that payment is made when the bill of lading is presented.
Cash Against Documents (C.A.D.) – A method of payment for goods in which documents transferring title are given to the buyer upon payment of cash to an intermediary acting for the seller, usually a commission house.
Cash In Advance (C.I.A.) – A method of payment for goods in which the buyer pays the seller in advance of the shipment of the goods. Usually employed when the goods are built to order, such as specialized machinery.
Cash With Order – CWO is a means of payment in which the buyer pays cash when ordering; the order is binding on both seller and buyer.
Cash With Order (C.W.O.) – A method of payment for goods in which cash is paid at the time of order and the transaction becomes binding on both buyer and seller.
Catalog Exhibitions – These promotions are low-cost exhibits of U.S. firms’ catalogs and videos which offer small, less-experienced companies an opportunity to test overseas markets for their products without travel. The International Trade Administration promotes exhibitions, provides staff fluent in the local language to answer questions, and forwards all trade leads to participating firms.
Category Groups – Groupings of controlled products.See: Export Control Classification Number.
CBD – Commerce Business Daily
CBERA – Caribbean Basin Economic Recovery Act
CBI – Caribbean Basin Initiative
CBM – Conventional buoy mooring
CBW – Chemical and Biological Weapons
CCA – Chambre de Cooperation de l’Afrique de l’Ouest
CCC – Canadian Commercial Corporation, Commodity Credit Corporation, Customs Cooperation Council
CCC – Customs Co-operation Council
CCCE – Caisse Centrale de Cooperation Economique
CCCN – Customs Co-operation Council Nomenclature
CCCN – Customs Cooperation Council Nomenclature
CCD – Conseil de Cooperation Douaniere
CCF – CoCom Cooperation Forum
CCFF – Compensatory and Contingency Financing Facility
CCIR – Comite Consultatif International des Radiocommunications
CCITT – Comite Consultatif International Telegraphique et, Telephonique
CCITT – Consultative Committee for International Telephone and, Telegraphy
CCL – Commerce Control List;, formerly: – Commodity Control List
CCNAA – Coordination Council for North American Affairs
CCNAA – Coordination Council for North American Affairs
ccy – Convertible currency
CD-ROM – Compact Disc-Read Only Memory
CDB – Caribbean Development Bank
CDC – Commonwealth Development Corporation
CDI – Capital Development Initiative
CDT – Center for Defense Trade
CE – Committee of Experts, Communautes Europeenes, Conformite Europeene, Council of Europe
CEA – Chinese Economic Area, Council of Economic Advisors
CEA – Communaute Economique de l’Afrique de l’Ouest
CEE – Commission Economique pour l’Europe
CEEAC – Communaute Economique des Etats de l’Afrique Centrale
CEEB – Customs Electronic Bulletin Board
CEFTA – Central Europe Free Trade Association
CEN – European Committee for Standardization
CENELEC – European Committee for Electrotechnical Standardization
Census Interface System – The Census Interface System, a part of Customs’ Automated Commercial System, includes edits and validations provided by the Bureau of the Census to allow for the accurate and timely collection and submission of entry summary data. Census Interface is accomplished through Automated Broker Interface entry summary transmissions.
Center for Defense Trade – In 1990, the Center for Defense Trade, CDT, was created within the Bureau of Politico-Military Affairs (PM) at the Department of State. CDT was established with the purpose of improving the Department of State’s export licensing services. CDT also has responsibility for clarifying all defense trade policy guidelines. The Center includes two offices: – The Office of Defense Trade Controls (DTC) which administers controls on permanent exports and temporary imports of defense articles and technology covered by the U.S. Munitions List (USML) and performs USML export license review and compliance functions. – The Office of Defense Trade Policy (DTP) which seeks to support the efforts of the U.S. defense industry to sell products overseas. DTP provides policy guidance to licensing officers, in support of their efforts to implement the International Traffic in Arms Regulations (ITAR) and provides advice on technology transfer and strategic trade issues.
Center for International Research – CIR analyzes and forecasts world demographic trends and economic developments in selected countries, based on current statistics obtained through international agreements. The center, which is a component of the Commerce Department’s Bureau of the Census, conducts research with funds from government and private business sponsors. See: International Data Base.
Center for Trade and Investment Services – CTIS, established in September 1992, promotes increased participation of U.S. businesses in generating economic development in lesser developed countries which receive assistance from the Agency for International Development. Telephone:1-800-USAID-4-U.
Central African Customs and Economic Union – The Central African Customs and Economic Union (French: Union Douaniere et Economique de l’Afrique Centrale, UDEAC) created in 1966 (revised 1974) to promote establishment of a Central African Common Market with a common external tariff. Members include: the Cameroon, Central African Republic, Chad, Congo, Equatorial Guinea, and Gabon. The Union’s headquarters are in Bangui, Central African Republic.
Central African States Development Bank – The Central Africa States Development Bank (French: Banque de Developpement des Etats de l’Afrique Centrale, BDEAC) was created in December 1975 (began operations in January 1977) to provide loans for economic development and to support integration projects. Members include: the Cameroon, Central African Republic, Chad, Congo, Equatorial Guinea, and Gabon. Bank headquarters are in Brazzaville, Congo.
Central American Bank for Economic Integration – CABEI (Spanish: Banco Centroamericano de Integracion Economico, BCIE) was established in 1960 (began operations in September 1961) to promote economic integration and development. The Bank is an institution of the Central American Common Market. Bank members include: Costa Rica, El Salvador, Guatemala, Honduras, and Nicaragua. CABEI is associated with the Central American Common Market; bank headquarters are in Tegucigalpa, Honduras. See: Central American Common Market.
Central American Common Market – A first effort to establish a Central American Common Market, CACM (Spanish: Mercado Com£n Centroamericano, MCCA) was attempted in 1960 under the auspeices of the Organiztion of Central American States (OCAS). A restructuring was started in 1973. Members include Honduras, Guatemala, El Salvador, Nicaragua and Costa Rica. The common market will cover all products traded within the region by the end of 1992. A second step toward regional integration will be the establishment of a common external tariff. CACM is associated with the Central American Bank for Economic Integration; headquarters are in Guatemala City, Guatemala. See: Central American Bank for Economic Integration.
Central Europe Free Trade Association – CEFTA is a trade agreement among the “Visegrad” countries — Poland, the Czech Republic, Slovakia, and Hungary — that is somewhat parallel to the European Free Trade Association.
Centre Europeen de Recherche Nucleaire – CERN (English: European Center for Nuclear Reseach) is a huge lab used by international collaborators to do frontier work in nuclear and particle physics. The Center, created after World War II and open to physicists from all countries, is funded by countries according to their abilities. The Center is located outside Genvea, partly in Switzerland and partly in France.
Centre Francais du Commerce Exterieur – See: Direction des Relations Economiques Exterieures.
Centro Internacional de Agricultura Tropical – See: Consultative Group on International Agricultural Research.
CEPAL – Comision Economica para America Latina y el Caribe
CEPGL – Communaute Economique des Pays des Grands Lacs
CEPT – Conference Europeenne des Administrations des Postes et, des Telecommunications
CERN – Centre Europeen de Recherche Nucleaire
Certificate of Delivery – See: Delivery Verification Certificate.
Certificate of Inspection – A document certifying that merchandise (such as perishable goods) was in good condition immediately prior to shipment. Pre-shipment inspection is a requirement for importation of goods into many developing countries.
Certificate of Manufacture – A document (often notarized) in which a producer of goods certifies that the manufacturing has been completed and the goods are now at the disposal of the buyer.
Certificate Of Origin – A certified document as to the origin of goods, used in foreign commerce.
Certificate of Origin – Certain nations require a signed statement as to the origin of the export item. Such certificates are usually obtained through a semiofficial organization such as a local chamber of commerce. A certificate may be required even though the commercial invoice contains the information.
Certified Trade Fair Program – The Department of Commerce Certified Trade Fair Program is designed to encourage private organizations to recruit new-to-market and new-to-export U.S. firms to exhibit in trade fairs overseas. To receive certification, the organization must demonstrate: (1) the fair is a leading international trade event for an industry and (2) the fair organizer is capable of recruiting U.S. exhibitors and assisting them with freight forwarding, customs clearance, exhibit design and setup, public relations, and overall show promotion. The show organizer must agree to assist new-to-export exhibitors as well as small businesses interested in exporting. In addition to the services the organizer provides, the Department of Commerce will: – assign a Washington coordinator; – operate a business information office, which provides meeting space, translators, hospitality, and assistance from U.S. exhibitors and foreign customers; – help contact buyers, agents, distributors, and other business leads and provide marketing assistance; – provide a press release on certification.
Certified Trade Missions – Certified trade missions (formerly State/Industry Organized, Government Approved trade missions) are planned and organized by state development agencies, trade associations, chambers of commerce, and other export-oriented groups. To qualify for U.S. government sponsorship, organizers of this type of trade mission must agree to follow International Trade Administration criteria in planning and recruiting the mission. ITA offers guidance and assistance from planning through completion of the mission and coordinates thel, Consulate General
CGIAR – Consultative Group on International Agricultural Research
Chaebol – Chaebol are Korean conglomerates which are characterized by strong family control, authoritarian management, and centralized decision making. Chaebol dominate the Korean economy, growing out of the takeover of the Japanese monopoly of the Korean economy following World War II. Korean government tax breaks and financial incentives emphasizing industrial reconstruction and exports provided continuing support to the growth of Chaebols during the 1970s and 1980s. In 1988, the output of the 30 largest chaebol represented almost 95% of Korea’s gross national product.
Chambre de Cooperation de l’Afrique de l’Ouest – See: West African Clearing House.
Charge d’affaires – See: Title and Rank.
Charter Party – Renting of an entire vessel or part of its freight space for a particular trip or stipulated period of time.
CHB – Customhouse Broker
Chemical Weapons Convention – The CWC prohibits the development, production, stockpiling, and use of chemical weapons. The Convention permits monitoring, collection and review of data and on-site inspections that involve questions of protection of proprietary rights and confidentiality. The Convention has been signed by over 160 nations; entry into force is expected in January 1995.
Chemical/Biological Weapons – The Department of Commerce maintains foreign policy export controls on certain chemical precursors and equipment and biological agents and equipment useful in chemical warfare. Through the Australia Group, AG, the United States cooperates with other nations in controlling chemical and biological weapons proliferation. The AG developed a list of 54 precursors useful for chemical weapons development, along with control on certain biological organisms and on equipment useful in producing CBW agents. The AG also provides the forum in which the member countries share information concerning the activities of non-member countries where the proliferation of these weapons is of concern, including entities that are seeking chemical precursors and related items.
CHG – Charge d’Affaires
Chinese Economic Area – The CEA is an informal reference to the economic integration of Southern China with Hong Kong and Taiwan which has proceded without any “arrangement.”
chq. – Cheque
CIAT – Centro Internacional de Agricultura Tropical
CICA – Confederation Internationale du Credit Agricole
CIDA – Canadian International Development Agency
CIF – Cost, Insurance and Freight
cif – Cost, insurance, freight
CILSS – Comite Permanent Interetats de Lutte contre la Secheresse, dans le Sahel
CIMS – Commercial Information Management System
CIPs – Commodity Import Programs
CIR – Center for International Research
CIS – Commonwealth of Independent States
CISG – Convention on Contracts for the International Sale of, Goods
CIT – Court of International Trade
CITA – Committee for the Implementation of Textile Agreements
CITES – Convention on International Trade in Endangered Species in, Wild Fauna and Flora
CIV – Customs Import Value
CJ – Commodity Jurisdiction
Ck. – Cask
cld. – Cleared
CLDP – Commercial Law Development Program
Clean Bill of Lading – A receipt for goods issued by a carrier with an indication that the goods were received in “apparent good order and condition,” without damages or other irregularities.
Clean Draft – A draft to which no documents have been attached.
Clean Float – Clean float refers to a system in which exchange rates are determined by market forces rather than government intervention or restrictions. See: Dirty Float.
Club du Sahel – The Club du Sahel is an informal coalition which seeks to reverse the effects of drought and the desertification in the eight Sahelian zone countries: Burkina Faso, Chad, Gambia, Mali, Mauritania, Niger, Senegal, and the Cape Verde Islands. The Club coordinates plans and financing of aid and sustained economic development in the region. The Club (sometimes called “Club des Amis du Sahel”), formed in December 1975, comprises both donor countries (Austria, Belgium, Canada, France, the Netherlands, Switzerland, the United Kingdom, and the United States) and Sahelian zone countries. Headquarters are in Ouagadougou, Burkina Faso.
CMA – Common Monetary Agreement
CMEA – Council for Mutual Economic Assistance
CMP – Country Marketing Plan
Cmpl. – Completed
CNUSA – Commercial News USA
COAP – Cottonseed Oil Assistance Program
COCOM – Coordinating Committee for Multilateral Export Control
COCOM – Coordinating Committee on Multilateral Export Controls
CoCom – See: Coordinating Committee on Multilateral Export Controls.
CoCom Cooperation Forum – The CCF provides a venue for emerging democracies in Central and Eastern Europe and the of the former Soviet Union to discuss international export controls and to help coordinate technical assistance efforts. The Forum, established in June 1992, held its first meeting in November 1992. At the close of 1992, 42 nations were CCF participants, including most states of the former Soviet Union (except Georgia, Tajikistan, and Turkmenistan) and all of the former Soviet satellites of Eastern and Central Europe (except the former Yugoslav republics).
CODEX – Codex Alimentarius Commission
Codex Alimentarius Commission – As a subsidiary body of the United Nations Food and Agricultural Organization and the World Health Organization, CAC (or CODEX) develops food standards and Recommended International Codes of Hygienic and/or Technological Practices. Commission standards are voluntary, becoming enforceable only if accepted as national standards. The Commission also works in cooperation with Regional Coordinating Committees (Africa, Europe, Latin America and the Caribbean) in promoting regional standards activities. The Commission was established in 1962; headquarters are in Rome, Italy.
COE – Council of Europe
COFACE – Compagnie Francaise d’Assurance pour le Commerce Exterieur
Collection Papers – All documents (invoices, bills of lading, etc.) submitted to a buyer for the purpose of receiving payment for a shipment.
Collections System – The Collections System, a part of Customs’ Automated Commercial System, controls and accounts for the billions of dollars in payments collected by Customs each year and the millions in refunds processed each year. Daily statements are prepared for the automated brokers who select this service. The Collections System permits electronic payments of the related duties and taxes through the Automated Clearinghouse capability. Automated collections also meet the needs of the importing community through acceptance of electronic funds transfers for deferred tax bills and receipt of electronic payments from lockbox operations for Customs bills and fees.
Colombo Plan – The Colombo Plan was established in 1951 to promote economic and social development among members in Asia and the Pacific. Members include: Afghanistan, Australia, Bangladesh, Bhutan, Burma, Cambodia, Canada, Fiji, India, Indonesia, Iran, Japan, South Korea, Laos, Malaysia, Maldives, Nepal, New Zealand, Pakistan, Papua New Guinea, Philippines, Singapore, Sri Lanka, Thailand, the United Kingdom, and the United States. The Plan’s formal name is the Colombo Plan for Cooperative Economic Development in South and South-East Asia; headquarters are in Colombo, Sri Lanka.
Column 1 Rates – The U.S. import tariff rates which have been established through negotiation, are congressionally approved and usually bound. These are ”most favored nation” (MFN) rates, meaning that they must apply equally to all countries receiving MFN tariff treatment from the United States, unless superseded by certain preferential tariff arrangements for developing countries.
Column 2 Rates – Column 2 rates are statutory established tariff rates dating back to the 1930s Smoot-Hawley period and are substantially higher than column I rates. They are currently assessed only on imports from countries not receiving most favored nation treatment from the U.S. (e.g., certain communist countries).
COM – Chief of Mission, Cost of Manufacture
Com. – Commission
COMECON – Council for Mutual Economic Assistance
Comision Economica para America Latiana y el Caribe – See: United Nations Regional Commissions.
Comision Economica para America Latina y el Caribe – See: United Nations Regional Commissions.
Comision Panamericana de Normas Tecnicas – COPANT (English: Pan American Standards Commission) coordinates the activities of all institutes of standardization in the Latin American countries. The Commission develops all types of product standards, stnadardized test methods, terminology, and related matters. COPANT headquarters are in Buenos Aires, Argentina. U.S. contact with COPANT is maintained through the American National Standards Institute.
Comite Consultatif International des Radiocommunications – See: International Radio Consultative Committee.
Comite Consultatif International Telegraphique et Telephonique – See: International Telegraphic and Telephone Consultative Committee.
Comite Permanent Consultatif du Maghreb – The CPCM (English: Maghreb Permanent Consultative Committee) seeks to improve economic coordination among Maghreb countries, with eventual expectation of establishing a Maghreb economic community. Originally established in October 1964, the committee began operations in February 1966; its headquarters are in Tunis, Tunisia. See: Maghreb States.
Comite Permanent Interetats de Lutte contre la Secheresse dan le Sahel – See: Permanent Interstate Committee for Drought Control in the Sahel.
Commerce Business Daily – CBD is the Commerce Department’s daily newspaper which lists government procurement invitations and contract awards, including foreign business opportunities and foreign government procurements.
Commerce Control List – The CCL includes all items — commodities, software, and technical data — subject to BXA export controls and incorporates not only the national security controlled items agreed to by CoCom (the “core” list), but also items controlled for foreign policy (i.e., biological warfare, nuclear proliferation, missile technology, regional stability, and crime control) and short supply. The list is divided into 10 general categories: (1) materials, (2) materials processing, (3) electronics, (4) computers, (5) telecommunications and cryptography, (6) sensors, (7) avionics and navigation, (8) marine technology, (9) propulsion systems and transportation equipment, and (10) miscellaneous.
Commercial Activity Report – The Commercial Activity Report, CAR, is prepared annually by the economic and commercial sections of the U.S. Embassies covering over 100 countries where the Department of Commerce is not represented. The CAR assesses the country’s political, economic, and business activities, and market potential and strategies for increasing U.S. sales.
Commercial Code – A published code designed to reduce the total number of words required in a cablegram.
Commercial Counterfeiting – This practice involves the manufacture or sale of goods which defraud the purchaser by falsely implying that the products are produced by a reputable manufacturer.
Commercial Information Management System – CIMS is a PC-based system used by International Trade Administration staff in export counseling. CIMS is a trade-related application using National Trade Data Bank CD-ROMs to disseminate market research and international economics data to US&FCS domestic offices and overseas posts. The system includes data on foreign traders and supports local collection and update of information on business contacts.
Commercial Invoice – The commercial invoice is a bill for the goods from the seller to the buyer. These invoices are often used by governments to determine the true value of goods for the assessment of customs duties and are also used to prepare consular documentation. Governments using the commercial invoice to control imports often specify its form, content, number of copies, language to be used, and other characteristics.
Commercial Law Development Program – The CLDP helps Central and Eastern Europe and the Baltic States develop a commercial infrastructure consistent with free market principles. The program, operated through the Commerce Department’s International Trade Administration, is part of the U.S. Government’s efforts to assist the region. CLPD is also compiling a Language Resources List of U.S. commercial law experts with strong language capabilities.
Commercial News USA – Commercial News USA, CNUSA, is an International Trade Administration (ITA) fee-based magazine, published 10 times per year. CNUSA provides exposure for U.S. products and services through an illustrated catalog and electronic bulletin boards. The catalog is distributed through U.S. Embassies and consulates to business readers in 155 countries. Copies are provided to international visitors at trade events around the world. The CNUSA program covers more than 30 industry categories. To be eligible, products must be at least 51 percent U.S. parts and 51 percent U.S. labor. The service helps U.S. firms identify potential export markets and make contacts leading to representation, distributorships, joint venture or licensing agreements, or direct sales.
Commercial Officers – Commercial officers are embassy officials who assist U.S. business through arranging appointments with local business and government officials, providing counsel on local trade regulations, laws, and customs; identifying importers, buyers, agents, distributors, and joint venture partners for U.S. firms; and other business assistance. At larger posts, International Trade Administration staff perform these functions. At smaller posts, commercial interests are represented by State’s economic officers. See: Economic Officers Foreign Service.
Commercial Risks – With respect to Eximbank guarantees, commercial risks cover nonpayment for reasons other than specified political risks. Examples are insolvency or protracted default. See: Political Risks.
Commercial Treaty – An agreement between two or more countries setting forth the conditions under which business between the countries may be transacted. May outline tariff privileges, terms on which property may be owned, the manner in which claims may be settled, etc.
Commission Economique pour l’Europe – See: United Nations Regional Commissions — Economic Commission for Europe.
Committee for the Implementation of Textile Agreements – CITA is an interagency committee chaired by the Department of Commerce which exercises the rights of the United States under the Multi-Fiber Arrangement. CITA initiates “calls” for consultation when imports of a particular textile product from a particular country disrupt the U.S. domestic market for that product. Other member agencies include the Departments of Labor, State, and Treasury and the United States Trade Representative. See: Multi-Fiber Arrangement.
Committee of Experts – The CE is an autonomous body of 20 independent legal experts appointed by the International Labor Organization (ILO) Governing Body. The CE meets annually prior to the June conference to examine reports of governments on ILO conventions, and information provided by governments on what they have done with newly adopted conventions. The CE submits its report and findings to the International Labor Conference Committee on the Application of Conventions and Recommendations.
Committee on Foreign Investment in the United States – The Committee on Foreign Investment in the United States, CFIUS, was created in 1975 to provide guidance on arrangements with foreign governments for advance consultations on prospective major foreign governmental investments in the United States, and to consider proposals for new legislation or regulation relating to foreign investment. The authority was amended by Section 5021 (the Exon-Florio provision) of the Omnibus Trade and Competitiveness Act of 1988 (Section 721 of the Defense Production Act), which gives the President authority to review mergers, acquisitions, and takeovers of U.S. companies by foreign interests and to prohibit, suspend, or seek divestiture in the courts of investments that may lead to actions that threaten to impair the national security. By Executive Order in December 1988, Treasury has authority to implement the Exon-Florio provision. CFIUS has 11 members: the Secretaries of the Treasury (the chair), State, Defense, and Commerce, the chairman of the Council of Economic Advisors, the U.S. Trade Representative, the Attorney General, the Director of the Office of Management and Budget, the Director of the Office of Science and Technology Policy, the Assistant to the President for National Security Affairs, and the Assistant to the President for Economic Policy. The Assistant Secretary for Trade Development serves as Commerce’s representative to CFIUS. The Commerce working group is chaired by the International Trade Administration and includes the Bureau of Export Administration, the Economics and Statistics Administration, the Technology Administration, and the Office of the General Counsel. See: Exon-Florio Foreign Direct Investment in the United States.

Committee on Renewable Energy, Commerce, and Trade – CORECT facilitates the cost-effective use of U.S. renewable energy products and services around the world. The Committee is comprised of 14 federal agencies: the Departments of Commerce, Defense, Energy, Interior, State, and Treasury, the Agency for International Development, Environmental Protection Agency, Export-Import Bank, Overseas Private Investment Corporation, Small Business Administration, Trade and Development Agency, United States Information Agency, and U.S. Trade Representative. The Committee, chaired by Energy, was established by legislation in 1984.
Committee on Trade and Development – The CTD was established in 1965 to consider how the General Agreement on Tariffs and Trade (GATT) can aid the economic development of Less Developed Country (LDC) contracting parties (that is, LDC members).
Commodity Control List – See: Commerce Control List.
Commodity Credit Corporation – The CCC finances a variety of federal domestic and international farm programs, including Title I, Title II, and Title III of Public Law 480 (Food for Peace). The CCC is a government-owned and operated corporation within the U.S. Department of Agriculture (USDA), and is managed by a board of directors headed by the Secretrary of Agriculture. All members of the board and the corporation’s officers and staff are officals of USDA. The CCC provides financing and stability to the marketing and exporting of agricultural commodities.
Commodity Import Programs – CIPs finance the export of U.S. goods to U.S.-aid recipient countries. Under CIPs, the Agency for International Development (AID) makes dollars available to the assisted country on a loan or grant basis to pay for essential commodity imports. In nearly all cases, these imports come from the United States. CIPs are used to provide relatively fast disbursing balance of payments support or to generate local currency for budget support for project goals, particularly in efforts designed to encourage private sector development. CIP agreements usually provide for AID’s financing of a wide variety of basic items including agricultural goods, construction and transportation equipment, fertilizer, chemicals, raw materials, semi-finished products, and foodstuffs. CIPs do not finance military or police equipment, luxury items, or items of questionable safety or efficacy. In some cases, the range of allowable commodities is narrowed in order to tailor them to development needs of particular sectors in the assisted country or to accomplish other, specific development goals.
Commodity Jurisdiction – Export jurisdiction of products is administered by the State Department’s Office of Defense Trade Controls (DTC) if the commodities are defense articles, technical data, and services or by the Commerce Department’s Bureau of Export Administration if the commodities are dual-use items. An exporter may request DTC to conduct a commodity jurisdiction (CJ) review if the exporter is uncertain as to whether an item is covered by the United States Munitions List (USML) or believes it has been inappropriately placed on the list. CJ procedures include deadlines for making a determination and the use of criteria assessing: (a) performance, (b) significant military or intelligence applicability, and (c) significant civilian applicability.
Common Agricultural Policy – The CAP is a set of regulations by which members states of the European Community (EC) seek to merge their individual agricultural programs into a unified effort to promote regional agricultural development, fair and rising standards of living for the farm population, stable agricultural markets, increased agricultural productivity, and methods of dealing with food supply security. Two of the principal elements of the CAP are the variable levy (an import duty amounting to the difference between EC target farm prices and the lowest available market prices of imported agricultural commodities) and export restitutions, or subsidies, to promote exports of farm goods that cannot be sold within the EC at the target prices.
Common Agricultural Policy (CAP) – A comprehensive system of production targets and marketing mechanisms designed to manage agricultural trade within the European Community and with the rest of the world.
Common External Tariff – A uniform tariff adopted by a customs union to be assessed on imports entering the union territory from countries outside the union; abbreviated: CET or CXT.
Common External Tariff (CET) – A uniform tariff adopted by a customs union (e.g.. European Community) to be assessed on imports entering a region from countries outside the union.
Common Market – A common market (as opposed to a free trade area) has a common external tariff and may allow for labor mobility and common economic policies among the participating nations. The European Community is the most notable example of a common market.
Common Monetary Agreement – South Africa, Lesotho, and Swaziland are members of the CMA under which they apply uniform exchange control regulations to ensure monetary order in the region. Funds are freely transferable among the three countries, and Lesotho and Swaziland have free access to South African capital markets. Lesotho also uses the South African currency, the rand. The CMA was formed in 1986 as a result of the renegotiation of the Rand Monetary Agreement (RMA) which was originally formed in 1974 by the same member countries.
Common Standard Level of Effective Protection – The common standard level of effective protection, CSP, refers to the minimum shared standards between the U.S. and CoCom members for implementing an effective export control system, including licensing and enforcement elements.
Commonwealth – A commonwealth is a free association of sovereign independent states that has no charter, treaty, or constitution. The association promotes cooperation, consultation, and mutual assistance among members. The British Commonwealth (with headquarters in London, England) is the most notable example; it included 50 states at the beginning of 1991.
Commonwealth Development Corporation – The CDC is a British public corporation which provides medium- and long-term loans and equity financing for development-related private and public sector projects in selected countries. CDC financing is available for projects in the folowing sectors: agriculture (livestock, horticulture, and acquaculture), forestry, fishing, mineral extraction, industry, public utilties, transport, telecommunications, low-cost housing, hotels, construction and civil engineering, financial management and consultancy services, and leasing of assests. The Corporation does not invest in schools, colleges, hospitals, public service works or broadcasting. Since 1969, CDC has been able to invest in non-Commonwealth countries with ministerial agreement. The CDC was established in 1948; headquarters are in London, England.
Commonwealth of Independent States – The CIS was established in December 1991 as an association of 11 republics of the former Soviet Union. The members include: Russia, Ukraine, Belarus (formerly Byelorussia), Moldova (formerly Moldavia), Armenia, Azerbaijan, Uzbekistan, Turkmenistan, Tajikistan, Kazakhstan, and Kirgizstan (formerly Kirghiziya). The Baltic states did not join. Georgia maintained observer status, before joining the CIS in November 1993. Until that time, the NIS (Newly Independent States) differed from the CIS in that the NIS is a collective reference to 12 Soviet republics, including Georgia.
Communaute Economique de l’Afrique de l’Ouest – See: West African Economic Community.
Communaute Economique des Etats de l’Afrique Centrale – See: Economic Community of Central African States.
Communaute Economique des Pays des Grands Lacs – See: Economic Community of the Great Lakes Countries.
Communautes Europeenes – The CE mark is applied to products, their packaging or paperwork as a declaration of conformity, third party testing and/or certification, quality assurance audit and/or full type approval by a body authorized by a European Economic Community member state and recognized by the European Commission. Effective January 1, 1993, the CE mark on a product attests that it complies with all in-force Directives pertinent to it. The CE mark preempts all other European Community national safety marks. If it is discovered that the CE mark has been improperly affixed, the product in question will be prohibited and no longer marketed. Legal penalties are at the discretion of each member state.
Communications Satellite Corporation – COMSAT was established in 1963 under provision of the Communications Satellite Act of 1962. The legislation directed that COMSAT establish the world’s first commercial international satellite communications system. The Act also stipulated that the company operate as a shareholder-owned “for-profit” corporation. COMSAT represents the U.S. in the International Telecommunications Satellite Organization.
Comp. T.L. – Compromised total loss
Compagnie Francaise d’Assurance pour le Commerce Exterieur – COFACE is a French company acting as a commercial export finance agency by insuring short-term political and commercial risk and by facilitating the financing for export credit. Any French exporter (manufacturers, intermediaries, confirmers, and merchants) of French goods and services can be insured for sales abroad. In conjunction with the Banque Francaise du Commerce Exterieur and other banks and institutions, COFACE provides services similar to the Export-Import Bank. COFACE was established in 1946; headquarters are in Paris, France. See: Banque Francaise du Commerce Exterieur.
Compensation – A GATT principle which holds that if any member country raises a tariff above its bound rate, withdraws a binding or otherwise violates a trade concession with GATT justification, the party must lower other tariffs or make other concessions to offset the disadvantage suffered by trading partners or face offsetting actions (retaliation) by affected parties.
Compensatory and Contingency Financing Facility – The CCFF is an International Monetary Fund (IMF) facility which provides resources to an IMF member for a shortfall in export earnings or an excess in cereal import costs that is due to factors largely beyond the member’s control and which is temporary. Compensatory financing, introduced in 1963 and broadened several times, provides aid to members experiencing balance of payments problems as a result of fluctuations in commodity prices and shortfalls of receipts in tourism, “workers’ remittances” and most services. Contingency financing helps members with IMF-supported adjustment programs to maintain the momentum of adjustment efforts in the face of a broad range of unanticipated, adverse external shocks — for example, changes in international interest rates or prices or primary imports or exports.
Composite Currency Peg – See: Exchange Rate Classifications.
Composite Theoretical Performance – Computer hardware export license requirements are evaluated according to Composite Theoretical Performance (CTP), which replaced the former Processing Data Rate (PDR) parameter. CTP is measured in Million Theoretical Operations Per Second (MTOPS). CTP was developed by the U.S. as a new parameter, and was adopted by CoCom during the Core List negotiations, because PDR was not applicable to certain modern computer architectures such as vector processors, massively parallel processors, and array processors. CTP is designed to measure all of these architectures, as well as signal processing equipment.
COMPRO – COMPRO is an on-line trade data retrieval system maintained by the International Trade Administration within the U.S. Department of Commerce. The system is exclusively for use within the federal government trade community (ITA, USTR, ITC, and other executive branch agencies. It is also the oldest and best known component of the Trade Policy Information System (TPIS). COMPRO is slated to be replaced in the FY 1995-96 TPIS modernization, but its functions will remain available in an expanded and generalized form. See: Trade Policy Information System.
COMSAT – Communications Satellite Corporation
Concession – A tariff reduction, tariff binding, or other agreement to reduce import restrictions; usually accorded pursuant to negotiation in return for concessions by other parties.
Conditional Most-Favored-Nation Treatment – The according of Most Favored Nation (MFN) treatment subject to compliance with specific terms or conditions. All members of GATT, including the United States, accord unconditional MFN treatment to most other GATT members. The United States, howeerms of Title IV of the Trade Act of 1974.
Conds. – Conditions
Confederation Internationale du Credit Agricole – COCA (English: International Confederation of Agricultural Credit, ICAC) coordil credit banks and other institutions which provide or study agricultural credits. ICAC was established in 1932; headquarters are in Zurich, Switzerland.
Conference Europeenne des Administrations des Postes et des Telecommunications – CEPT (English: lecommunciations services. Many CEPT standards creating activities have been assumed by the European Telecommunications Standards Institute. CEPT maintains offices in Paris, France and Bern, Switzerland. See: European Telecommunications Standards Institute.
Co’s Council for Mutual Economic Assistance (CMEA or COMECON). CSCE administers residual tariffs and quotas and relations with other organizations.
Confirmed Letter of Credit – A letter of credit, issued by a foreign bank, whose validity has been confirmed by an American bank. An exporter whose payment terms are a confirmed letter of credit is assured of payment even if the foreign buyer or the foreign bank defaults.
Confirming – Confirming is a financial service in which an independent company confirms an export order in the seller’s country and makes payment for the goods in the currency of that country. Among the items eligible for confirmation are the goods; inland, air, and ocean transportation costs; forwarding fees; custom brokerage fees; and duties. Confirming permits the entire export transaction from plant to end user to be fully coordinated and paid for over time. It is mainly a European practice.
Conformite Europeene – The CE mark signifies that a product meets specific EC-wide conformity assessment requirements. The mark does not endorse the quality or durability of a product, but only that it satisfies mandatory technical requirements. The designation is needed for sale of products which become subject ot Community-wide “new-approach” directives. See: European Norm.
conlinebill – Liner bill of lading published by the Baltic and International Maritime Conference (B.I.M.C.O.).
Conseil de Cooperation Douaniere – See: Customs Cooperation Council.
Conseil de l’Entente – The Conseil de l’Entente (Entente Council) is an alliance of Benin, Burkina Faso, C”te d’Ivoire, Niger (all formerly part of French West Africa), and Togo (which joined in 1966). The Council was established in 1959; headquarters are in Abidjan, C”te d’Ivoire.
Consgt. – Consignment
consignee – Person to whom goods are to be delivered at a particular destination by a carrier.
Consignee – The person or firm named in a freight contract to whom goods have been consigned or turned over. For export control purposes, the documentation differentiates between an “intermediate” consignee and an “ultimate” consignee.
Consignee Marks – A symbol placed on packages for export for identification purposes; generally consisting of a triangle, square, circle, diamond, cross, with letters and/or numbers as well as port of discharge.
Consignment – Delivery of merchandise from an exporter (the consignor) to an agent (the consignee) under agreement that the agent sell the merchandise for the account of the exporter. The consignor retains title to the goods until sold. The consignee sells the goods for commission and remits the net proceeds to the consignor.
consignor – Person who gives goods to a carrier for delivery to a consignee.
Consortia of American Businesses in Eastern Europe – The CABEE program, administered by the U.S. Department of Commerce, provides grants of up to $500,000 to each of five non-profit consortia of for-profit companies to cover up to one-half of costs of starting-up commercial operations in Eastern Europe. Launched under the American Business and Private-Sector Development Initiative for Eastern Europe, CABEE is intended to help overcome difficulties faced by small and medium-sized firms in entering Eastern Europe markets. CABEE was established in June 1991.
Consortia of American Businesses in the Newly Independent States – CABNIS is a cooperative, cost-sharing program of government and the private sector that helps non-profit business consortia establish a commercial presence and pursue business in the Newly Indpendent States on behalf of profit-making U.S. corporations and associations. The program provides matching government grants of up to $500,000 to each consortia. CABNIS, established in July 1992, is administered by the Commerce Department’s International Trade Administration. CABNIS was established in July 1992.
Constructed Value – A means of determining fair or foreign market value when sales of such or similar merchandise do not exist or, for various reasons, cannot be used for comparison purposes. The “constructed value” consists of the cost of materials and fabrication or other processing employed in producing the merchandise, general expenses of not less than 10 percent of material and fabrication costs, and profit of not less than 8 percent of the sum of the production costs and general expenses. To this amount is added the cost of packing for exportation to the United States. See: Tariff Act of 1930.
Consul – A government official residing in a foreign country who is charged with the representation of the interests of his country and its nationals.
Consular Declaration – A formal statement describing goods to be shipped, made to the consul of the country of destination. Approval must be obtained prior to shipment.
Consular Declaration – A formal statement, made to the consul of a foreign country, describing goods to be shipped.
Consular Information Sheet – See: Travel Advisory Program.
Consular Invoice – A document required by some foreign countries showing exact information as to consignor, consignee, value and description of shipment.
Consular Invoice – A document, required by some foreign countries, describing a shipment of goods and showing information such as the consignor, consignee, and value of the shipment. Certified by a consular official of the foreign country, it is used by the country’s customs officials to verify the value, quantity, and nature of the shipment.
Consulate – See: Title and Rank.
Consulate – The jurisdiction, terms of office, or official premises of a consul.
Consultative Committee for International Telephone and Telegraphy – CCITT facilitates U.S. coordination of communications standards issues. CCITT is a part of the International Telecommunications Union (ITU), which is an international treaty organization. The State Department is responsible for coordinating and presenting U.S. positions to the ITU. See: International Telecommunications Union.
Consultative Group on International Agricultural Research – CGIAR, an informal association of public and private sector donors, supports international agricultural research centers (IARCs) around the world. The centers develop new ways to increase sustainable food production and improve the nutritional and economic well-being of low-income people. CGIAR, sponsored by the World Bank and other international organizations, was established in 1971; its Secretariat is in Washington, D.C. The research centers include: – Centro Internacional de Agricultura Tropical (CIAT), Colombia – Centro Internacional de Mejoramiento de Maiz y Trigo (CIMMYT), Mexico – International Board for Plant Genetic Resources (IBPGR), Italy – International Center for Agricultural Research in Dry Areas (ICARDA), Syria – International Centre for Research in Forestry (ICRAF), Kenya – International Crops Research Institute for the Semi-Arid Tropics (ICRISAT), India – International Food Policy Research Institute (IFPRI), United States – International Irrigation Management Institute (IIMI), Sri Lanka – International Institute of Tropical Agriculture (IITA), Nigeria – International Livestock Center for Africa (ILCA), Ethiopia – International Laboratory for Research on Animal Diseases (ILRAD), Kenya – International Network for the Improvement of Banana and Plantain (INIBAP), France – International Rice Research Institute (IRRI), Philippines – International Service for National Agricultural Research (ISNAR), Netherlands and – West Africa Rice Development Association (WARDA), C”te d’Ivoire.
Consumption Entry – An official form used for declaration of value, description and the total duty due on such transaction.
Cont. – Continent of Europe
Cont.(A.H.) – Continent, Antwerp-Hamburg range
Cont.(B.H.) – Continent, Bordeaux-Hamburg range
Cont.(H.H.) – Continent, Havre-Hamburg range
Contadora Group – The Contadora Group, which first met on the Panamanian island of Contadora in January 1983, seeks solutions to conflict in Central America. Members include the foreign ministers of Colombia, Mexico, Panama, and Venezuela. Group headquarters are in Mexico City, Mexico.
Container – A uniform, sealed, reusable metal “box” in which merchandise is shipped by vessel, truck, or rail. Standard lengths include 10, 20, 30, and 40 feet (40 foot lengths are generally able to hold about 40,000 pounds). Containers of 45 and 48 feet are also used, as well as containers for shipment by air.
container – Box, in several standard sizes, designed to enable goods to be sent several places without the contents being touched.
Contracting Parties – Contracting parties are the signatory countries to the GATT. These countries have accepted the specified obligations and privileges of the GATT agreement.
Conv. – Conveyance
Convention – See: International Agreements.
Convention on Contracts for the International Sale of Goods – The UN Convention on Contracts for the International Sale of Goods, CISG, became the law of the United States in January 1988. CISG establishes uniform legal rules governing formation of international sales contracts and the rights and obligations of the buyer and seller. The CISG applies automatically to all contracts for the sale of goods between traders from two different countries that have both ratified the CISG, unless the parties to the contract expressly exclude all or part of the CISG or expressly stipulate a law other than the CISG.
Conventional Arms Transfer – The transfer of non-nuclear weapons, aircraft, equipment, and military services from supplier states to recipient states. U.S. arms are transferred by grants as in the Military Assistance Program (MAP); by private commercial sales; and by government-to-government sales under Foreign Military Sales (FMS). MAP provides defense articles and defense services to eligible foreign governments on a grant basis. FMS provides credits and loan repayment guarantees to enable eligible foreign governments to purchase defense articles and defense services.
Cooperator Program – See: Foreign Market Development Program.
Coordinating Committee on Multilateral Export Controls – CoCom is an informal organization that cooperatively restricts strategic exports to controlled countries. CoCom controls three lists: (a) the international industrial list (synonymous with the “dual-use” or “core” list), (b) the international munitions list, and (c) the atomic energy list. The 17 CoCom members are: Australia, Belgium, Canada, Denmark, France, the Federal Republic of Germany, Greece, Italy, Japan, Luxembourg, the Netherlands, Norway, Portugal, Spain, Turkey, the United Kingdom, and the United States. Other countries, including: Austria, Finland, Hong Kong, Ireland, New Zealand, Sweden, and Switzerland have been designated as “cooperating countries.” These countries receive many of the benefits ascribed to CoCom member countries. CoCom controls exports at three levels, depending on the item and the proposed destination. At the highest or “general exception” level, unanimous approval by CoCom members is necessary. At the next level, “favorable consideration,” there is a presumption of approval; the export may be made if no CoCom members objects within 30 days of submission to CoCom. At the lowest level, “national discretion” (also called “administrative exception”), a member nation may approve the export on its own, but CoCom must be notified after the fact. CoCom is scheduled to terminate on March 31, 1994.
Coordination Council for North American Affairs – The CCNAA, the counterpart to the American Institute in Taiwan, unofficially represents Taiwan’s interests in the United States. The Council provides information on trade, business, and investment opportunities to the American business community. Council headquarters are in Washington, D.C. See: American Institute in Taiwan.
COP – Cost of Production
COPANT – Comision Panamericana de Normas Tecnicas
Coproduction – Coproduction is a U.S. government program implemented either by a government-to-government arrangement or through specific licensing arrangements by designated commercial firms. These programs enable foreign entities to acquire the know-how to manufacture or assemble, repair, maintain, and operate all or part of a specific defense item or weapon, communication, or support system.
Core List – National security controls are based largely on CoCom’s international industrial list (known generally as the “core list”), which replaced the old industrial list effective September 1991. The core list includes items in ten categories: (1) materials, (2) materials processing, (3) electronics, (4) computers, (5) telecommunications and cryptography, (6) sensors, (7) avionics and navigation, (8) marine technology, (9) propulsion systems and transportation equipment, and (10) miscellaneous.
CORECT – Committee on Renewable Energy, Commerce, and Trade
Corporacion Andina de Fomento – See: Andean Group.
Cost and Freight – Cost and Freight (CFR) to a named overseas port of import. Under this term, the seller quotes a price for the goods that includes the cost of transportation to the named point of debarkation. The cost of insurance is left to the buyer’s account. (Typically used for ocean shipments only. CPT, or carriage paid to, is a term used for shipment by modes other than water.) Also, a method of import valuation that includes insurance and freight charges with the merchandise values.
Cost of Production – A term used to refer to the sum of the cost of materials, fabrication and/or other processing employed in producing the merchandise sold in a home market or to a third country together with appropriate allocations of general administrative and selling expenses. COP is based on the producer’s actual experience and does not include any mandatory minimum general expense or profit as in “constructed value.” See: Tariff Act of 1930.
Cost, Insurance and Freight – Cost, insurance, and freight (CIF) to a named overseas port of import. Under this term, the seller quotes a price for the goods (including insurance), all transportation, and miscellaneous charges to the point of debarkation for the vessel. (Typically used for ocean shipments only. CIP, or carriage and insurance paid to, is a term used for shipment by modes other than water.)
Costs of Manufacture – In the context of dumping investigations, the costs of manufacture, COM, is equal to the sum of the materials, labor and both direct and indirect factory overhead expenses required to produce the merchandise under investigation.
Cottonseed Oil Assistance Program – COAP, one of four export subsidy programs operated by the Department of Agriculture, helps U.S. exporters meet prevailing world prices for cottonseed oil in targeted markets. USDA pays cash to U.S. exporters as bonuses, making up the difference between the higher U.S. cost of acquiring cottonwseed oil and the lower world price at which it is sold.
Council for Mutual Economic Assistance – The Council for Mutual Economic Assistance, CMEA or COMECON, was established in 1949 ostensibly to create a common market. CMEA was a Soviet initiative with Bulgaria, Czechoslovakia, Hungary, Poland, and Romania as founder members. The Council was later joined by the German Democratic Republic, Mongolia, Cuba, and Vietnam; Yugoslavia held associate status. Members normally received some products, particularly oil and gas, from the former Soviet Union at below-market prices. CMEA was succeeded in 1991 by the Organization for Economic Cooperation (OIEC).
Council of American States in Europe – This Council is composed of state representatives resident in Europe supportive of official U.S. promotions.
Council of Economic Arab Unity – CEAU fosters economic integration among Arab nations. The Council’s activities compiling statistics, conducting research, and promoting a customs union. The Council was established in 1964; headquarters are in Amman, Jordan. The Council oversees the Arab Common Market, which comprises Egypt, Iraq, Jordan, Libya, Mauritania, Syria, and Yemen.
Council of Europe – The COE (also: CE; French: Conseil de l’Europe)) was established in May 1949 to encourage unity and social and economic growth among members, which currently include: Austria, Belgium, Cyprus, Denmark, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Liechtenstein, Luxembourg, Malta, the Netherlands, Norway, Portugal, San Marino, Spain, Sweden, Switzerland, Turkey, and the United Kingdom. COE headquarters are in Strasbourg, France.
Council on Security and Cooperation in Europe – Members include: Albania, Armenia, Austria, Azerbaijan, Belgium, Bulgaria, Byelarus, Canada, Cyprus, Czechoslovakia, Denmark, Estonia, Finland, France, Germany, Greece, the Holy See, Hungary, Iceland, Ireland, Italy, Kazakhstan, Kyrgyzstan, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Moldova, Monaco, Netherlands, Norway, Poland, Portugal, Romania, Russia, San Marino, Spain, Sweden, Switzerland, Tajikistan, Turkey, Turkmenistan, Ukraine, the United Kingdom, the United States, Uzbekistan, and Yugoslavia.
Counter Trade – A general trade term whereby a seller is required to accept goods or services from the buyer as either full or partial payment. This is a well known phenomenon in East-West trade, but is increasingly being practiced worldwide.
Counterfeit Code – A draft agreement addressing commercial counterfeit (e.g. trademarks) problems in international trade. Initiated during the Tokyo Round, this code was never concluded. The issue of counterfeiting, as well as other intellectual property issues, is now under discussion in the Uruguay Round negotiating group on Intellectual Property Rights.
Counterpurchase – See: Countertrade.
Countertrade – Countertrade is an umbrella term for several sorts of trade in which the seller is required to accept goods, serivces, or other instruments or trade, in partial or whole payment for its products. Forms include barter, buy-back or compensation, offset requirements, swap, switch, or triangular trade, evidence or bilateral clearing accounts. Some include offsets as a form of countertrade; others make a distinction based on the view that countertrade is a reciprocal exchange of goods and services used to alleviate foreign exchange shortages of importers and that offsets are used as a means for advancing industrial development objectives and may include equity investments. In counterpurchase (one of the most common forms of countertrade), exporters agree to purchase a quantity of goods from a country in exchange for that country’s purchase of the exporter’s product. The goods being sold by each party are typically unrelated but may be equivalent in value. In a compensation or buy-back deal, exporters of heavy equipment, technology, or even entire facilities agree to purchase a certain percentage of the output of the facility. Barter is a simple swap of one good for another. Switch trading is a complicated form of barter, involving a chain of buyers and sellers in different markets. See: Offsets.
Countervailing Duties (CVD) – These are duties levied on an imported good to offset subsidies to producers or exporters of that good in the exporting country. GATT Article VI permits the use of such duties if material injury to the importing country’s producers occurs.
Countervailing Duty – An extra charge that a country places on imported goods to counter the subsidies or bounties granted to the exporters of the goods by their home governments. The duty is allowed by the Code on Subsidies and Countervailing Duties negotiated at the Tokyo Round, if the importing country can prove that the subsidy would cause injury to domestic industry. U.S. countervailing duties can only be imposed after the International Trade Commission has determined that the imports are causing or threatening to cause material injury to a U.S. industry.
Country Groups – For export control purposes, the Bureau of Export Administration of the U.S. Commerce Department separates countries into seven country groups designated by the symbols: Q, S, T, V, W, Y, Z. Canada and Antartica are not included in any country group. Canada is referred to by name throughout the Export Administration Regulations. Antartica is controlled according to the country that occupies the area in Antartica where the items proposed for export or reexport will be used. See: Export Control Classification Number.
Country of Export Destination – Country of destination for exports is the country where the goods are to be consumed, further processed, or manufactured, as known to the shipper at the time of exportation. If the shipper does not know the country of ultimate destination, the shipment is credited to the last country to which the shipper knows that the merchandise will be shipped in the same form as when exported.
Country of Origin – The U.S. Customs Service defines country of origin as the country where an article was wholly grown, manufactured or produced, or, if not wholly grown, cultivated or produced in one country, the last country in which the article underwent a substantial transformation. Duty rates vary according to the country of origin.
Court of International Trade – The CIT has jurisdiction over any civil action against the United States arising from Federal laws governing import transactions. The court hears antidumping, product classification, and countervailing duty matters as well as appeals of unfair trade practice cases from the International Trade Commission. The court was originally established in 1890; principal offices are located in New York City, but the court is empowered to hear and determine cases arising at any port or place within the jurisdiction of the United States. The judges are appointed for life by the President, subject to Senate confirmation.
Cpa. – Closest point of approach
CPCM – Comite Permanent Consultatif du Maghreb
CPT – Carriage Paid To
Cr. – Credit, Creditor
Crawling Peg System – The crawling peg is a procedure in which a currency exchange rate is altered frequently (multiple times a year), generally to adjust for rapid inflation. Between changes, the exchange rate for the currency remains fixed. See: Exchange Rate Classifications.
Credit Risk Insurance – A form of insurance which protects the seller against loss due to default on the part of the buyer.
Credit Risk Insurance – Insurance designed to cover risks of nonpayment for delivered goods.
Credit Tranches – The credit tranche policy is the International Monetary Fund’s (IMF) basic policy on the use of its general resources. Credit is made available in four tranches, each equivalent to 25 percent of a member’s quota. A first credit tranche purchase raises the IMF’s holdings of the purchasing member’s currency to no more than 25 percent of quota. Generally, a member may reuest use of the IMF’s resources in the first credit tranche if it demonstrates that it is making reasonable efforts to overcome its balance of payments difficulties. Also, a member may request use of the first credit tranche as part of a stand-by arrangement. Subsequent purchases are made in the upper credit tranches. These resources are made available if a member adopts policies that provide appropriate grounds for expecting that the member’s balance of payments difficulties will be resolved within a reasonable period. Use of these resources is almost always made under a stand-by or an extended arrangement. See: International Monetary Fund.
Critical Circumstances – A determination made by the Assistant Secretary for Import Administration (of the Commerce Department’s International Trade Administration) as to whether there is a reasonable basis to believe or suspect that there is a history of dumping in the United States or elsewhere of the merchandise under consideration, or that the importer knew or should have known that the exporter was selling this merchandise at less than fair value, and there have been massive imports of this merchandise over a relatively short period. This determination is made if an allegation of critical circumstances is received from the petitioner. See: Tariff Act of 1930.
CSCE – Conference on Security and Cooperation in Europe
CSIS – Center for Strategic and International Studies
CSP – Common Standard Level of Effective Protection
CSS – Customized Sales Survey
CT – Countertrade
CTD – Committee on Trade and Development
CTF – Certified Trade Fair .. Certified Event
CTIS – Center for Trade and Investment Services
CTP – Composite Theoretical Performance
Cts. – Crates
cum. – With, Cumulative
Currency Swaps – See: Swaps.
Current Account – See: Balance of Payments.
Custom House – The government office where duties and/or tolls are placed on imports or exports and are paid on vehicles or vessels entered or cleared.
custom of the port – Established practice at a port which becomes part of a contract of carriage unless otherwise identified in the contract.
Customhouse Brokers – A person or firm, licensed by the Treasury Department, engaged in entering and clearing goods through customs. The duties of a broker include preparing the entry blank and filing it; advising the importer on duties to be paid; advancing duties and other costs; and, arranging for delivery to his client, his trucking firm, or other carrier.
Customized Sales Survey – The CSS is a fee-based International Trade Administration service that provides firms with key marketing, pricing, and foreign representation information about their specific products. Overseas staff conduct on-site interviews to provide data in nine marketing areas about the product, such as sales potential in the market, comparable products, distribution channels, going price, competitive factors, and qualified purchasers. Additional information may be provided to clients at additional charge. This product was formerly known as the Comparison Shopping Service.
Customs Cooperation Council The CCC – (French: Conseil de Cooperation Dounaiere, CCD) is an international organization consisting of representatives of about 150 countries. The Council serve as a technical body which studies and seeks to resolve the various countries’ customs problems in an attempt to harmonize customs operations and promote trade. The Council was established in 1950; headquarters are in Brussels, Belgium.
Customs Cooperation Council Nomenclature – A customs tariff nomenclature formerly used by many countries, including most European nations but not the United States. It has been superseded by the Harmonized System Nomenclature to which most major trading nations, including the U.S., adhere.
Customs Electronic Bulletin Board – The CEEB provides information on rulings, quotas, currency conversion rates, customs valutation provisions, directives, and other customs news. The CEBB is available without charge, 7 days each week at 202-376-7100 (9600 baud) with PC communication switches set to no parity, 8 bit words and 1 stop bit. Voice information may be obtained by calling 202-376-7039.
Customs Free Zone – See: Free Trade Zone.
Customs Harmonization – This is an international effort to increase the uniformity of customs practices such as evaluation, nomenclature and enforcement among countries. The Customs Cooperation Council has been working on an internationally accepted harmonized commodity system since 1970.
Customs Import Value – This is the U.S. Customs Service appraisal value of merchandise. Methodologically, the Customs value is similar to f.a.s. (free alongside ship) value since it is based on the value of the product in the foreign country of origin, and excludes charges incurred in bringing the merchandise to the United States (import duties, ocean freight, insurance, and so forth); but it differs in that the U.S. Customs Service, not the importer or exporter, has the final authority to determine the value of the good.
Customs Tariff – A schedule of charges assessed by the federal government on imported and/or exported goods.
Customs Union – A group of nations which have agreed to eliminate tariffs on goods traded among members while imposing common external tariffs on goods entering from outside the union. The European Common Market is the best known example.
Customs Union – An agreement between two or more countries to remove trade barriers with each other and to establish common tariff and nontariff policies with respect to imports from countries outside of the agreement. The European Community is the most well-known example. The two primary trade effects of a customs union are: (a) trade creation — the shift from consumption of domestic production toward consumption of member imports and (b) trade diversion — the shift from trade with non-member countries in favor of trade with member countries.
Customs Valuation Code – Formally known as the Agreement on Implementation of Article VII of the General Agreement on Tariffs and Trade,” this MTN agreement provides detailed rules for the determination of value for customs purposes. These rules are designed to provide a fair, uniform and neutral system of valuation based on transaction value and preclude the use of arbitrary or fictitious values.
Customshouse Broker – The U.S. Customs Service defines a CHB, or Customs Broker, as any person who is licensed in accordance with Part III of Title 19 of the Code of Federal Regulations (Customs regulations) to transact Customs business on behalf of others. Customs business is limited to those activities involving transactions with Customs concerning the entry and admissibility of merchandise; its classification and valuation; the payment of duties, taxes, or other charges assessed or collected by Customs upon merchandise by reason of its importation, or the refund, rebate, or drawback thereof. (See 19 CFR 111.1(b) and (c).)
CV – Constructed Value
CVD – Countervailing Duty
CW – Cash With Order
CWC – Chemical Weapons Convention
CXT – Common External Tariff

D – District Office
d – Draught
D-RAM – Dynamic Random Access Memory
D. – Delivery, Delivered
D.A.A. – Documents against acceptance
D.B. – Day Book, Deals and battens (timber trade)
d.b. – Deals and battens (timber)
d.b.b. – Deals, battens and boards
D.D. – Damage done
D.D.C. – Damage done in collision
D.D.E. – Direct data entry
d.d.o. – Despatch discharging only
d.f. – Dead freight
D.F. – Direction finder
d.l.o. – Despatch loading only
d.l.o. – Dispatch loading only
d.p. – Direct port
d.p.r. – Daily pro rata
D.R.C. – Damaged received in collision
D.T.B.A. – Days to be agreed, date to be advised
D.T.I. – Department of Trade and Industry
d.w. – Deadweight
D.W.A.T. – Deadweight all told
d.w.c. – Deadweight capacity
d.w.t. – Deadweight tonnage
D/A – Deposit account, Days after acceptance, Documents against acceptance, Discharge afloat, Deductible average
D/A – Documents Against Acceptance
D/C – Deviation clause
D/d – Days after date, Days’ date
D/D – Demand Draft, Delivered at Docks, Damage Done
D/N – Debit note
D/O – Delivery order
D/P – Documents against payment
D/R – Deposit receipt
D/s – Days after sight
D/V – Dual Valuation
D/W – Dock warrant
DA – Development Assistance
DAC – Development Assistance Committee
DACON – Data on Consulting Firms
DAEs – Dynamic Asian Economies
Dairy Export Incentive Program – DEIP, one of four export subsidy programs operated by the Department of Agriculture, helps U.S. exporters meet prevailing world prices for targeted dairy products and destinations. USDA pays cash to U.S. exporters as bonuses, allowing them to sell certain U.S. dairy products in targeted countries at prices below the exporter’s costs of acquiring them. DEIP is used to help products produced by U.S. farmers meet competition from subsidizing countries.
DANIDA – Danish International Development Assistance
Danish International Development Assistance – Danish development assistance is directed toward alleviating poverty by promoting economic growth and social development. Recent DANIDA policy is to increase aid quality by establishing long-term program cooperation with fewer (20-to-25) developing countries, by emphaiszing grants instead of loans, by strengthening the role of women in development, and by promoting respect for human rights and democractic values. About half of Danish aid is bilateral assistance intended to reach the least privileged in the poorest countries, about half the bilateral assistance is allocated to the countries classified by the UN as least developed countries. Most of the remaining aid is granted as multilateral assistance through international orgnizations — the UN system, the regional development banks, the European Community, and as humanitarian assistance. Following a May 1991 restructuring of Danish aid administration, DANIDA has ceased to exist as an organization but is used to denote official Danish cooperation with developing countries. That reorganization established a South Group in the Ministry of Foreign Affairs as the locus of development assistance. South Group headquarters are in the Ministry of Foreign Affairs, Copenhagen, Denmark.
Data on Consulting Firms – DACON is a computerized roster of consulting firms interested in doing business on World Bank-financed projects. The Bank uses DACON registrations to select firms to be considered for short lists (that is, a select list of firms to be invited to submit proposals) as well as to review the qualifications of firms proposed by the borrower. Registration eligibility includes minimum size and experience requirements. Consulting firms are not required to register; registration does not constitute the Bank’s endorsement of the firm’s qualifications or the Bank’s approval of the firm’s appointment for any specific project. The use of the acronym DACON is not limited to the World Bank; for example, the Inter-American Development Bank also maintains data on consultants in its separately administered DACON.
Date Draft – A draft which matures a specified number of days after the date it is issued, without regard to the date of acceptance.
DBGLS – Development Bank of the Great Lakes States
Dbk. – Drawback
DCM – Deputy Chief of Mission
DCS – Defense Conversion Subcommittee
dd. – Delivered
dd/s. – Delivered sound (grain trade)
Debt Swaps – See: Swaps.
DEC – District Export Council
Declaration by Foreign Shipper – The U.S. Customs Service defines this term as a statement by the shipper in the foreign country attesting to certain facts. For example, articles shipped from the United States to an insular possession and then returned must be accompanied by a declaration by the shipper in the insular possession, indicating that, to the best of his or her knowledge, the articles were exported directly from the United States to the insular possession and remained there until the moment of their return to the United States. (see 19 CFR 4.60 and 4.61 on U.S. clearance of vessels bound for a foreign port or ports.)
Ded. – Deductible
Def.a/c – Deferred account
Defense Conversion – “Defense conversion,” as applicable to conversion of U.S. defense activity, is the transfer of defense production capabilities to non-defense production, either non-defense industrial products (e.g., pumps and valves) or consumer goods. The Russians, according to their Defense Conversion Law, have a broader definition, which includes the possiblity of a plant maintaining its defense production while expanding its non-defense production for other purposes, including the generation of hard-currency exports.
Defense Conversion Subcommittee – The DCS promotes trade between U.S. industry and the Russian defense sector by identifing investment opportunities, supporting changes in U.S. government export control and other policies which limit opportunities for U.S. industry to participate in Russian defense conversion activities, and identifying prospective business contacts for U.S. industry. Subcommittee membership includes the Departments of Commerce, Defense, Energy, Labor, and State, the Agency for International Development, the Export-Import Bank, and the Overseas Private Investment Corporation. DCS is a subcommittee of the Intergovernmental U.S.-Russia Business Development Committee which was established in June 1992.
Defense Memoranda of Understanding – Defense MOUs are defense cooperation agreements. The MOUs are signed by DOD with allied nations and are related to research, development, or production of defense equipment or reciprocal procurement of defense items. See: Coproduction.
Defense Priorities and Allocation System – The goals of the DPAS are to: (a) assure the timely availability of industrial resources to meet current national defense requirements and (b) provide a framework for rapid industrial expansion in case of a national emergency. The authority for DPAS, which is administered by the Commerce Department’s Bureau of Export Administration, extends from Title I of the Defense Production Act of 1950, as amended (DPA). While the DPAS is designed to be largely self-executing, Special Priorities Assistance (SPA) may be provided, including: (a) timely delivery of items needed to fill priority rated defense contracts, (b) granting priority rating authority, and (c) resolving production and delivery conflicts between rated defense contracts. See: Defense Production Act.
Defense Production Act – Under authority of the Defense Production Act (DPA) of 1950 and related executive Order 12656, the Commerce Department is charged with identifying critical defense-related industries, assessing their capability to meet peacetime and national security needs, identifying current and potential production constraints, and proposing remedial actions as appropriate. Title I of the DPA requires that: (a) contracts or orders relating to certain approved defense and energy programs be accepted and performed on a preferential basis over all other contracts and orders and (b) materials, facilities, and services be allocated in such a manner as to promote approved programs. See: Defense Priorities and Allocation System.
Defense Technology Security Administration – DTSA is the DOD organization that reviews applications for the export of items that are subject to the dual-use license controls of the Commerce Department and the munitions controls of the Department of State. DTSA has about 130-to-140 staff, is located in the Office of the Secretary, and administers DOD technology security policy so that the U.S. is not technologically surprised on the battlefield. DTSA reviews applications involving dual-use items for reasons of national security, proliferation cases and munitions controls. See: Foreign Disclosure and Technical Information System.
Defense Trade Advisory Group – In March 1992, the Department of State established the Defense Trade Advisory Group to provide consultation and coordination with U.S. defense exporters. DTAG members are drawn from the U.S. defense industry, associations, academia, and foundations, and include technical and military experts, and the State Department and observers from other government agencies. Members of the Committee are appointed by the Assistant Secretary of State for Politico-Military Affairs. DTAG has three main working groups: – Policy Working Group (PWG): which provides advice on broad issues of defense trade, technology transfer and commercial arms sales in an effort to aid State in regulating commercial munitions exports. – Regulatory Working Group (RWG): which provides advice on possible changes and improvements to regulations and procedures related to defense exports of munitions articles, technical data and software related to defense articles. – Technical Working Group (TWG): which provides on technical issues related to the U.S. Munitions List.
Defense Trade Controls – DTC (formerly: the Office of Munitions Control, OMC) at State administers licenses for the export of defense articles and services including arms, ammunition, and implements of war. These items are listed in the International Traffic in Arms Regulations (ITAR) and the U.S. Munitions List. DTC is involved in the commodity jurisdiction (CJ) process. The CJ process is used to determine whether a particular item should be transferred to another control list (primarily, whether an item may be subject to the ITAR or considered either dual-use and subject to the Commodity Control List). See: International Traffic in Arms Regulations.
Defense Trade Regulations – The Defense Trade Regulations (formerly known as the International Traffic in Arms Regulations, ITAR) are administered by the State Department to control the export of weapons and munitions.
Defense Trade Working Group – The Defense Trade Working Group (DTWG), consisting of officials from Commerce, Defense, State and USTR, was established in FY 1990 to coordinate agency policies and resources in areas concerned with defense expenditures. The group works with industry to identify ways to target industry needs and increase the success of industry export efforts by minimizing government impediments, streamlining procedures, and improve the availability of market information. The DTWG includes three subgroups: – The Defense Exports Working Group, chaired by Commerce, which helps implement Administration defense export policy and enhances U.S. government support for U.S. defense exporters; – The European Defense Cooperation Group, chaired by State, which coordinates interagency input to U.S.-NATO International Staff for the NATO Council on National Armaments Directors (CNAD) study on defense trade; and – The Technology Transfer and Third Party Reexport Group, chaired by Defense, which works with industry to define a more proactive technology transfer regime that could be implemented within the limits of U.S. national security and industrial competitiveness interests.
Definitional Missions – See: Trade and Development Agency.
DEG – Deutsche Finanzierungsgesellschaft fur Beteilgungen in, Entwicklungslndern GmbH
DEIP – Dairy Export Incentive Program
Delivered at Frontier – “Delivered at Frontier” means that the seller’s obligations are fulfilled when the goods have arrived at the frontier — but before “the customs border” of the country named in the sales contract. The term is primarily intended to apply to goods by rail or road but is also used irrespective of the mode of transport.
Delivered/Duty Paid – While the term “Ex Works” signifies the seller’s minimum obligation, the term “Delivered Duty Paid”, when followed by words naming the buyer’s premises, denotes the other extreme — the seller’s maximum obligation. The term “Delivered Duty Paid” may be used irrespective of the mode of transport. If the parties wish that the seller should clear the goods for import but that some of the cost payable upon the import of the goods should be excluded — such as value added tax (VAT) and/or other similar taxes — this should be made clear by adding words to this effect (e.g., “exclusive of VAT and/or taxes”).
Delivery Instructions – Provides specific information to the inland carrier concerning the arrangement made by the forwarder to deliver the merchandise to the particular pier or steamship line. Not to be confused with Delivery Order which is used for import cargo.
Delivery Verification Certificate – The U.S. Customs Service defines a DVC as a form used to track imported merchandise from the custody of the importer to the custody of a manufacturer and is used to substantiate a manufacturing drawback claim. The DVC is also known as a Certificate of Delivery (Customs Form 331). An export license may be issued with a requirement for delivery verification by Customs in the receiving country. When delivery verification is required by a foreign government for goods imported into the U.S., the U.S. Customs Service will certify a delivery verification certificate (Form ITA-647). A U.S. export license may require submission of a similar form from an importing country.
dely. and re-dely. – Delivery and re-delivery
Demarche – Official discussion with another government carried out on instructions.
Demurrage – Excess time taken for loading or unloading a vessel, thus causing delay of scheduled departure. Demurrage refers only to situations in which the charter or shipper, rather than the vessel’s operator, is at fault.
Demurrage – Excess time taken for loading or unloading of a vessel not caused by the vessel operator, but due to the acts of a charterer or shipper. Also refers to imported cargo not picked up within prescribed time.
Department of Trade and Industry – See: British Overseas Trade Board.
Deposit of Estimated Duties – This refers to antidumping duties which must be deposited upon entry of merchandise which is the subject of an antidumping duty order for each manufacturer, producer or exporter equal to the amount by which the foreign market value exceeds the United States price of the merchandise. See: Tariff Act of 1930.
Derivatives – Derivatives are leveraged instruments that are linked to either specific financial instruments or indicators (such as foreign currencies, government bonds, share price indices, or interest rates) or to particular commodities (such as gold, sugar, or coffee) that may be purchased or sold at a future date. Derivatives may also be linked to a future exchange, according to contractual arrangement, of one asset for another. The instrument, which is a contract, may be tradable and have a market value. Among derivative instruments are options (on currencies, interest rates, commodities, or indices), traded financial futures, warranties, and arrangements such as currency and interest rate swaps.
derrick – Lifting equipment on board a ship generally used for loading and discharging cargo.
despatch – An agreed upon amount of money that is paid by the shipowner to the shipper or receiver, when loading or discharging is performed faster than the allotted time.
Destination Control Statement – Exporters are required to place destination control statements on commercial invoices and bills of lading for most export sales. These statements alert foreign recipients of goods and documents that diversion contrary to U.S. law is prohibited. Destination control statements are discussed in the Code of Federal Regulations (15 CFR 786.5 and 786.6).
Det. – Detained
Deutsche Finanzierungsgesellschaft fur Beteilgungen in Entwicklungslandern GmbH – DEG (English: German Financing Company for Investments in Developing Countries) promotes direct private-sector investment in developing countries and provides advisory services in planning and implementing jointly financed and managed companies. DEG operations emphasize matching small and medium sized German companies with similar third world counterparts. See: Deutsche Gesellschaft fur Technische Zusammenarbeit Kreditanstalt fur Wiederaufbau.
Deutsche Gesellschaft fur Technische Zusammenarbeit – The GTZ (English: German Agency for Technical Cooperation) plans, executes, and monitors technical cooperation projects and programs in conjunction with partner organizations in developing countries. The agency provides advisory services to German and other national organizations, selects and trains experts, and releases project funds. See: Deutsche Finanzierungsgesellschaft fur Beteilgungen in Entwicklungslandern GmbH Kreditanstalt fur Wiederaufbau.
Development Assistance – DA refers to specific economic assistance provided by the Agency for International Development. DA includes “functional” accounts that emphasize long-term development objectives for Agriculture, Rural Development and Nutrition; Population Planning; Health; Child Survival Fund; AIDS Prevention and Control; Education and Human Resources Development; Private Sector; Energy and Environment, and Science and Technology Corporation, as well as the Development Fund for Africa, and other assistance — the Special Assistance Initiatives and Humanitarian and Technical Assistance for the former Soviet republics. See: Economic Support Fund.
Development Assistance Committee – The DAC, which consists of most members of the Organization of Economic Cooperation and Development (OECD), coordinates member country aid policies and programs to Lesser Developed Countries.
Development Bank of the Great Lakes States – The DBGLS (French: Banque du Developpement des Etats du Grand Lac, BDEGL) provides technical and financial assistance to promote socio-economic development among its members: Burundi, Rwanda, and Zaire. The Bank was established in 1977; headquarters are in Goma, Zaire. See: Economic Community of the Great Lakes Countries.
Development Fund for Africa – The DFA channels all U.S. development assistance to Sub-Saharan Africa. The Fund has put emphasis on certain sectors, including agricultural production in connection with the preservation of natural resources, health, voluntary family planning, education, and income generation. The Fund is administered by the U.S. Agency for International Development; it was enacted by Congress in 1987. See: African Development Foundation African Development Fund.
DF – Designated Federal Officer
DFA – Development Fund for Africa
Dft. – Draft
Direct Exporting – Sale by an exporter directly to a buyer located in a foreign country.
Direct Investment – Direct investment is defined in the International Monetary Fund’s Balance of Payments Manual as “investment that is made to acquire a lasting interest in an enterprise operating in an economy other than that of the investor, the investor’s purpose being to have an effective voice in the management of the enterprise.” In the United States, direct investment is defined for statistical purposes as the ownership or control, directly or indirectly, by one person of 10 percent of more of the voting securities of an incorporated business enterprise or an equivalent interest in an unincorporated business enterprise. Direct investment transactions are not limited to transactions in voting securities. The percentage ownership of voting securities is used to determine if direct investment exists, but once it is determined that it does, all parent-affiliate transactions, including those not involving voting securities, are recorded under direct investment. See: Foreign Direct Investment in the United States Foreign Person U.S. Affiliate.
Direction des Relations Economiques Exterieures – DREE, located in the French Ministry of Economic Affairs, Finance and Budget, is the main policymaking agency for export promotion and credit activities. DREE oversees the activities of other agencies that provide domestic and overseas export assistance, including the French Center for Foreign Commerce (Centre Francais du Commerce Exterieur, CFCE) and the French equivalent of the U.S. & Foreign Commercial Service (the Poste d’Expansion Economique). DREE also coordinates France’s interagency position on trade issues, negotiates bilateral trade agreements, and participates in the multilateral trade talks in the European Community and the General Agreement on Tariffs and Trade. Within France, CFCE is the primary point of contact for export promotion services, while overseas, the Poste d’Expansion Economique provides promotional services to French firms. Through a network of regional offices in France, CFCE counsels exporters and organizes overseas trade events. CFCE also gathers and distributes trade information.
Dirty Float – Dirty float refers to a system in which the float of exchange rates is partially determined by government intervention or restrictions to limit appreciation or depreciation; sometimes known as managed float. See: Clean Float.
Dis. – Discount
Disbts. – Disbursements
DISC – Domestic International Sales Corporation
discharge – Remove goods from a ship.
Disclosure Meeting – An informal meeting at which ITA discloses to parties to the proceeding the methodology used in determining the results of an antidumping investigation or administrative review. A disclosure meeting is generally held promptly after the preliminary or final determinations of an investigation or promptly after the preliminary or final results of a review. See: Tariff Act of 1930.
DISH – Data interchange in Shipping
Dismissal of Petition – A determination made by the Commerce Department’s International Trade Administration that the petition does not properly allege the basis on which antidumping duties may be imposed, does not contain information deemed reasonably available to the petitioner supporting the allegations, or is not filed by an appropriate interested party. This dismissal causes termination of the proceeding. See: Tariff Act of 1930.
Dispatch – An amount paid by a vessel’s operator to a charter if loading or unloading is completed in less time than stipulated in the charter agreement.
Dispatch – An amount paid to a charterer by the vessel operator if loading or unloading is accomplished in less time than provided for in the charter party.
Displ. – Displacement
Dispute Settlement – This refers to the resolution of opposing aims often facilitated through the efforts of an intermediary. In the GATT context, dispute settlement provides opportunities for individual contracting parties to resolve trade problems through negotiated means or with the help Applicants and consignees must establish Internal Control Programs to ensure the proper distribution of items under the DL. Each program must include comprehensive procedures for ensuring that the items exported will be used only for legitmate end-uses.
Distributor – A foreign agent who sells directly for a manufacturer and maintains an inventory on hand.
Distributor – A foreign agent who sells directly for a supplier and maintains an inventory of the supplier’s products.
District Export Councils – DECs serve as a voluntary auxiliary of US&FCS district offices to support export expansion activities. There are 51 DECs with 1500 members which help with workshops and also provide counseling to less experienced exporters.
Diversionary Dumping – This occurs when foreign producers sell to a third country market at less than fair value and the product is then further processed and shipped to another country.
Diversionary Dumping – This occurs when foreign producers sell to a third country market at less than fair value and the product is then further processed and shipped to another country.
DK. – Deck
DL – Distribution License
dm – Decimeter
DMP – District Marketing Plan
DMs – Definitional Missions
Dock Receipt – A dock receipt is used to transfer accountability when the export item is moved by the domestic carrier to the port of embarkation and left with the international carrier for export.
Dock Receipt – A receipt given for a shipment received or delivered at a shipment pier. When delivery of a foreign shipment is completed, the dock receipt is surrendered to the vessel operator or his agent and serves as basis for preparation of the Ocean Bill of Lading.
Document Collections — Documents Against Payment – Stipulate that the exporter ships goods to the importer without a letter of credit or another form of guaranteed payment. The importer must sign a sight draft before receiving the necessary documents to pick up the goods. Documents Against Acceptance (D/A) are instructions given by a shipper to a bank stating that the documents transferring title to goods should be delivered to the buyer only upon the signing of a time draft. In this manner an exporter extends credit to the importer and agrees to accept payment at a readily determined future date. See: Draft Bill of Exchange.
Documents Against Acceptance – Instructions given by a shipper to a bank indicating that documents transferring title to goods should be delivered to the buyer (or drawee) only upon the buyer’s acceptance (signature on) of the attached draft.
Documents Against Payment (D/P) – A type of payment for goods in which the documents transferring title to the goods are not given to the buyer until he has paid the value of a draft issued against him.
Domestic Exports – Exports of domestic merchandise include commodities which are grown, produced, or manufactured in the United States, and commodities of foreign origin which have been substantially changed in the United States, including U.S. Foreign Trade Zones, from the form in which they were imported, or which have been enhanced in value by further manufacture in the United States.
Domestic International Sales Corporation – The predecessor of the Foreign Sales Corporation which took on a new definition as a result of the 1984 Tax Reform Act. DISCs can now provide a tax deferral on up to $10 million of exports so long as the funds remain in export-related investments.
Domicile – The place where a draft or acceptance is made payable.
Downstream Dumping – This occurs when foreign producers sell at below cost to a producer in its domestic market, and the product is then further processed and shipped to another country.
Downstream Dumping – This occurs when foreign producers sell at below cost to a producer in its domestic market and the product is then further processed and shipped to another country.
DPA – Defense Production Act
DPAS – Defense Priorities and Allocation System
Dr. – Debit. Debtor. Drawer
draft – Alternative spelling of draught.
Draft Bill of Exchange – A written, unconditional order for payment from one person (the drawer) to another (the drawee). It directs the drawee to pay a specified sum of money, in a given currency, at a specific date to the drawer. A Sight Draft calls for immediate payment (on sight) while a Time Draft calls for payments at a readily determined future date.
draught – Designates the depth of water available at a port or place.
Drawback – A partial refund of duties paid on importation of goods which are further processed and then re-exported, or exported in same condition as imported.
Drawback – Drawback is a rebate by a government, in whole or in part, of customs duties assessed on imported merchandise that is subsequently exported. Drawback regulations and procedures vary among countries.
Drawback System – The Drawback System, a part of Customs’ Automated Commercial System, provides the means for processing and tracking of drawback claims.
Drawee – The individual or firm on whom a draft is drawn and who owes the indicated amount.
Drawer – The individual or firm that issues or signs a draft and thus stands to receive payment of the indicated amount from the drawee.
dreading – Option general cargo
DREE – Direction des Relations Economiques Exterieures
dry cargo – Any commodity which is not liquid.
DTAG – Defense Trade Advisory Group
DTI – Department of Trade and Industry
DTR – Defense Trade Regulations
DTSA – Defense Technology Security Administration
DTWG – Defense Trade Working Group
Dual Pricing – The selling of identical products in different markets for different prices. This often reflects dumping practices.
Dual Pricing – The selling of identical products in different markets for different prices. This often reflects dumping practices.
Dumping – Dumping is generally seen as an unfair trading practice. It occurs when a good is sold for less than its “fair value”, generally meaning it is exported for less than it is sold in the domestic market or third country markets, or it is sold for less than production cost. Article VI of the GATT permits the imposition of special anti-dumping duties against dumped goods, equal to the difference between their export price and their ”fair value” in the export market, if dumping causes injury in the importing country.
Dumping – The sale of a commodity in a foreign market at less than fair value. Dumping is generally recognized as unfair because the practice can disrupt markets and injure producers of competitive products in an importing country. Article VI of the GATT permits imposition of antidumping duties equal to the difference between the price sought in the importing country and the normal value of the product in the exporting country. With price-to-price dumping, the foreign producer can use its sales in the high-priced market (usually the home market) to subsidize its sales in the low-priced export market. The price difference is often due to protection in the high-priced market. Price-cost dumping indicates that the foreign supplier has a special advantage. Sustained sales below cost are normally possible only if the sales are somehow subsidized.
Dumping Margin – The amount by which the imported merchandise is sold in the United States below the home market or third country price or the constructed value (that is, at less than its “fair value”). For example, if the U.S. “purchase price” is $200 and the fair value is $220, the dumping margin is $20. This margin is expressed as a percentage of the United States price. In this example, the margin is 10 percent. See: Tariff Act of 1930.
Duty – A tax imposed on imports by the customs authority of a country. Duties are generally based on the value of the goods (ad valorem duties), some other factors such as weight or quantity (specific duties), or a combination of value and other factors (compound duties).
Duty – A tax levied by a government on the import, export or use and consumption of goods.
DVC – Delivery Verification Certificate
dwt – Deadweight tonnage
Dy – Delivery
Dynamic Asian Economies – The DAEs is a collective reference, currently comprising six Asian countries: Hong Kong, Korea, Malaysia, Singapore, Taiwan, and Thailand.

East African Development Bank – The EADB was created in 1967 to promote economic development among Kenya, Tanzania, and Uganda. Bank headquarters are in Kampala, Uganda.
E. – East
e. & e.a. – Each and every accident
e. & e.l. – Each and every loss
e. & e.o. – Each and every occurrence
E. & O.E. – Errors and omissions excepted
E.C.A. – Economic Commission for Africa
E.C.C.P. – East coast coal port
E.C.E. – Economic Commission for Europe
E.C.G.B. – East coast of Great Britain
E.C.G.D. – Export Credit Guarantee Department
E.C.I. – East coast of Ireland
E.C.L.A. – Economic Commission for Latin America
E.C.M.E. – Economic Commission for the Middle East
E.C.U.K. – East Coast of United Kingdom
E.C.V. – Each cargo voyage
E.E. – Errors excepted
E.E.C. – European Economic Community
E.F.T.A. – European Free Trade Association
E.I. – Each incident
E.L. – Employer’s liability
E.M.L. – Estimated maximum loss
E.M.P.L. – Estimated maximum probable loss
E.M.S. – European Monetary System
e.o.h.p. – Excepted otherwise herein provided
E.P.I. – Earned premium income
E.P.I.R.B. – Emergency position indicator radio beacon
E.R.V. – Each round voyage
E.S.D. – Echo-sounding device
EAA – Export Administration Act
EAC – Export Assistance Center
EADB – East African Development Bank
EAEC – East Asian Economic Caucus, European Atomic Energy Community
EAI – Enterprise for the Americas Initiative
EAR – Export Administration Regulations
EARB – Export Administration Review Board
East Asian Economic Caucus – The EAEC is a regional consultative forum proposed by Malaysia in late 1990 under the name of East Asian Economic Grouping. Participation would be limited to Asian nations.
Eastern Caribbean Central Bank – ECCB, established in October 1983, promotes economic development, monetary stability and credit and exchange among eight member nations. Bank headquarters is in Basseterre, St. Kitts.
Eastern Europe Business Information Center – EEBIC provides information on trade and investment opportunities, trade regulations and legislation, sources of financing, and government and industry contacts in the former Eastern Bloc. The Center is a Department of Commerce service which was initiated in January 1990. EEBIC is a Department of Commerce service which was established in January 1990. The Center maintains a 24-hour automated flashfax system which is reached on 02-482-5745; voice telephone is 202-482-2645.
EBB – Economic Bulletin Board
EBRD – European Bank for Reconstruction and Development
EC – Economic Cooperation Organization
EC – European Community
ECA – Economic Commission for Africa
ECAs – Export Credit Agencies
ECASS – Export Control Automated Support System
ECB – European Central Bank
ECCAS – Economic Community of Central African States
ECCB – East Caribbean Central Bank
ECCN – Export Control Classification Number;, formerly: – Export Commodity Classification Number
ECE – Economic Commission for Europe
ECGD – Export Credit Guarantee Department
ECJ – European Court of Justice
ECLAC – Economic Commission for Latin America and the Caribbean
ECLS – Export Contact List Service
Eco-Label – An eco-label is a voluntary mark awarded by the European Community (EC) to producers who can show that their product is significantly less harmful to the environment than similar products. The EC environment ministers agreed to the concept of an eco-label in March of 1992. The EC Commission and member states are drafting proposals for eco-labelling criteria with the intention of providing a clear commercial benefit for developing less polluting products and processes.
ECO/COM – Economic/Commercial Section
Economic and Social Commission for Asia and the Pacific – See: United Nations Regional Commissions.
Economic and Social Commission for Western Asia – See:United Nations Regional Commissions.
Economic and Social Council – ECOSOC was created in 1945 to coordinate the economic and social work of the United Nations. The Council undertakes studies and makes recoomendations on development, world trade, industrialization, natural resources, human rights, the status of women, population, narcotics, social welfare, science and technology, crime prevention, and other issues. The Council structure includes five regional commissions and six functional commissions. The functional commissions include: – Commission on Human Rights – Commission on Narcotic Drugs – Commission for Social Development – Commission on the Status of Women – Population Commission – Statistical Commission. See: United Nations Regional Commissions.
Economic Bulletin Board – The EBB is a personal computer-based economic bulletin board operated by the U.S. Department of Commerce in Washington, D.C. The EBB is an online source for trade leads and statistical releases from the Bureau of Economic Analysis, the Census Bureau, the International Trade Administration, the Bureau of Labor Statistics, the Federal Reserve Board, Department of the Treasury, and other Federal agencies. The EBB may be reached 24 hours each day, 7 days each week at 202-482-3870 (300/1200/2400 bps) with PC communication switches set to no parity, 8 bit words and 1 stop bit. The 9600 bps service uses US Robotics Dual Standard HST/V. 32 modems and can be reached by dialing 202-482-2584. Information may be obtained by calling 202-482-1986 (M-F, 8:30 am – 4:30 pm, EST)
Economic Commission for Africa – See:United Nations Regional Commissions.
Economic Commission for Europe – See:United Nations Regional Commissions.
Economic Commission for Latin America and the Caribbean – See: United Nations Regional Commissions.
Economic Community of Central African States – The Economic Community of Central African States (French: Communaute Economique des Eats de l’Afrique Centrale, CEEAC) was created by the Customs and Economic Union of Central Africa to promote regional economic cooperation, eliminate trade restrictions, and establish a Central African Common Market. Members include: Burundi, the Cameroon, Central African Republic, Chad, Congo, Equatorial Guinea, Gabon, Rwanda, Sao Tome and Principe, and Zaire. The Community was established in 1983 (became operational in 1985); headquarters are in Libreville, Gabon.
Economic Community of the Great Lakes Countries – The Economic Community of the Great Lakes Countries (French: Communaute Economique des Pays des Grands Lacs, CEPGL) was created in September 1976 to promote regional economic cooperation and integration. The Community is associated with the Great Lakes States Development Bank (Banque de Developpement des Etats des Grands Lacs). Community members include: Burundi, Rwanda, and Zaire. Headquarters are in Gisengi, Rwanda. See: Development Bank of the Great Lakes States.
Economic Community of West African States – ECOWAS, established in May 1975 by the Treaty of Lagos (first operating in November 1976), is an economic association of 16 West African nations aimed at creating a full customs union (not yet achieved) as well as social and cultural fellowship. Members include: Benin, Burkina Faso, Cape Verde, C”te d’Ivoire, Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Mali, Mauritania, Niger, Nigeria, Senegal, Sierra Leone, and Togo. Community headquarters are in Abuja, Nigeria.
Economic Cooperation Organization – The ECO strengthens cooperation to improve socio-economic conditions among the populations of members. The Organization was founded in 1964; headquarters are in Tehran, Iran. Members include: Afghanistan, Azerbaijan, Iran, Kazakhstan, Kyrgyzstan, Pakistan, Tajikistan, Turkmenistan, Turkey, and Uzbekistan.
Economic Officers – Embassy officials who analyze and report on macroeconomic trends and trade policies and their implications for U.S. policies and programs. Economic Officers represent U.S. interests and arrange and participate in economic and commercial negotiations. See: Commercial Officers Foreign Service.
Economic Policy Council – The EPC was established by Executive Order in 1985 to address major trade policy issues in a single forum as a means of reducing tensions between different groups, such as the Trade Policy Committee and the Senior Interagency Group. The Council was modified in the Omnibus Trade and Competitiveness Act of 1988. Membership includes Treasury (chair pro tem), State, Agriculture, Commerce, Labor, Transportation, the OMB, the U.S. Trade Representative, the Council of Economic Advisers, and the Assistant to the President for Science and Technology.
Economic Research Service – The Agriculture Department’s ERS provides expertise, data, models and research information about the agricultural economies and policies of foreign countries, the agricultural trade and development relationships between foreign countries and the United States, and U.S. agricultural policies. Topics include: (a) agricultural trade and trade policies and their relationship to the economic, technical, and political factors affecting agricultural trade among countries; (b) economic and agricultural market structure, efficiency, and performance of foreign countries; (c) technical production systems of foreign countries; and (d) foreign governments’ production, consumption, monetary, and trade policies.
Economic Sanctions – Economic sanctions used for foreign policy purposes are economic penalties, such as prohibiting trade, stopping financial transactions, or barring economic and military assistance, used to achieve the goal of influencing the target nation. Sanctions can be imposed selectively, stopping only certain trade and financial transactions or aid programs, or comprehensively, halting all economic relations with the target nation. While sanctions can be imposed to serve multiple goals, the measures are more successful in achieving the less ambitious and often unarticulated goals of: (a) upholding international norms by punishing the target nation for unacceptable behavior and (b) deterring future objectionable actions. Sanctions are usually less successful in achieving the most prominently stated goal of making the target country comply with the sanctioning nation’s stated wishes.
Economic Stabilization Fund – The ESF is is a fund used to stabilize the U.S. dollar in times of foreign exchange volatility. The fund is administered jointly by the Treasury Department and the Federal Reserve Board, through its New York offices. Fund resources, appropriated by Congress, are usually provided fifty percent by Treasury and the Fed. Although not a major role, the fund has also been used in swap agreements with other countries to support their currencies. The fund was established by the Gold Reserve Act of 1934.
Economic Support Fund – ESF is an Agency for International Development appropriation account for funding economic assistance to countries based on considerations of economic and foreign policy interests of the United States, often in conjuntion with military base rights or access rights agreements. Country allocations are determined by the State Department consistent with Congressional earmarks. To the extent possible, the use of ESF conforms to the basic policy directions underlying development assistance. Funds can be used for commodity imports, balance of payments support or as cash grants for budget support. See: Development Assistance.
Economic Zones – Economic zones are designated regions in a country which operate under rules that provide special investment incentives, including duty free treatment for imports, for manufacturing plants which reexport their products. The term “economic zone” is currently used in the People’s Republic of China and the former Soviet Union. See: Free Trade Zones.
ECOSOC – Economic and Social Council
Ecotourism – Ecotourism is a broad term which encompasses nature tourism, adventure tourism, ethnic tourism, responsible or wilderness-sensitive tourism, soft-path or small-scale tourism, low-impact tourism, responsible or wilderness tourism, and sustainable tourism. Scientific, educational, or academic tourism (such as biotourism, archetourism, and geotourism) are also forms of ecotourism. The definition of the term stresses the destinations and objectives of ecotourism from the traveler’s point of view.
ECOWAS – Economic Community of West African States
ECSC – European Coal and Steel Community
ECSC – European Coal and Steel Community
ECU – European Currency Unit
ED – Export Development Office
EDB – Exporter Data Base
EDC – Export Development Corporation
Edge Act Corporations – These are banks that are subsidiaries either to bank holding companies or other banks established to engage in international banking and foreign investment and business transactions.
EDIFACT – Electronic Data Interchange for Administration, Commerce, and Transportation EDIFACT is an international syntax used in the interchange of electronic data. Customs uses EDIFACT to interchange data with the importing trade community.
EEA – European Economic Area
EEBIC – Eastern Europe Business Information Center
EEC – European Economic Community
EEC – European Economic Community, or Common Market
EEC – European Economic Community
EEP – Export Enhancement Program
EEPROM – Electronically Erasable Programmable Read-Only Memory
EEZ – Exclusive Economic Zones
EFF – Extended Fund Facility
EFTA – European Free Trade Association
EFTA – European Free Trade Association
EIB – European Investment Bank
EIS – Export Information System
ELAIN – Electronic License Application and Information Network
ELAN – Export Legal Assistance Network
Electronic License Application and Information Network – ELAIN is a BXA 24-hour on-line service which allows exporters to submit license applications electronically through value-added network vendors.
ELVIS – Export License Voice Information System
EMC – Export Management Company
EMC – Export Management Company
EMCF – European Monetary Cooperation Fund
EMS – European Monetary System
EMU – European Monetary Union
EN – European Norm
Enabling Clause – Part I of the General Agreement on Tariffs and Trade (GATT) framework which permits developed country members to give more favorable treatment to developing countries and special treatment to the least developed countries, notwithstanding the most-favored-nation provisions of the GATT.
Enhanced Proliferation Control Initiative – In December 1990, the United States announced a series of measures — collectively referred to as the Enhanced Proliferation Control Initiative (EPCI) — to reduce certain proliferation risks. Under the initiative, the U.S. requires licenses for exports of: (a) precursor chemicals that can be used in making chemical weapons and whole chemical plants to make such precursors; (b) potential chemical and biological weapon-related industrial facilities, related designs, technologies, and equipment; and (c) any items to destinations that raise proliferation concerns when the exporter knows, or is informed by the Commerce Department, of such concerns. The initiative also calls for: (d) penalties on U.S. firms and individuals that promote the spread of chemical weapons and missile technology; (e) control lists of (i) dual-use equipment and technologies related to chemical and biological weapons and missiles, and (ii) countries to which exports of such items should be controlled; and (f) multilateral adoption of the initiative’s measures.
Enhanced Structural Adjustment Facility – The ESAF is a system by which the International Monetary Fund loans concessional resources to assist poor countries. These countries have extended balance of payments deficits and pursue an orderly plans for correcting the deficits and promoting medium-term economic structural adjustment and macroeconomic programs. While similar to the Structural Adjustment Facility (SAF), ESAF has triple the resources available for supporting structural adjustment and monitors performance more closely. Both facilities use the Policy Framework Paper as a means for attracting additional support structural adjustment. SAF was established in March 1986, ESAF in December 1987; both facilities require repayments to be made in 5« to 10 years. More than 60 countries are eligible for assistance under these facilities. See: International Monetary Fund Policy Framework Paper.
Enterprise for the Americas Initiative – The EAI, launched in June 1990, supports development of a new economic relationship between the United States and Latin America. The EAI has trade investment, debt, and environment aspects. Trade aspects include efforts to advance free trade agreements with markets in Latin America and the Caribbean, particularly with groups of countries that have associated for purposes of trade liberalization. As part of this process, the U.S. seeks to enter into “framework” agreements on trade and investment with interested countries or groups of countries. These agreements set up intergovernmental councils to discuss and, where appropriate, to negotiate the removal of trade and investment barriers. Investment aspects include the establishment of an Investment Sector Loan program and the Multilateral Investment Fund to support investment reforms. See: Investment Sector Loan Program Multilateral Investment Program.
Enterprise Unipersonnelle e Responsabilite Limitee – EURL (French: “sole ownership limited liability company”) combines features of both a corporation and a partnership. This form of organization can be established with only one shareholder.
Entrepot – An intermediary storage facility where goods are kept temporarily for distribution within a country or for reexport.
Entry (Customs) – A statement of the kinds, quantities and values of goods imported together with duties, if any, declared before a customs official.
Entry Papers – Those documents which must be filed with the Customs officials describing goods imported, such as consumption entry, Ocean Bill of Lading or Carrier Release, and Commercial Invoice.
Entry Summary Selectivity System – The Entry Summary Selectivity System, a part of Customs’ Automated Commercial System, provides an automated review of entry data to determine whether team or routine review is required. Selectivity criteria include an assessment of risk by importer, tariff number, country of origin, manufacturer, and value. Summaries with Census warnings, as well as quota, antidumping and countervailing duty entry summaries are selected for team review. A random sample of routine review summaries is also automatically selected for team review.
Entry Summary System – An entry is the minimum amount of documentation needed to secure the release of imported merchandise. The Entry Summary System, a part of Customs’ Automated Commercial System, contains data on release, summary, rejection, collection, liquidation, and extension or suspension.
Entry Value – The U.S. Customs Service defines entry value (or entered value) as the value reflected on the enry documentation submitted by the importer. (see 19 CFR 141.61 for how shown on entry. )
EOP – European Patent Office
EOTC – European Organization for Testing and Certification
EP – European Parliament
EPC – Economic Policy Council, European Patent Convention
EPCI – Enhanced Proliferation Control Initiative
EPROM – Erasable Programmable Read-Only Memory
EPS – Export Promotion Services
EPZs – Export Processing Zones
ERLC – Export Revolving Line of Credit
ERM – Exchange Rate Mechanism
ERS – Economic Research Service
ESA – European Space Agency
ESAF – Enhanced Structural Adjustment Facility
ESCAP – Economic and Social Commission for Asia and the Pacific
Escape Clause – The escape clause, which can be invoked under GATT Article XIX, allows countries to temporarily violate their GATT obligations to the degree and time necessary to protect a domestic industry from serious injury. Countries taking such actions, however, must consult with affected contracting parties to determine appropriate compensation for the violation of GATT rights, or be subject to retaliatory trade actions. Section 201 of the Trade Act of 1974 requires the U.S. International Trade Commission to investigate complaints filed by domestic industries or workers claiming that they are injured or threatened by rapidly rising imports. Section 203 of the Act provides that if the ensuing investigation establishes that the complaint is valid, relief may be granted in the form of adjustment assistance, which may be training, technical, and financial assistance, or temporary import restrictions in the form of tariffs, quotas, tariff rate quotas, and/or orderly marketing agreements. Import restrictions imposed under the escape clause authority are limited in duration. They may last no longer than five years but can be extended by the President for a three-year period.
Escape Clause – A provision within the GATT (Article XIX) that allows a country try to suspend tariff or other concessions when certain imports injure or threaten to injure domestic producers of competitive goods or services. Section 201 of The Trade Act of 1974 codifies Article XIX in U.S. law.
ESCB – European System of Central Banks
Escrow Account – An escrow account is a special bank account into which earnings from sales (e.g., convertible currency proceeds from exports) are accumulated. These revenues are set aside for subsequent acquisition of goods and services from a foreign supplier. The escrowed money, usually interest-bearing, is disbursed by the bank to the foreign supplier under payment terms and against documents specified in the supplier’s sale contract.
ESCWA – Economic and Social Commission for Western Asia
ESF – Economic Stabilization Fund, Economic Support Fund
ESP – Exporter’s Sale Price
ESPRIT – European Strategic Program for Research and Development in, Information Technologies
est. – Estimated
ETA – European Technical Approval
ETA – Estimated time of arrival
ETC – Export Trading Company
ETC – Export Trade Company
ETSI – European Telecommunications Standards Institute
ETUC – European Trade Union Confederation
EU – European Union
EUCLID – European Cooperation for the Long-term in Defense
EURAM – European Research in Advanced Materials
EURATOM – European Atomic Energy Community
EUREKA – European Research Coordination Agency
EURL – Entreprise Unipersonnelle e responsabilite limitee
Eurobond – See: Eurodollars.
Eurocurrency – See: Eurodollars.
Eurodollars – Eurodollars are deposits of U.S. dollars in banks or other financial institutions which are located outside the borders of the Un Central Bank – The ECB, as envisioned by the Treaty of Maastricht, would be created to oversee performance of economic policy and exchange rate policy tasks conferred on the European System of Central Banks. The ECB would have the exclusive right to issue bank-notes within the European Community. The national central banks would be the sole subscribers to and holders of the capital of the ECB. The funding formula for the ECB would be based both on a Member State’s population and on its gross domestic product. The ECB will form, together with the national central banks, the European System of Central Banks. See: Maastricht Treaty.
European Coal and Steel Community – See: European Community.
European Coal and Steel Community – The ECSC (French: Communaute Europeenne du Charbon et de l’Acier, CECA) undertakes activities to operate a common market in coal and steel; to remove barriers to trade in coal, coke, steel, pig-iron, and scrap iron
European Commission – One of the five major institutions of the European Community, the Commission is responsible for ensuring the implementation of the Treaty of Rome and Community rules and obligations; submission of proposals to the Council of Ministers; execution of the Council’s decisions; reconciliation of disagreements among Council members; administration of EC policies, such as the Common Agricultural Policy and coal and steel policies; taking necessary legal action against firms or member governments; and representing the Community in trade negotiations with non-member countries.
European Committee for Electrotechnical Standardization – The European Committee for Electrotechnical Standardization, CENELEC, is a non-profit-making international organization under Belgian law. CENELEC seeks to harmonize electrotechnical standards published by the national organizations and to remove technical barriers to trade that may be caused by differences in standards. CENELEC members include: Austria, Belgium, Denmark, Finland, France, Germany, Greece, Iceland, Ireland, Italy, Luxembourg, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, and the United Kingdom.
European Committee for Standardization – The European Committee for Standardization, or CEN (from Comite Europeen de Normalisation), is an association of the national standards organizations of 18 countries of the European Economic Communities (EEC) and of the European Free Trade Association (EFTA). CEN membership is open to the national standards organization of any European country which is, or is capable of becoming, a member of the EEC or EFTA. CEN develops voluntary standards in building, machine tools, information technology, and in all sectors excluding the electrical ones covered by CENELEC. CEN is involved in accreditation of laboratories and certification bodies as well as quality assurance.
European Community – A regional organization created in 1958 providing for gradual elimination of intraregional customs duties and other trade barriers, applying a common external tariff against other countries, and providing for gradual adoption of other integrating measures, including a Common Agricultural Policy (CAP) and guarantees of free movement of labor and capital. The original 6 members were Belgium, France, West Germany, Italy, Luxembourg, and the Netherlands. Denmark, Ireland, and the United Kingdom became members in 1973; Greece acceded in 1981; Spain and Portugal in 1986. The term European Community (EC) refers to three separate regional organizations which operate under separate treaties: – European Coal and Steel Community (ECSC), established in 1952 – European Atomic Energy Community (EURATOM), established in 1958, and – European Economic Community (EEC), established in 1958. Since 1967, the European Community have been served by four common institutions — the EC Commission, the EC Council, the European Parliament, and the Court of Justice of the European Community. The present 12 member states of the EC are also members of the ECSC and Euratom. While the expression “European Community” (or “EC”) was meant to refer to the three Communities, frequent use of the expression “European Community” (or “EC”) has become common as a reference to the European Economic Community (EEC). Prior to November 1, 1993 (the date on which the Maastricht Treaty on European Union entered into force), the acronym “EC” was used as a reference to “European Community” and “European Communities. ” Part I, Article I of the Maastricht Treaty on European Union formalized “EC” as a reference to “European Community. ” The Treaty also introduced the term “European Union” as a broader legal entity than the European Community. See: European Coal and Steel Community European Union.
European Community (EC) – Coming into operation in 1958 and based on the Treaty of Rome, the EC originally consisted of the following countries who joined together to establish a customs union and other forms of economic integration: France, Italy, the Federal Republic of Germany, Belgium, the Netherlands and Luxembourg. The United Kingdom, Denmark and Ireland joined in 1973. Greece joined in 1981, followed by Portugal and Spain in 1986.
European Conference of Postal and Telecommunications Administrations – See: Conference Europeenne des Administrations des Postes et des Telecommunications.
European Cooperation for the Long-term in Defense – EUCLID is a coordinated defense R&D initiative which was approved in a June 1989 meeting of the Independent European Program Group (IEPG). EUCLID was designed to overcome deficiencies in European defense R&D spending, minimize individual nation’s duplicative efforts, improve planning, and overcome legal and administrative obstacles. EUCLID is divided into 11 technological categories: (a) modern radar technology, (b) microelectronics, (c) composite structures, (d) modular avionics, (e) electric gun, (f) artificial intelligence, (g) signature manipulation, (h) opto-electronic devices, (i) satellite surveillance technologies (including verification), (j) underwater acoustics, and (k) “human factors,” including technology for training and simulation. Each of the 11 categories is assigned a lead coordinating nation.
European Court of Justice – The ECJ, located in Luxembourg, was established in 1958 to support interpretation and application of European Community law. The Court has jurisdiction to settle actions brought by: (a) the Commission against member states for failing to implement EC legislation, (b) the member states against EC institutions, referrals for interpreations from national courts where a question of EC law is at issue, and individuals under a provision of EC law.
European Currency Unit – The ecu is a “basket” of specified amounts of each E. C. currency. Amounts were determined according to the economic size of EC members, all of whose currencies participate in the ecu basket. In the European Monetary System (EMS), the ecu is used as a basis for setting central rates in the exchange rate mechanism, as an accounting unit, and as a reserve instrument and means of settlement among EMS central banks. The ecu is not used by persons. Under provisions of the Maastricht Treaty, the ecu is scheduled to be adopted as the single European currency in Stage III of European Monetary Union (by 1999 at the latest). The composition of the basket comprising the ecu was frozen on November 1, 1993 in accordance with a provision of the Maastricht Treaty which entered into force also on November 1. See: Maastricht Treaty.

European Development Fund – The EDF is the principal means by which the European Economic Community provides aid, concessionary finance, and technical assistance to developing countries. The Fund was originally established in 1958 to grant financial aid to dependencies of the six nations which founded the EEC.

European Economic Area – The EEA, which became effective in January 1994, consists of Austria, Finland, Iceland, Norway, Sweden and the 12 member nations of the European Union. The EEA, encompassing an area inhabited by 370 million people, allows for the free movement of goods, persons, services and capital throughout all 17 countries. It also opens cooperation possibilities in many areas, including research and development, environment, promotion of tourism, social, and consumer policy. Following the negative result of the Swiss referendum in December 1992, the remaining six countries of the European Free Trade Association (Austria, Finland, Iceland, Liechtenstein, Norway, and Sweden) signed an Adjusting Protocol in March 1993 with the intent to proceed without Switzerland. The Adjusting Protocol contains provisions which allow Switzerland to participate in the EEA at a later stage if it so wishes. Liechtenstein will remain a Contracting Party to the European Economic Area Agreement, but it will not be part of the EEA until the EEA Council decides that the accord’s good functioning will not be impaired. Liechtenstein’s status in the EEA accord was reviewed following Switzerland’s negative vote on the EEA in a December 1992 referendum. In particular, Liechtenstein’s customs union with Switzerland requires renegotiation. Significant differences exist between the EEA and full membership in the European Economic Community (EEC). The EEA is a free trade area, not a customs union. Border controls between the EEC and EFTA, while relaxed, are expected to continue. EFTA will not adopt the EEC’s Common Customs Tariff nor participate in the Common Commercial Policy or Common Agricultural Policy. EFTA nations will continue to set their own tariffs for third countries subject to GATT and OECD agreements. Further change is anticipated with Austria, Finland, Norway, and Sweden expected to join the European Economic Community by January 1995 or shortly afterwards. See: European Economic Community European Free Trade Association European Union.
European Free Trade Association – EFTA is a regional organization established in December 1959 by the Stockholm Convention as an alternative to the Common Market. EFTA was designed to provide a free trade area for industrial products among member countries. In contrast with the EC, EFTA does not have a common external tariff and nor a common agricultural trade policy. Original EFTA members included the United Kingdom, Austria, Denmark, Norway, Portugal, Sweden, and Switzerland. The UK, Denmark, and Portugal left the Association when they joined the EC. EFTA currently has seven members: Austria, Finland, Iceland, Liechtenstein, Norway, Sweden, and Switzerland — Austria and Sweden have applied for EC membership. Association headquarters are in Geneva, Switzerland.
European Free Trade Association (EFTA) – Formed in 1960, the regional grouping which includes Austria, Iceland, Norway, Sweden, Switzerland. and Finland (an associate member). Member countries have eliminated tariffs on manufactured goods and agricultural products that originate in and are traded among member countries.
European Investment Bank – The Luxembourg-based EIB, established in 1957, is an independent public institution set up the Treaty of Rome to contribute to balanced and steady development in the European Community. The EIB provides loans and guarantees to companies and public institutions to finance regional development, structural development, and achieve cross-border objectives. The EIB has emphasized regional development and energy, with Italy, Greece, and Ireland receiving major support.
European Monetary and Cooperation Fund – The EMCF, originally created in 1973, was revised and linked with the European Monetary System in 1979. While intended to support the European Currency Unit and support a reserve system of central banks, the Fund has been used to keep account of short-term borrowings and support currencies through intervention in foreign exchange markets at the request of member states. The Fund uses the Bank for International Settlements as its agent.
European Monetary Institute – Under provisions of the Maastricht Treaty, the EMI will manage the national currency reserves of EC central banks and encourage international acceptance of the European Currency Unit (ECU). The EMI is also intended to strengthen coordination of monetary policies among European Community member states and to study and develop the infrastructure and procedures required for the conduct of single monetary policy. The EMI will be established on January 1, 1994. See: Maastricht Treaty.
European Monetary System – The EMS was created in 1979 to support monetary stability, move Europe toward closer economic integration, and avoid disruptions in trade resulting from fluctuations in currency exchange rates. EMS members deposit gold and dollar reserves with the European Monetary Cooperation Fund (EMCF) in exchange for the issuance of European currency units (ecu). The EMS has three main features: the ecu, an exchange rate and intervention mechanism, and credit mechanisms to support member countries. All EC members except Greece and the United Kingdom participate in the exchange rate mechanism of the EMS. See: European Currency Unit, Exchange Rate Mechanism.
European Monetary Union – See: Maastricht Treaty.
European Norm – The “EN” mark is a designation of a stnadards directive issued by CEN (Comite Europeen de Normalisation) or CENELEC (Comite Europeen de Normalisation Electrotechnique). Notations regarding En generally don’t appear on the product. See: Conformite Europeene.
European Organization for Testing and Certification – The EOTC promotes mutual recognition of tests, test and certification procedures, and quality systems within the European private sector for product areas or characteristics not covered by EC legislative requirements. The Organization was created in April 1990 by the European Community Commission under a memorandum of agreement with CEN/CENELEC and the European Free Trade Association countries. EOTC headquarters are in Brussels, Belgium.
European Patent Convention – The European Patent Convention, EPC, is an agreement between European nations to centralize and standardize patent law and procedure. The EPC, which took effect in 1977, established a single “European patent” through application to the European Patent Office in Munich. Once granted, the patent matures into a bundle of individual patents — one in each member country designated by the patent applicant. Patent applicants must indicate the countries to which they wish to have pante protection.
European Patent Office – The EPO (German: Europaeisches Patentamt; French: Office Europeen de Brevets) promotes easier, cheaper, and more reliable patent protection by establishing a single procedure for granting patents on the basis of a single European patent law. Standards are available in English from the World Intellectual Property Organization. The Office was established in October, 1973; its headquarters are in Munich, Germany. EPO membership is not open to the U.S., but close relations are maintained through the Commerce Department’s Patent and Trademark Office.
European Research Coordination Agency – The European Research Coordination Agency, EUREKA, coordinates advanced technology projects being carried out by European industry. The Agency was created in 1985; headquarters are in Brussels, Belgium; membership includes the European Community countries, plus Norway, Sweden, Finland, Switzerland, Austria, Iceland, and Turkey.
European Space Agency – The ESA designs and coordinates construction of satellite and launching systems. Members include: Austria, Belgium, Denmark, France, Germany, Ireland, Italy, the Netherlands, Norway, Spain, Sweden, Switzerland, and the United Kingdom.
European System of Central Banks – The ESCB, as envisioned by the Treaty of Maastricht, would be created for the primary purpose of maintaining price stability within the European Community. The ESCB would be composed of the European Central Bank and of the central banks of the Members States. It would be independent of national governments and Community authorities. See: Treaty of Maastricht.
European Technical Approval – An ETA is a favorable technical assessment of the fitness for use of a product for an intended use, based on the fulfillment of the essential requirements for building works for which the product is used, as provided for under the EC Construction Products Directive (89/106/EEC). A European technical approval may be granted to products for which there is neither a harmonized European standard, nor a recognized national standard, nor a mandate for a harmonized standard; and to product which differ significantly from harmonized or recognized national standards. Such approval permits free circulation of the products within the member countries of the European Community and the European Free Trade Association.
European Telecommunications Standards Institute – ETSI (French: Institut Europeen des Normes des Telecommunication; German: Europaisches Institut fur Telekummonikationsstandards) was established in March 1988 in response to the inability of the European Conference of Postal and Telecommunications Administrations (CEPT) to keep up with the schedule of work on common European standards and specifications agreed to in the 1984 Memorandum of Understanding between CEPT and the EC. ETSI has a contractual relationship with the EC to pursue standards development for telecommunications equipment and services, and it cooperates with other European standards bodies such as CEN/CENELEC. ETSI membership includes the telecommunications administrations that constitute the CEPT as well as manufacturers, service providers, and users. See: Confernece Europeenne des Administrations des Postes et des Telecommunications.
European Trade Union Confederation – ETUC, founded in 1973, is the primary organization which speaks for European trade unions. ETUC consists of more than 30 organizations in 20 Western European countries and has over 40 million members. The Confederation’s principal goal is to influence European policies affecting workers; it is active with the European Community, the Council of Europe, the European Free Trade Association, and the OECD Trade Union Advisory Committee. ETUC headquarters are in Brussels, Belgium.
European Union – The EU is an umbrella reference to the European Community (EC) and to two European integration efforts introduce by the Maastricht Treaty: Common Foreign and Security Policy (including defense) and Justice and Home Affairs (principally cooperation between police and other authorities on crime, terrorism, and immigration issues). The term “European Union” was introduced in November 1993 (when the Maastricht Treaty on European Union entered into force). The term “European Community” (EC) continues to exist as a legal entity within the broader framework of the EU. See: European Community Maastricht Treaty.
EUROSTAT – Statistical Office of the European Community
EUROTOM – European Atomic Energy Community
Evidence Account – An evidence account is an umbrella agreement contracted between a Western supplier and a government agency in a developing country (e.g., an industrial ministry, or a provincial or state authority), which is designed to facilitate reciprocal trade flows. The agreement stipulates trade conditions between the Western firm, other independent firms designated by it, and commercial organizations under the jurisdiction of the developing country signatory. It also requires that the cumulative payment turnovers for the trade goods, not payments of individual transactions, be balanced in an agreed-upon proportion within a specified period of time (typically 1 to 3 years). Trade flows are monitored and financial settlements occur through banks designated by the agreement’s signatories.
Evidence of Origin – Information presented in the Exporter’s Certificate of Origin (or Customs Form 353) that certifies that the goods described are eligible for a preferential rate of duty under a trade program.
Ex Dock (Import Usage Only) – The seller is obligated to place the specified goods at the specified price on the import dock clear of all customs and duty requirements. The buyer must do nothing further than pick up the goods within a prescribed time limit.
Ex Mill (Ex Warehouse, Ex Mine, Ex Factory) – The seller is obligated to place the specified quantity of goods at the specified price at his mill loaded on trucks, railroad cars or any other specified means of transport. The buyer must accept the goods in this manner and make all arrangements for transportation.
Ex Quay – “Ex Quay” means that the seller makes the goods available to the buyer on the quay (wharf) at the destination named in the sales contract. The seller has to bear the full cost and risk involved in bringing the goods there. There are two “Ex Quay” contracts in use: (a) Ex Quay “duty paid” and (b) Ex Quay “duties on buyer’s account” in which the liability to clear goods for import is to be met by the buyer instead of by the seller.
Ex Ship – “Ex Ship” means that the seller will make the goods available to the buyer on board the ship at the destination named in the sales contract. The seller bears all costs and risks involved in bringing the goods to the destination.
Ex Works – Ex Works (EXW) at a named point of origin (examples are: ex factory, ex mill, ex warehouse). Under this term, the price quoted applies only at the point of origin and the seller agrees to place the goods at the disposal of the buyer at a specified place on the date or within the period fixed. All other charges are for the account of the buyer.
Ex-“From” – When used in pricing terms such as “Ex Factory” or “Ex Dock,” it signifies that the price quoted applies only at the point of origin (in the two examples, at the seller’s factory or a dock at the import point). In practice, this kind of quotation indicates that the seller agrees to place the goods at the disposal of the buyer at the specified place within a fixed period of time.
Ex. – Excluding. Examined. Exchange. Executed. Out of. Without
EXCEL – Export Credit Enhanced Leverage
Excess-Currency Country – A country where the local currency supply available to the U.S. Government for conducting official business exceeds U.S. requirements for the 2 years following the year for which the designation is made.
Exchange Controls – The internal rationing of foreign currencies, bank drafts and other financial paper to stabilize balance of payments problems. When this occurs, an importer must obtain permission from the government to expend foreign exchange. These measures can distort trade and are often viewed as a non-tariff barrier.
Exchange Rate – The price of one currency expressed in terms of another, i.e., the number of units of one currency that may be exchanged for one unit of another currency. Influences on exchange rates include differences between interest rates and other asset yields between countries; investor expectations about future changes in a currency’s value; investors’ views on the overall quantity of dollar-denominated assets in circulation; arbitrage; and central bank exchange rate support. See: Exchange Rate Classifications.
Exchange Rate – The rate of currency conversion between countries. For example, one American dollar can be hypothetically exchanged for six French francs.
Exchange Rate Classifications – Following are the different types of possible exchange rate regimes and how they work: – Single Currency Peg: the country pegs to a major currency — usually the U.S. dollar or the French franc — with infrequent adjustment of the parity; – Composite Currency Peg: the country pegs to a basket of currencies of major trading partners to make the pegged currency more stable than if a single currency peg were used. The weights assigned to the currencies in the basket may reflect the geographical distribution of trade, services, or capital flows. They may also be standardized, as in the Special Drawing Right (SDR) and the European Currency Unit (ECU); – Limited Flexibility vis-a-vis a Single Currency: the value of the currency is maintained within certain margins of the peg; – Limited Flexibility Through Cooperative Agreements: this applies to countries in the exchange rate mechanism of the European Monetary System and is a cross between a peg of individual EMS currencies to each other and a float of all these currencies jointly vis-a-vis non-EMS currencies; – Greater Flexibility Through Adjustment to an Indicator: the currency is adjusted more or less automatically to changes in selected indicators. A common indicator is the real effective exchange rate, which reflects inflation-adjusted changes in the currency vis-a-vis major trading partners; – Greater Flexibility Through Managed Float: the central bank sets the rate but varies it frequently. Indicators for adjusting the rate include, for example, the balance of payments position, reserves, and parallel market developments. Adjustments are not automatic; – Full Flexibility Through an Independent Float: rates are determined by market forces. Some industrial countries have floats — except for the EMS countries — but the number of developing countries in this category has been increasing. See: Crawling Peg System Exchange Rate.
Exchange Rate Mechanism – The ERM is a program through which member countries of the European Economic Community agree to maintain parity in exchange rates among their currencies. Limits are set on the amounts by which exchange rates may vary between any two currencies. If an exchange rate reaches the limit, the central banks of the two countries intervene in the market to ensure that the limit is not exceeded. The ERM was established in 1979 with agreement by Belgium, France, West Germany, Luxembourg, the Netherlands, and Denmark to limit fluctuation in the bilateral exchange rates between their currencies to ñ2.25%. Italy, which was also a member, did not limit fluctuation to ñ25% until 1990. Spain joined in 1989, the UK in 1990, and Portugal in 1992, each agreeing to a wider band of 6% fluctuation in the bilateral exchange rates in the value of their currencies against other ERM members. Disruptions in September 1992 led to the withdrawal of Italy and the UK and to some parity realignments. The ERM has since resumed, with provisions allowing currency fluctuations of 15 percent.
Exclusive Economic Zone – The EEZ refers to the rights of coastal states to control the living and nonliving resources of the sea for 200 miles off their coasts while allowing freedom of navigation to other states beyond 12 miles, as agreed at the sixth session of the Third U. N. Conference on the Law of the Sea (UNCLOS). The EEZ also gives the coastal states the responsibility for managing the conservation of all natural resources within the 200-mile limit.
Exd. – Examined
EXIMBANK – Export-Import Bank of the United States
Exon-Florio – The “Exon-Florio” provision (section 721 of the Defense Production Act) provides the President with authority to investigate proposed or pending mergers, acquisitions, and takeovers by or with foreign persons to determine their effects on national security. The provision also grants the President authority to suspend or block those transactions that lead to control of a domestic firm by a foreign person if the President determines that the foreign purchaser might take actions that would threaten the national security. See: Committee on Foreign Investment in the United States Foreign Direct Investment in the United States.
explosimeter – Instrument used to detect the presence of flammable gases in tanker tanks.
Export Administration Act – The EAA of 1979, as amended, authorizes the President to control exports of U.S. goods and technology to all foreign destinations, as necessary for the purpose of national security, foreign policy, and short supply. As the basic export administration statute, the EAA is the first big revision of export control law since enactment of the Export Control Act of 1949. The EAA is not a permanent legislation; it must be reauthorized — usually every three years. There have been reauthorizations of the EAA in 1982, 1985 (the Export Administration Amendments Act), and 1988 (Omnibus Amendments of 1988) which have changed provisions of the basic Act. The Act was extended in 1993 until June 30, 1994.
Export Administration Regulations – The Export Administration Regulations provide specific instructions on the use and types of licenses required and the types of commodities and technical data under control.
Export Administration Review Board – The EARB is a cabinet-level export licensing dispute resolution group. The EARB was originally established in June 1970 under Executive Order 11533. Under Executive Order 12755 of March 1991, EARB membership includes Commerce (as chair), State, Defense, and Energy, and Arms Control and Disarmament Agency and, as non-voting members, the Joint Chiefs of Staff and the Central Intelligence Agency. The EARB is final review body to resolve differences among agency views on the granting of an export license. [Preceding EARB review are: (a) an interagency committee and (b) the Advisory Committee on Export Policy.] National Security Directive 53 requires escalation of disputes regarding an export license to the Advisory Committee on Export Policy (ACEP) not later than 100 days from the filing date of the applicant’s application. Any cases not resolved at the ACEP level must be escalated to the EARB within a specified number of days of the date of the ACEP meeting. Cases not resolved by the EARB must be escalated to the President for resolution.
Export Assistance Center – An Export Assistance Center (EAC) system was established by the state of Texas to link agencies, associations, and local governments in efforts to increase exports by assisting current and prospective exporters. The US&FCS has been considering using the Texas model to develop similar export assistance networks.
Export Broker – An individual or firm that brings together buyers and sellers for a fee but does not take part in actual sales transaction provides mailing lists of prospective overseas customers from ITA’s file of foreign firms (the Foreign Traders Index). The ECLS identifies manufacturers, distributors, retailers, service firms, and government agencies. A summary of the information on the company includes contact informatiostem currently provides: – electronic submission of application forms directly with the use of value-added network vendors; – optical character recognition of applications submitted on paper; – paperless workstations for all licensing officers to review the application, route it to other officers, branches, or exte workloads, average processing times, counts and times by license type, destination country, commodity code, and other data.
Export Control Classification Number – Every product has an export control classification number (formerly: Export Control Commodity Number) within the Commerce Control List. Each ECCN ication Number.
Export Credit Enhanced Leverage – The export credit enhanced leverage, EXCEL, program was developed in 1990 by the World Bank in conjunction with a working group of the International Union of Credit and Investment Insurers (the Berne Union). The objective of EXCEL is to provide export credits at consensus rates for private sector borrowers in highly indebted countries, which would previously have been too great a risk for most agencies to cover.
Export Credit Guarantee Department – The ECGD of the Department of Industry and Trade is the primary source of official British export credit. The ECGD helps exporters by providing: (a) insurance against the risk of not being paid for exports and (b) guarantees to banks for exporters of capital goods, under which finance can be obtained for export business, often at a favorable rate of interest. Subject to Parliamentary approval, ECDG’s short-term underwriting division, the Insurance Service Group, is to be privatized. The medium and long-term underwriting group is introducing a new system for assessing premiums which will more realistically reflect the risk involved. The Department was originally established in 1919; headquarters are in London, England.
Export Credit Guarantee Programs – See: General Sales Manager.
Export Declaration – See: Shipper’s Export Declaration.
Export Declaration – A formal statement made to the Director of Customs at a port of exit declaring full particulars about goods being exported.
Export Development Corporation – EDC is Canada’s official export credit agency, responsible for providing export credit insurance, loans, guarantees, and other financial services to promote Canadian export trade.
Export Development Office – Export Development Offices (EDOs) in seven cities (Tokyo, Sydney, Seoul, Milan, London, Mexico City, and Sao Paulo) provide services to U.S. exporters, including market research to identify specific marketing opportunities and products with the greatest sales potential; and to organize export promotion events. EDOs are staffed by U.S. and Foreign Commercial Service officers. When not in use for trade exhibitions, EDOs with exhibit and conference facilities are made available to individual firms or associations.
Export Disincentives – Export disincentives are policies which may serve to deter U.S. exports, such as sanctions, export controls, and domestic and regulatory policies with a coincidental impact of handicapping U.S. competitiveness.
Export Enhancement Act of 1992 – The Export Enhancement Act of 1992 required the Trade Promotion Coordinating Committee (TPCC) to issue by September 30, 1993, and annually thereafter, a report containing “a governmentwide strategic plan for Federal trade promotion efforts” and describing its implementation. The legislation requires the TPCC to establish in the strategic plan priorities for federal trade promotion and explain the rationale for these priorities. The act also requires the TPCC to include in the plan a strategy for bringing federal trade promotion activities into line with the new priorities and for improving their coordination. The TPCC is also required to propose in the plan a means for eliminating overlap among federal trade promotion activities and increasing cooperation between state and federal trade promotion efforts. The act requires that the TPCC include in the strategic plan a proposal to the President for an annual unified budget for federal trade promotion activities. This budget is to: (a) reflect the new priorities and improved interagency coordination and (b) eliminate funding for areas of overlap and duplication among federal agencies. See: Trade Promotion Coordinating Committee.
Export Enhancement Program – The EEP, one of four export subsidy programs operated by the Department of Agriculture, is intended to enhance U.S. trade policy strategies and objectives and to expand U.S. agricultural exports. Under the EEP, the Agriculture Department’s Commodity Credit Corporation provides bonuses to U.S. exporters to enable them to be price competitive and thereby sell U.S. agricultural products in targeted overseas markets in which competitor countries are making subsidized sales. EEP-eligible commodities have included: wheat, wheat flour, rice, frozen poultry, barley, barley malt, table eggs, feed grains and vegetable oil.
Export Information System – The EIS is a classified automated system for export licensing operations maintained by the Department of Energy. See: Export Control Automated Support System.
Export Legal Assistance Network – The Export Legal Assistance Network, ELAN, sponsored by SBA, is a nationwide group of attorneys with experience in international trade who provide free initial consultations to small businesses on export-related matters. Telephone: 202-778-3080.
Export License – A government document (also known as an “Individual Validated License”) authorizing exports of specific goods in specific quantities to a particular destination. This document may be required in some countries for most or all exports and in other countries only under special circumstances.
Export License – A permit required to engage in the export of certain commodities and quantities to certain destinations. List of such goods are found in the comprehensive Export Schedule issued by the Bureau of Foreign Commerce.
Export License Voice Information System – ELVIS is a BXA 24-hour on-line service which allows exporters to obtain recorded information on such topics as commodity classifications, emergency handling procedures, and seminars as well as to order information. 202-482-4811
Export Limitation – A provision that limits the recipient country’s volume of exports of commodities that are the same as, or like, the commodities being furnished by the United States under a P.L. 480 (“Food for Peace”) sales agreement. The export of the actual commodities is also prohibited, with the latter prohibition being termed an export restriction.
Export Limitation Period – The period during which the receipient country must restrict exports of commodities which are considered to be the same as, or like, those supplied under P.L. 480 (“Food for Peace”).
Export Management Company – An EMC is a private firm that serves as the export department for several manufacturers, soliciting and transacting export business on behalf of its clients in return for a commission, salary, or retainer plus commission. An EMC maintains close contact with its clients and is supply-driven. An EMC may take title to the goods it sells, making a profit on the markup, or it may charge a commission, depending on the type of products being handled, the overseas market, and the manufacturer-client’s needs.
Export Management Company – An organization which, for a commission, acts as a purchase agent for either a buyer or seller.
Export Merchant – A company that buys products directly from manufacturers, then packages and marks the merchandise for resale under its own name. A producer or merchant who sells directly to a foreign purchaser without going through an intermediate such as an export broker.
Export Processing Zones – EPZs are a form of free trade zone which provide incentives for industrial or commercial export activity. Export processing zones are located in developing countries and are usually in defined areas, industrial parks, or facilities which provide free trade zone benefits and usually offer additional incentives, such as exemption from normal tax and business regulations. The zones, which began appearing around 1975, are sometimes referred to as Special Economic Zones or Development Economic Zones. See: Free Trade Zones.
Export Promotion – Export promotion refers to the collective programs a nation has to help companies sell products abroad. These programs may include business counseling, training, and representational assistance, as well as providing market research information, trade fair opportuntities, and export financing assistance.
Export Quotas – Specific restrictions or target objectives on the value or volume of exports of specified goods imposed by the government of the exporting country. These restraints may be intended to protect domestic producers and consumers from temporary shortages of certain materials, or as a means to moderate world prices of specified commodities. Commodity agreements sometimes contain explicit provisions to indicate when export quotas should go into effect among producers. Export quotas are also used in connection with orderly marketing agreements and voluntary restraint agreements.
Export Quotas – Specific restraints imposed by an exporting country on the value or quantity of a good for export purposes.
Export Rate – A freight rate specially established for application on export traffic and generally lower than the domestic rate.
Export Restraint Agreements – See: Voluntary Restraint Agreements.
Export Restraints – A restriction by an exporting country of the quantity of exports to a specified importing country. Usually this is a result of a request (formal or informal) of the importing country.
Export Revolving Line of Credit – The Export Revolving Line of Credit, ERLC, is a form of financial assistance provided by the Small Business Administration (SBA). The ERLC guarantees loans to U.S. firms to help bridge the working capital gap between the time inventory and production costs are disbursed until payment is received from a foreign buyer. SBA guarantees 85 percent of the ERLC subject to a $750,000 guarantee limit. The ERLC is granted on the likelihood of a company satisfactorily completing its export transaction. The guarantee covers default by the exporter, but does not cover default by a foreign buyer; failure on the buyer’s side is expected to be covered by letters of credit or export credit insurance. Under SBA’s ERLC program, any number of withdrawals and repayments can be made as long as the dollar limit on the line of credit is not exceeded and disbursements are made within the stated maturity period (not more than 18 months). Proceeds can be used only to finance labor and materials needed for manufacturing, to purchase inventory to meet an export order, and to penetrate or develop foreign markets. Examples of eligible expenses for developing foreign markets include professional export marketing advice or services, foreign business travel, and trade show participation. Under the ERLC program, funds may not be used to purchase fixed assets.
Export Statistics – Export statistics measure the total physical quantity or value of merchandise (except for shipments to U.S. military forces overseas) moving out of the United States to foreign countries, whether such merchandise is exported from within the U.S. Customs territory or from a U.S. Customs bonded warehouse or a U.S. Foreign Trade Zone.
Export Subsidies – Generally, direct government payments or other economic inducements given to domestic producers of goods that are sold in foreign markets. The GATT recognizes the export subsidies may distort trade, unduly disturb normal commercial competition, and hinder the achievement of GATT fair trade objectives; but it does not clearly define what practices constitute export subsidies. See: Subsidies.
Export Subsidies – Any form of government payment or benefit to an exporter or manufacturing concern contingent upon the export of goods. Under the GATT (Article XVI) subsidies, especially export subsidies, are seen as a tool that distorts the normal behavior of the market. The Tokyo Round produced an agreement on subsidies and countervailing duties that prohibits export subsidies by developed countries on manufactured and semi-manufactured goods.
Export Trade Certificate of Review – A certification of partial immunity from U.S. antitrust laws that can be granted based on the Export Trading Company Act legislation by the Department of Commerce with Department of Justice concurrence. Any prospective or present U.S.-based exporter with antitrust concerns may apply for certification.
Export Trading Company – An ETC is a company doing business in the United States principally to export goods or services produced in the United States or to facilitate such exports by unaffiliated persons. The ETC can be owned by foreigners and can import, barter, and arrange sales between third countries, as well as export. An ETC is demand-driven and transaction-oriented. Generally, an ETC takes title to the products involved, but may work on a commission basis.
Export Trading Company Act – The Export Trading Company Act of 1982: initiates the Export Trade Certificate of Review program that provides antitrust preclearance for export activities; permits bankers’ banks and bank holding companies to invest in ETCs; establishes a Contact Facilitation Service within the Commerce Department designed to facilitate contact between firms that produce exportable goods and services and firms that provide export trade services.
Export-Import Bank of Japan – JEXIM is Japan’s official provider of export credits. About 10 percent of JEXIM’s business is providing export credits. The bank’s main role is to disburse about half the funds available under the trade surplus recycling program (the Nakasone facility). See: Japan International Cooperation Agency Overseas Economic Cooperation Fund.
Export-Import Bank of the United States – Eximbank was chartered in 1934 as an independent agency to finance the export of U.S. goods and services. Eximbank offers four major export finance support programs: loans, guarantees, working capital guarantees, and insurance. Eximbank undertakes some of the risk associated with financing the production and sale of American-made goods; provides financing to overseas customers for American goods when lenders are not prepared to finance the transactions; and enhances a U.S. exporter’s ability to match foreign government subsidies by helping lenders meet lower rates, or by giving financing incentives directly to foreign buyers. Eximbank’s information hotline number is 1-800-424-5201. See: Commercial Risk Political Risk Private Export Funding Corporation.
Exporter Data Base – The EDB, operating on a pilot basis in 1992, provides data on the number of exporters, their distribution in cities and states, and their economic characteristics. The EDB, developed by the Commerce Department’s International Trade Administration and the Census Bureau links commodity data from millions of U.S. export declarations to the Bureau’s various databases on the business characteristics of U.S. firms.
Exporter’s Certificate of Origin – The U.S. Customs Service defines an Exporter’s Certificate of Origin (also known as Customs Form 353) as a document completed by the exporter, certifying that the goods described therein are eligible for a preferential rate of duty under some trade program such as the U.S.-Canada Free-Trade Agreement. (See 19 CFR 10.37(d)(1).)
Exporter’s Sales Price – ESP is a statutory term used to refer to the United States sales prices of merchandise which is sold or likely to be sold in the United States, before or after the time of importation, by or for the account of the exporter. Certain statutory adjustments are made to permit a meaningful comparison with the foreign market value of such or similar merchandise, e.g., import duties, United States selling and administrative expenses, and freight are deducted from the United States price. See: Tariff Act of 1930.
Extended Fund Facility – The EEF is an arrangement by which the International Monetary Fund (IMF) may provide assistance to its members to enable them to meet their balance of payments needs for longer periods and in larger amounts than are available under the IMF’s credit tranche policies. See: International Monetary Fund.
EXW – Ex Works

Factoring – Factoring is the discounting of a foreign account receivable that does not involve a draft. The exporter transfers title to its foreign accounts receivable to a factoring house for cash at a discount from the face value. Factoring is often done without recourse to the exporter. Export factoring allows an exporter to ship on “open account,” by which goods are shipped without guarantee of payment (that is, a letter of credit). The factor assumes financial ability of the customer to pay and handles collections on the receivables. See: Factoring House. Forfaiting.
Factoring Houses – Certain companies which purchase export receivables (e.g., the invoices to foreign buyers) at a discounted price, usually about two to four percent less than their face value.
Fair Value – The reference against which U.S. purchase prices of imported merchandise are compared during an antidumping investigation. Generally expressed as the weighted average of the exporter’s domestic market prices, or prices of exports to third countries during the period of investigation. In some cases fair value is the constructed value. Constructed value is used if there are no, or virtually no, home market or third country sales or if the number of such sales made at prices below the cost of production is so great that remaining sales above the cost of production provide an inadequate basis for comparison. See: Tariff Act of 1930.
FAM Tour – Familiarization tour for travel agents or journalists planned and executed by a destination or region, usually in cooperation with an international airline.
Fast Track – Fast track procedures for approval of trade agreements were included by Congress in trade legislation in 1974, in 1979, and again in the 1988 Trade Act. Fast track provides two guarantees essential to the successful negotiation of trade agreements: (1) a vote on implementing legislation within a fixed period of time, and (2) a vote, up or down, with no amendments to that legislation. Provisions in the Omnibus Trade and Competitiveness Act of 1988 include that the foreign country request negotiation of an FTA and that the President give the Congress a 60-legislative-day notice of intent to negotiate an FTA. During the 60-legislative-day period, either committee can disapprove fast track authority by a majority vote. Disapproval would likely end the possibility of FTA negotiations. The 60-legislative-days can translate into five to ten months of calendar time, depending on the Congressional schedule. Formal negotiations would begin following this 60-day Congressional consideration period.
Feasibility Studies – See: Trade and Development Agency.
Federacion Mundial de Instituciones Financieras de Desarollo – See: World Federation of Development Financing Institutions.
Federal Grain Inspection Service – FGIS certifies that grain produced in the United States meets the official United States Standards for Grain. As part of its responsibilities, FGIS works with international traders. Before any grain can be exported from the United States, it must first be certified by FGIS as having met a specific standard. FGIS staff explain the national inspection system, U.S. grain standards, and commodity inspection programs; conduct briefings and tours; assess foreign inspection and weighing techniques; and respond to inquiries about quality and quantity of U.S. grain exports. FGIS agencies in eight states are delegated authority to perform official export services at ports.
Federal Maritime Commission – The FMC is an independent agencys which regulates oceanborne transportation in the foreign commerce and in the domestic offshore trade of the United States.
Final Determination – The International Trade Administration makes a final determination after the investigation of sales at “less than fair value” and the receipt of comments from interested parties. This determination usually is made within 75 days after the date a preliminary determination is made. However, if the preliminary determination was affirmative, the exporters who account for a significant proportion of the merchandise under consideration may request, in writing, a postponement of this determination. If the preliminary determination was negative, the petitioner may likewise request a postponement. In neither case can this postponement be more than 135 days after the date of the preliminary determination. If the final determination is affirmative and follows a negative preliminary determination, the matter is referred to the International Trade Commission for a determination of the injury caused or threatened by the sales at less than fair value. (Had the preliminary determination been affirmative, the ITC would have begun its investigation at that time.) Not later than 45 days after the date the International Trade Administration makes an affirmative final determination, in a case where the preliminary determination also was affirmative, the International Trade Commission must render its decision on injury. Where the preliminary determination was negative, the ITC must render a decision not later than 75 days after the affirmative final determination. A negative final determination by the Assistant Secretary for Import Administration terminates an antidumping investigation. See: Tariff Act of 1930.
Fines, Penalties, and Forfeitures System – The Fines, Penalties, and Forfeitures System, FPFS, a part of Customs’ Automated Commercial System, is used to assess, control, and process penalties resulting from violations of law or Customs regulations. FPFS provides retrieval of case information for monitoring case status.
Five-K Countries 5(k) Countries – Those countries as defined under Section 5(k) of the Export Administration Act. Such countries are eligible for some or all of the same treatment as CoCom countries in relation to export control requirements if those countries maintain comparable export control programs. See: Coordinating Committee on Multilateral Export Controls.
Flag of Convenience – A ship registered under the flag of a nation which offers conveniences in the areas of taxes, crew, and safety requirements.
Fondo Financiero Para el Desarrollo de la Cuenca del Plata – FONPLATA (English: Plata Basin Financial Development Fund) finances prefeasibility and feasiblity studies, engineering designs, and projects in its member countries (Argentina, Bolivia, Brazil, Paraguay, and Uruguay). The Fund encourages cofinancing with international development institutions to increase project impact. Loan financing is available for infrastructure, industrial, livestock education, and health projects. FONPLATA was established in 1976; headquarters are in Sucre, Bolivia. The Fund is an outgrowth of the April 1969 Plata Basin Treaty (entered into force, August 1970) which sought to coordinate development of the region, including navigation, control of acquatic resources, and use of natural resources.
Fondo para el Fomento de las Exportaciones de Productos Manufacturados – FOMEX (the Export Fund), is a trust established by the Mexican government to increase employment and to increase the balance of payments and the international reserve levels. FOMEX uses loans and loan guarantees to help exporters of manufactured goods and services and importers who wish to substitute imports with nationally produced goods.
Food and Agricultural Organization – The FAO was established in 1945, as a specialized agency of the United Nations to combat hunger and malnutrition. The FAO serves as a coordinating body between government representatives, scientific groups, and non-governmental organizations to carry out development programs relating to food and agriculture. Headquarters are in Rome, Italy.
Food For Development – See: Food for Peace.
Food for Peace – The “Food for Peace” program (also known as “P.L. 480), originally established by the 1954 Agricultural Trade and Development Act, is the primary means by which the U.S. provides foreign food assistance. The three primary objectives of the program are to: (a) expand U.S. agricultural exports, (b) provide humanitarian relief, and (c) aid the economic development of developing countries. Commodities are transferred in two ways: – By government-to-government long-term concessional financing or for local currencies in which priority is given to developing countries which demonstrate the greatest need for food, are undertaking measures to improve their food security and agricultural development, and are potential commercial markets for U.S. agricultural commodities — Title I, administered by the Department of Agriculture; and – Donations or grants, including: + Donations of food commodities for distribution in meeting either emergency conditions or international cooperative non-emergency assistance — Title II, administered by AID; and + Providing food assistance on a grant basis to least developed countries through government-to-government agreements. Proceeds derived from sales on the local market may be used to support a variety of economic development and related activities in the recipient countries — Title III, administered by AID. This assistance is sometimes known as “Food For Development.” See: Food for Progress Section 416
Food For Progress – The “Food for Progress” program, established by the 1985 Farm Bill, is carried out by the Department of Agriculture, using the authority of either Public Law 480 or Section 416 of the Agricultural Act of 1949. The program donates surplus government-owned agricultural commodities or Title I (of P.L. 480) funds to needy countries for development and agricultural reform purposes. Food for Progress operates in a less restrictive manner than either P.L. 480 or Section 416. See: Food for Peace Section 416.
Force Majeure – The title of a standard clause in marine contract exempting the parties for non-fulfillment of their obligations as a result of conditions beyond their control, such as earthquakes, floods, or war.
Foreign Access Zone – FAZ is a term adopted by Japan for its form of free trade zone. FAZs are the outgrowth of Japan’s effort to improve its trade balance and to stimulate regional economic areas. FAZs are intended to be established around airports and seaports, with facilities (warehouses, cargo-sorting, distribution, import processing, wholesale, design-in centers, exhibition halls) on an international scale. The FAZ concept — which emphasizes imports rather than the processing and job creation — extends from the July 1992 Law on Extraordinary Measures for the Promotion of Imports and the Facilitation of Foreign Direct Investment in Japan. Passage of the law is linked to the Structural Impediments Initiative (SII). See: Free Trade Zones Structural Impediments Initiative.
Foreign Affairs Administrative Support – The FAAS program is the mechanism used by the Department of State (DOS) to define the additional costs it incurs for providing services necessary to support the overseas operations of agencies external to DOS. Under FAAS, DOS funds core costs required for its own programs while the supported agencies fund incremental costs of their service requirements. These latter costs are shared through the application of workload factors which measure agency participation in the services.
Foreign Affiliate – See: Affiliate.
Foreign Affiliate of a Foreign Parent – A foreign affiliate of a foreign parent is, with reference to a given U.S. affiliate, any member of the affiliated foreign group owning the U.S. affiliate that is not a foreign parent of the U.S. affiliate.
Foreign Agricultural Service – The FAS, an agency of the U.S. Department of Agriculture, collects foreign market information regarding agricultural production and trade, develops foreign markets for U.S. agricultural products, and represents U.S. agricultural interests overseas and in multilateral fora. FAS maintains over 60 counselor and attache posts, located in U.S. embassies and consulates, and about fifteen Agricultural Trade Offices (ATOs) which provide market development and trade promotion services in overseas locations. FAS also administers USDA’s export credit and concessional sales programs. FAS headquarters are located in Washington, D.C.
Foreign and Commonwealth Office – The FCO, equivalent to the U.S. State Department, is Britain’s Diplomatic Service, with posts in about 170 countries. Among its functions, the FCO supports overseas trade and export promotion services in cooperation with Britain’s Department of Trade and Industry.
Foreign Assets Control – The Treasury Department’s Office of Foreign Assets Control, OFAC, administers sanctions programs involving specific countries and restricts the involvement of U.S. persons in third country strategic exports.
Foreign Assistance Act of 1991 – This Act replaced the Support for East European Democracy (SEED) Act. The Foreign Assistance Act allows support to 26 countries, including all East European nations and most of the Soviet republics, but not to the Soviet Union itself.
Foreign Availability – The Bureau of Export Administration conducts reviews to determine the foreign availability of selected commodities or technology subject to export control. The reviews use four criteria to determine foreign availability: comparable quality, availability-in-fact, foreign source, and adequacy of available quantities that would render continuation of the U.S. control ineffective in meeting its intended purpose. A positive determination of foreign availability means that a non-U.S. origin item of comparable quality may be obtained by one or more proscribed countries in quantities sufficient to satisfy their needs so that U.S. exports of such item would not make a significant contribution to the military potential of such countries. A positive determination may result in the decontrol of a U.S. product that has been under export control, or the approval of an export license. However, the control may be maintained if the President invokes the national security override provision of the Act. Beginning with the 1977 amendments to the Export Administration Act, the Congress directed that products with foreign availability be identified and decontrolled unless essential to national security. In January 1983, a program to assess the foreign availability of specific products was established within the Office of Export Administration, now the Bureau of Export Administration, or BXA. Further, 1985 amendments to the Act directed that an Office of Foreign Availability be created.
Foreign Bank Supervision Enhancement Act – The FBSEA, passed in 1991, increased the Federal Reserve’s supervisory powers over foreign banks by: (a) requiring Federal Reserve review before a foreign bank enters or expands in the United States; (b) tightening the standards for entry and expansion that must be considered by the Federal Reserve; (c) requiring Federal Reserve Board approval of U.S. representative offices of foreign banks; and (d) requiring that each U.S. office of a foreign bank be examined at least once a year by the Federal Reserve. See: International Banking Act.
Foreign Broadcast Information Service – FBIS and the Joint Publication Research Service (JPRS) publish political, military, economic, environmental, and sociological new, commentary, and other information, and scientific and technical data reports. All FBIS and JPRS information is obtained from foreign radio and television broadcasts, news agency transmissions, newspapers, books, and periodicals.
Foreign Buyer Program – The Foreign Buyer Program, FBP, is a joint industry-International Trade Administration program to assist exporters in meeting qualified foreign purchasers for their product or service at trade shows held in the United States. ITA selects leading U.S. trade shows in industries with high export potential. Each show selected for the FBP receives promotion through overseas mailings, U.S. embassy and regional commercial newsletters, and other promotional techniques. ITA trade specialists counsel participating U.S. exhibitors.
Foreign Claims Settlement Commission – The FCSC is authorized to determine claims of United States nationals for loss of property in specific foreign countries. These losses have occurred either as a result of nationalization of property by foreign governments or from damage and loss of property as a result of military operations in specific conflicts. The Commission is an independent quasi-judicial agency within the Justice Department.
Foreign Corrupt Practices Act – The FCPA prohibits U.S. individuals, companies and direct foreign subsidiaries of U.S. companies from offering, promising, or paying anything of value to any foreign government official in order to obtain or retain business.
Foreign Direct Investment in the United States – Foreign direct investment in the United States is the ownership or control, directly or indirectly, by a single foreign person (an individual, or related group of individuals, company, or government) of 10 percent or more of the voting securities of an incorporated U.S. business enterprise or an equivalent interest in an unincorporated U.S. business enterprise, including real property. Such a business is referred to as a U.S. affiliate of a foreign direct investor. See: Committee on Foreign Investment in the United States Foreign Person Portfolio Investment.
Foreign Disclosure and Technical Information System – FORDTIS is a classified information system that contains an automated database of munition and dual-use export licenses. The system is maintained by the Defense Department’s Defense Technology Security Administration. See: Defense Technology Security Administration Export Control Automated Support System.
Foreign Economic Trends – FETs are reports prepared by U.S. embassies abroad to describe foreign country economic and commercial trends and trade and investment climates. The reports describe current economic conditions; provide updates on the principal factors influencing developments and the possible impacts on American exports; review newly announced foreign government policies as well as consumption, investment, and foreign debt trends.
Foreign Exchange Option – A foreign exchange option is an arrangement in which a purchaser and a seller of foreign currencies agree on a specific rate of exchange at a future date. The purchaser may choose to exercise or pass up the option — thus setting a limit on unfavorable exchange rates. The seller is given a fee for tendering the option. Purchasers may exercise the option at any time — in the European option, currency exchange is made on the originally established date; in the American option, exchange is made within a couple of days of the purchaser exercising the option. See: Forward Exchange Rate.
Foreign Exports – Exports of foreign merchandise (re-exports), consist of commodities of foreign origin which have entered the United States for consumption or into Customs bonded warehouses or U.S. Foreign Trade Zones, and which, at the time of exportation, are in substantially the same condition as when imported.
Foreign Flag – A reference to a carrier not registered in the United States that flies the American flag. The term applies to air and sea transportation.
Foreign Independent Tour – A foreign independent tour, FIT, is a prepaid travel arrangement, tailored to meet a traveler’s specific wishes.
Foreign Investment – See: Committee on Foreign Investment in the United States Foreign Direct Investment in the United States Net Foreign Investment.
Foreign Investment Advisory Service – FIAS was established in 1986 as a joint facility of the International Finance Corporation and the Multilateral Investment Guarantee Agency to help developing countries increase the inflow of foreign investment. The Service provides advice at the request of member governments on formulating a general framework of legal, accounting, and regulatory policies and institutions and procedures to attract and assess investment interest.
Foreign Market Development Program – FMD (also known as the Cooperator Program) is one of several Department of Agriculture (USDA) programs designed to encourage development, maintenance and expansion of commercial export markets for U.S. agricultural commodities and products. Under FMD, USDA considers proposals with preference given to activities promising early results and lasting benefits in commercial export markets. Funds may be used for trade servicing, consumer promotion, market research, and to provide technical assistance to actual or potential foreign purchasers. While agreements under the Cooperator Program may extend from one to five years, types of activities and amounts of funds are annually negotiated between the Foreign Agricultural Service (FAS) and participants (cooperators) and authorized in annual marketing plans. The marketing plans must set forth the objectives and describe the specific project in detail. The amount of funding provided by FAS varies, dependent upon circumstances and whether the activities are characterized as generic or market promotion.
Foreign Market Research – See: Industry Subsector Analysis.
Foreign Market Value – The price at which merchandise is sold, or offered for sale, in the principal markets of the country from which it is exported. If information on foreign home market sales is not useful, the foreign market value is based on prices of exports to third countries or constructed value. Adjustments for quantities sold, circumstances of sales, and differences in the merchandise can be made to those prices to ensure a proper comparison with the prices of goods exported to the United States. See: Tariff Act of 1930.
Foreign Military Sales – See: Conventional Arms Transfer.
Foreign-Owned Affiliate in the U. S. – A business in the United States in which there is sufficient foreign investment to be classified as direct foreign investment. To determine fully the foreign owners of a U.S. affiliate, three entities must be identified: the foreign parent, the ultimate beneficial owner, and the foreign parent group. All these entities are “persons” in the broad sense: thus, they may be individuals; business enterprises; governments; religious, charitable, and other nonprofit organizations; estates and trusts; and associated groups. A U.S. affiliate may have an ultimate beneficial owner (UBO) that is not the immediate foreign parent; moreover, the affiliate may have several ownership chains above it, if it is owned at least 10 percent by more than one foreign person. In such cases, the affiliate may have more than one foreign parent, UBO, and/or foreign parent group. See: Foreign Parent Foreign Parent Group.
Foreign Parent – The first foreign person or entity outside the United States in an affiliate’s ownership chain that has direct investment in the affiliate. The foreign parent consists only of the first person or entity outside the United States in the affiliate’s ownership chain; all other affiliated foreign persons are excluded.
Foreign Parent Group – A foreign parent group, FPG, consists of: (1) the foreign parent, (2) any foreign person or entity, proceeding up the foreign parent’s ownership chain, that owns more than 50 percent of the party below it, up to and including the ultimate beneficial owner (UBO), and (3) any foreign person or entity, proceeding down the ownership chain(s) of each of these members, that is owned more than 50 percent by the party above it. A particular U.S. affiliate may have several ownership chains above it, if it is owned at least 10 percent by more than one foreign party. In such cases, the affiliate may have more than one foreign parent, UBO, and/or foreign parent group.
Foreign Person – A foreign person is any person resident outside the United States or subject to the jurisdiction of a country other than the United States. “Person” is any individual, branch, partnership, association, associated group, estate, trust, corporation, or other organization (whether or not organized under the laws of any State), and any government (including a foreign government, the U.S. Government, a State or local government, and any agency, corporation, financial institution, or other entity or instrumentality thereof, including a government sponsored agency.) See: Foreign Parent Foreign Parent Group U.S. Affiliate.
Foreign.
Foreign Sales Corporation – An FSC is a corporation created to secure U.S. tax exemption on a portion of earnings derived from the sale of U.S. products in foreign markets. To qualify for special tax treatment, an FSC must be a foreign corporation, maintain an office outside the U.S. territory, maintain a summary of its permanent books of account at the foreign office, and have at least one director resident outside of the U.S. There are some variations:- Small FSCs are the same as FSCs, except that small FSCs must file an election with the IRS, and have their tax exemption limited to the income generated by $5 million or less in gross export revenues. Small FSCs do not have to meet foreign managment or foreign economic process requirements but must fulfill other requirements. – Shared FSCs are FSCs which are “shared” by 25 or fewer unrelated exporter “shareholders” for the purpose of reducing costs while obtaining the full tax benefits of an FSC.
Foreign Service – The Foreign Service supports the President and the Secretary of State in pursuing America’s foreign policy objectives. Foreign service functions include: representing U.S. interests; operating U.S. overseas missions; assisting Americans abroad; public diplomacy and reporting; communicating and negotiating political, economic, consular, administrative, cultural, and commercial affairs. The Foreign Service comprises officers from the Departments of State, Commerce, and Agriculture and the United States Information Service. See: Commercial Officers Economic Officers.
Foreign Service Institute – FSI was founded in 1946 to train U.S. foreign and civil service officials. Training courses cover administrative, consular, economic, commercial, and political work, foreign languages, and diplomatic life overseas.
Foreign Service National – Host-country national employed by a U.S. mission overseas.
Foreign Trade Division – FTD is the division in the Commerce Department’s Census Bureau which compiles and disseminates official U.S. import and export statistics. The division also maintains international commodity classification systems and conducts methods research, including international comparability of trade statistics.
Foreign Trade Zones – FTZs are the U.S. form of free trade zones. These zones are restricted-access sites in or near ports of entry, that operate under public utility principles to create and maintain employment by encouraging operations in the U.S. which might otherwise have been carried on abroad. Goods brought into a zone for a bona fide Customs reason are exempt from state and local ad valorem tax. The zones are licensed by the Commerce Department’s Foreign-Trade Zones Board and operate under the supervision of the Customs Service. Quota restrictions do not normally apply to foreign goods stored in zones, but the Board can limit or deny zone use in specific cases on public interest grounds. Domestic goods moved into a zone for export may be considered exported upon entering the zone for purposes of excise tax rebates and drawback. A foreign trade “subzone” is a non-contiguous zone site located at a manufacturing plant. See: Free Trade Zones.
Foreign Traders Index – The foreign traders index is the U.S. and Foreign Commercial Service headquarters compilation of overseas contact files, intended for use by domestic businesses. The FTI includes background information on foreign companies, address, contact person, sales figures, size of company, and products by SIC code.
Foreign Trade Statistical Reporting – See: Shipper’s Export Declaration.
Forfaiting – Forfaiting is a form of supplier credit in which an exporter surrenders possession of export receivables, which are usually guaranteed by a bank in the importer’s country, by selling them at a discount to a “forfaiter” in exchange for cash. These instruments may also carry the guarantee of the foreign government. In a typical forfaiting transaction, an exporter approaches a forfaiter before completing a transaction’s structure. Once the forfaiter commits to the deal and sets the discount rate, the exporter can incorporate the discount into the selling price. Forfaiters usually work with bills of exchange or promissory notes, which are unconditional and easily transferable debt instruments that can be sold on the secondary market. Three primary differences between export factoring and forfaiting are:- Factors usually want access to a large percentage of an exporter’s business, while most forfaiters will work on a one-shot basis; -Forfaiters generally work with medium and long-term receivables (180 days to seven years), while factors work with short-term receivables (up to 180 days). Payment terms usually reflect the type of product involved: forfaiters usually work with capital goods, commodities, and large projects; factors work mostly with consumer goods. – Most factors do not have strong capabilities in developing regions of the world where legal and financial frameworks are inadequate and credit informaiotn is not readily available through affiliate factors. However, since forfaiters usually require a bank guarantee, most are willing to work with receivables from these countries. See: Factoring.
Former Soviet Union – The FSU is a collective reference to republics comprising the former Soviet Union. The term has been used both including and excluding the Baltic republics (Estonia, Latvia, and Lithuania); the term includes the other twelve republics: Russia, Ukraine, Belarus, Moldova, Armenia, Azerbaijan, Uzbekistan, Turkmenistan, Tajikistan, Kazakhstan, Kirgizstan, and Georgia.
Forty-Foot Equivalent Unit – See: Twenty-Foot Equivalent Unit.
Forward Exchange Rate – A forward exchange rate is the price set between two parties for delivery of a foreign currency on an agreed future date. If that date will occur within a week, the agreement is called a spot transaction; if the date is more than a week in the future, the arrangement is called a forward exchange transaction. See: Foreign Exchange Option.
Foul Bill of Lading – A receipt for goods issued by a carrier with an indication that the goods were damaged when received.
Framework Agreement- Tokyo Round: – The Tokyo Round called for consideration to be given “to improvements in the international framework for the conduct of world trade.” Four separate agreements make up what is known as the “framework agreement.” They concern: (1) differential and more favorable treatment for, and reciprocity and fuller participation by, developing countries in the international framework for trade; (2) trade measures taken for balance of payments purposes; (3) safeguard actions for development purposes; and (4) an understanding on notification, consultation, dispute settlement, and surveillance in the GATT.- Enterprise for the Americas Initiative: Under the umbrella of the Enterprise for the Americas Initiative the United States and interested Western hemisphere countries are negotiating bilateral framework agreements which establish agreed upon stages for eliminating counter-productive barriers to trade and investment. They also provide a forum for bilateral dispute settlement. ‘Generally, the bilateral framework agreements contain similar objectives. They are based on a statement of agreed principles regarding the benefits of open trade and investment, increased importance of services to economies, the need for adequate intellectual property rights protection, the importance of observing and promoting internationally-recognized worker rights, and the desirability of resolving trade and investment problems expeditiously. The parties establish a Council on Trade and Investment to monitor trade and investment relations, hold consultations on specific trade and investment matters of interest to both sides, and work toward removing impediments to trade and investment flows. Framework agreements do not bind signatories to implement specific trade liberalization measures.
Franc Zone – The Franc Zone (French: Zone Franc, ZF) is a monetary union among countries whose currencies are linked to the French franc at a fixed rate of exchange: Benin, Burkina, the Cameroon, Central African Republic, Chad, Comoros, Congo, Equatorial Guinea, France, Gabon, Cote d’Ivoire, Mali, Niger, Senegal, and Togo. These countries have agreed to hold their reserves primarily in French francs and to transact exchanges on the Paris market. The zone was established in May 1951 under the auspices of a French government agency: Comite Monetaire de ZF.
Free Alongside Ship – Free Alongside Ship, FAS, at a named port of export. Under FAS, the seller quotes a price for the goods that includes charges for delivery of the goods alongside a vessel at the port of departure. The seller handles the cost of unloading and wharfage; loading, ocean transportation, and insurance are left to the buyer. FAS is also a method of export and import valuation.
Free Carrier … (named point) – Free Carrier, FCA, to a named place. This term replaces the former “FOB named inland port” to designate the seller’s responsibility for the cost of loading goods at the named shipping point. It may be used for multimodal transport, container stations, and any mode of transport, including air.
Freedom Support Act – The FSA, signed into law in October 1992, authorizes a range of programs to support free market and democratic reforms in Russia, Ukraine, Armenia, and other states of the former Soviet Union.
Free In – A pricing term indicating that the charterer of a vessel is responsible for the cost of loading goods onto the vessel.
Free In and Out – A pricing term indicating that the charterer of a vessel is responsible for the cost of loading and unloading goods from the vessel.
Free on Board – Free On Board (FOB) at a named port of export. The seller quotes the buyer a price that covers all costs up to and including delivery of goods aboard a vessel at a port. FOB is also a method of export valuation.
FOB Airport – FOB Airport is based on the same principle as the ordinary FOB term. The seller’s obligations include delivering the goods to the air carrier at the airport of departure. The risk of loss of or damage to the goods is transferred from the seller to the buyer when the goods have been so delivered.
Free of Particular Average – F.P.A., a type of marine insurance, is the minimum coverage in use and covers total and partial losses if the ship carrying an exporter’s goods is involved in a collision or fire, or is stranded or sunk. See: Marine Cargo Insurance.
Free on Rail/Free on Truck – These terms are synonymous, since the word “truck” relates to the railway wagons. The terms should only be used then the goods are to be carried by rail.
Free Out – A pricing term indicating that the quoted prices includes the cost of unloading the goods from the vessel.
Free Ports – Free ports are a form of free trade zone that usually encompass an entire port area (examples include Hong Kong and Singapore). See: Free Trade Zones.
Free Trade Agreement – An FTA is an arrangement which establishes unimpeded exchange and flow of goods and services between trading partners regardless of national borders. An FTA does not (as opposed to a common market) address labor mobility across borders, common currencies or uniform standards or other common policies such as taxes. Member countries of a free trade area apply their individual tariff rates to countries outside the free trade area.
Free Trade Area – A free trade area is a cooperative arrangement among two or more nations, pursuant to the General Agreement on Tariffs and Trade, whereby trade barriers are removed among the members. The arrangement generally includes a customs union with a common external tariff, although there are exceptions in which members maintain individually separate tariff schedules for external countries.
Free Trade Zones – “Free Trade Zones” (sometimes called “customs free zones” or “duty free zones”) is a generic term referring to special commercial and industrial areas at which special customs procedures allow the importation of foreign merchandise (including raw materials, components, and finished goods) without the requirement that duties be paid immediately. If the merchandise is later exported, duty free treatment is given to reexports. The zones are usually located in or near ports of entry. Merchandise brought into these zones may be stored, exhibited, assembled, processed or used in manufacture prior to reexport or entry into the national customs territory. When manufacturing activity occurs in free trade zones, it usually involves a combination of foreign and domestic merchandise, and usually requires special governmental authority. Types of free trade zones include: foreign trade zones (and foreign trade subzones); free ports; and transit zones. See: Drawback Economic Zones Export Processing Zones Foreign Access Zones Foreign Trade Zones Free Ports Free Trade Area Transit Zones.
Freight All Kinds – FAK is a shipping classification. Goods classified FAK are usually charged higher rates than those marked with a specific classification and are frequently in a container which includes various classes of cargo.
Freight Carriage … paid to – Like C & F, “Freight/Carriage paid to …” means that the seller pays the freight for the carriage of the goods to the named destination. However, the risk of loss of or damage to the goods, as well as of any cost increases, is transferred from the seller to the buyer when the goods have been delivered into the custody of the first carrier and not at the ship’s rail. The term can be used for all modes of transport including multi-modal operations and container or “roll on-roll off” traffic by trailer and ferries. When the seller has to furnish a bill of lading, waybill or carrier’s receipt, he duly fulfills this obligation by presenting such a document issued by the person with whom he has contracted for carriage to the named destination.
Freight Carriage … and insurance paid to – This term is the same as “Freight/Carriage Paid to …” but with the addition that the seller has to procure transport insurance against the risk of loss of damage to the goods during the carriage. The seller contracts with the insurer and pays the insurance premium.
Freight Forwarder – An independent business which handles export shipments for compensation. At the request of the shipper, the forwarder makes the actual arrangements and provides the necessary services for expediting the shipment to its overseas destination. The forwarder takes care of all documentation needed to move the shipment from origin to destination, making up and assembling the necessary documentation for submission to the bank in the exporter’s name. The forwarder arranges for cargo insurance, makes the necessary overseas communications, and advises the shipper on overseas requirements of marking and labeling. The forwarder operates on a fee basis paid by the exporter and often receives an additional percentage of the freight charge from the common carrier. An export freight forwarder must be licensed by the Federal Maritime Commission to handle ocean freight and by the International Air Transport Association (IATA) to handle air freight. An ocean freight forwarder dispatches shipments from the United States via common carriers, books or arranges space for the shipments, and handles the shipping documentation.
F – Free Out
F.P.A. – Free of Particular Average
F/X – Foreign Exchange
FA – Food and Agricultural Organization
FAAS – Foreign Affairs Administrative Support
FAK – Freight All Kinds
FAS – Foreign Agricultural Service, Free Alongside Ship
FAZ – Foreign Access Zone
FBIS – Foreign Broadcast Information Service
FBP – Foreign Buyer Program
FBSEA – Foreign Bank Supervision Enhancement Act
FC – Foreign and Commonwealth Office
FCA – Free Carrier
FCPA – Foreign Corrupt Practices Act
FCSC – Foreign Claims Settlement Commission
FDIUS – Foreign Direct Investment in the United States
FEMA – Federal Emergency Management Agency
FEMIDE – Federacion Mundial de Instituciones Financieras de, Desarollo
FET – Foreign Economic Trends
FFP – Food For Progress
FGIS – Federal Grain Inspection Service
FI – Free In
FI – Free In and Out
FIAS – Foreign Investment Advisory Service
FIATA – Federation Internationale des Associations de Transitaires, et Assimilies
FIT – Foreign Independent Tour
FMC – Federal Maritime Commission
FMD – Foreign Market Development Program
FMS – Foreign Military Sales
FMV – Foreign Market Value
FOB – Free on Board
FOGS – Functioning of the GATT System
FOMEX – Fondo para el Fomento de las Exportaciones de Productos, Manufacturados
FONPLATA – Fondo Financiero Para el Desarrollo de la Cuenca del Plata
FOR/FOT – Free on Rail/Free on Truck
FORDTIS – Foreign Disclosure and Technical Information System
FOREX – Foreign Exchange
FRA – Forward (or Future) Rate Agreement
FS – Foreign Service Officer
FSA – Freedom Support Act
FSC – Foreign Sales Corporation
FSI – Foreign Service Institute
FSN – Foreign Service National
FSs – Feasibility Studies
FSU – Former Soviet Union
FT – Foreign Trade Organization
FTA – Free Trade Agreement/Area
FTC – Federal Trade Commission
FTD – Foreign Trade Division
FTI – Foreign Traders Index
FTSR – Foreign Trade Statistical Reporting
FTZ – Foreign Trade Zone
FTZ-SZ – Foreign Trade Zone-Subzone
F. & D. – Freight and demurrage
F. & A.P. – Fire and allied perils
f.a. – Free alongside
F.a.a. – Free of all average
f.a.c. – Fast as you can
F.A.O. – Food and agriculture Organization (U.N.)
f.a.q. – Fair average quality
f.a.s. – Free alongside ship, Firsts and seconds (American lumber)
f.c. & s. – Free of capture and seizure
F.C.A.R. – Free of claim for accident reported
F.C.I. – Full container loads
F.C.I.I. – Fellow of the Chartered Insurance Institute
F.C.V. – Full contract value, Full completed value
f.d. – Free discharge. Free delivery. Free despatch. Free docks
F.D.O. – For declaration purposes only
f.f.a. – Free from alongside, Free foreign agency
F.F.O. – Fixed and floating objects
F.G.A. – Foreign general average
f.h. – Fore hatch
f.i – Free-in
f.i.a. – Full interest admitted
f.i.b. – Free into bunkers. Free into barge
F.I.C.S. – Fellow of the Institute of Chartered Shipbrokers
F.I.L. – Foreign insurance legislation
f.i.o. – Free-in-and-out
f.i.o.s. – Free in and out stowed
f.i.o.s.t. – Free in and out stowed and/or trimmed
f.i.o.t. – Free in and out trimmed
f.i.t. – Free of income tax
f.i.w. – Free in wagon
F.L.E. – Fire, lightning and explosion
f.o. – For orders, Firm offer, Full out terms (grain trade)
f.o.b. – free on board
f.o.c. – Free on car, Free of charge
F.O.C. – Flag of convenience, Free ofcommission, Free of charge, Free of claims
f.o.d. – Free of damage
F.O.M. – Flag, ownership and management
F.O.N.A.S.B.A. – Federation of National Association of Shipbrokers and Agents
f.o.q. – Free on quay
f.o.r. – Free on rail
f.o.r.t. – Full out rye terms (grain trade)
f.o.s. – Free on steamer
F.O.S.F.A. – Federation of Oils, Seeds & Fats Associations
f.o.t. – Free on truck
f.o.w. – Free on wagon. First open water
F.P. – Fully Paid. Floating (or open) policy
F.P.A. – Free of particular average
F.P.I.L. – Full premium if lost
F.P.T. – Forepeak tank
f.r. & c.c. – Free of riots and civil commotions
F.R.C. – Free of reported casualty
F.R.O. – Fire risk only
f.r.o.f – Fire risk on freight
f.s.l. – Full signed line (insurance)
F.S.R. & C.C. – Free of strikes, riots and civil commotions
f.t. – Full terms; despatch money, payable on all time saved on the chartered time for loading and discharging the cargo
F.T.A. – Freight Transport Association and Agents
f.t.r.r. & i. – For their repective rights and interests
F.V.C. – Fishing vessel clauses
f.w.d. – Fresh water damage
f.w.l. – Full written line (insurance)
F.W.P.C.A. – Federal Water Pollution Control Act (USA)
F.W.T. & G.D. – Fair wear, tear and gradual deterioration
F/R – Freight release
Fac. – Facultative
Fac./oblig. – Facultative/obligatory
FAS – United States Foreign Agricultural Service
FCL – Full container load
FCS – Foreign Commercial Service
FEU – Forty-foot equivalent unit
FIDIC – Federation internationale des ingenieurs-conseils (International Federation of Consulting Engineers)
FIMBRA – Financial Intermediaries, Managers and Brokers Regulatory Association
FLASH – Feeder-LASH
fms. – Fathoms (timber)
fob – Free on board
Frt. – Freight
ft – Feet
Fth. – Fathom
fwd. – Forward
FX – Foreign Exchange
fairway – Navigable channel.
flag – Nationality of a ship or the country where the ship is registered.
flotsam – Floating wreckage from a shipwreck.
Foreign Branch Office – A sales (or other) office maintained in a foreign country and staffed by direct employees of the exporter.
Foreign Freight Forwarder – A corporation carrying on the business of forwarding who is not a shipper or consignee. The foreign freight forwarder receives compensation from the shipper for preparing documents and arranging various transactions related to the international distribution of goods. Also, a brokerage fee may be paid to the “forwarder” from steamship lines if the forwarder performs at least two of the following services: (1) coordination of the movement of the cargo to shipside; (2) preparation and processing of the Ocean Bill of Lading; (3) preparation and processing of dock receipts or delivery orders; (4) preparation and processing of consular documents or export declarations; (5) payment of the ocean freight charges on shipments.
Foreign Sales Agent – An agent residing in a foreign country who acts as a salesman for a domestic manufacturer.
Foreign Trade Zone Entry – A form declaring goods which are brought duty-free into a Foreign Trade Zone for further processing or storage and subsequent exportation and/or consumption.
Foreign Trade Zone – This is also referred to as a “free zone”, ”free port” or ”bonded warehouse.– This is an area within a country where goods can be imported, stored, and/or processed without being subject to customs duties and taxes.
Free Alongside (F.A.S.) (or free alongside steamer) – The seller must deliver the goods to a pier and place them within reach of the ship’s loading equipment. The buyer arranges ship space and informs the seller when and where the goods are to be placed.
Free In And Out (F.I.O.) – Cost of loading and unloading a vessel is borne by the charterer.
Free List – A list of goods that have been designated as free from import duties or import port licensing requirements in a given country .
Free Of Capture And Seizure (F.C. & S.) – An insurance clause providing that loss is not insured if due to capture, seizure, confiscation and like actions, whether legal or not, or from such acts as piracy, civil war, rebellion and civil strife.
Free Of Particular Average (F.P.A.) – A marine insurance clause providing that partial loss or damage is not insured. American condition (F.P.A.A.C.) — Partial loss not insured unless caused by the vessel being sunk, stranded, burned, on fire, or in collision. English conditions (F.P.A.E.C.) — Partial loss not insured unless a result of the vessel being sunk, stranded, burned, on fire, or in collision.
Free Out (F.O.) – Cost of unloading a vessel is borne by the charterer.
free port – Separate area within a port where goods which have been imported may be held without duty payment.
free pratique – See pratique.
Free Trade Area (FTA) – A group of two or more countries that have eliminated tariff barriers among themselves while not applying a uniform external tariff on imports ports from non-participating countries. The European Free Trade Association is the best known example of such an arrangement.
Free Trade Zone – An area to which goods may be imported for processing and subsequent export on duty-free basis.
freight – Used as a term or cargo.
Freight Forwarder – An agent whose functions are to help expedite shipments by preparing the necessary documents and making other arrangements for the movement of merchandise.

Gambia River Basin Development Organization – The Organization (French: Organisation pour la Mise en Valeur du Fleuve Gambie, OMVG) promotes the construction of dams for hydroelectric and irrigation purposes. The organization was established in June 1978; headquarters are in Dakar, Senegal. Members include: the Gambia, Guinea, Guinea-Bissau, and Senegal.
G-10 – Group of Ten
G-24 – Group of Twenty-Four
G-5 – Group of Five
G-7 – Group of Seven
G-7 – Group of seven: the finance ministers and central bankers of seven leading industrial nations
G-77 – Group of Seventy-Seven
G-COCOM – General License – COCOM
G-DEST – General License – Destination
G-NNR – General License – Non-Naval Reserve
G-TEMP – General License – Temporary Export
G.A. – General Average
G.A.D.V. – Gross arrived damaged value
G.A.F.T.A. – Grain & Feed Trade Assoc
G.A.S.V. – Gross arrived sound value
G.A.T.T. – General Agreement on Tariffs and Trade
G.F. – Government Form (chartering)
g.f.a. – Good fair average
G.L. – Germanischer Lloyd
g.m.b. – Good merchantable brand
g.m.q. – Good merchantable quality
G.M.T. – Greenwich Mean Time
G.N.E.P.I. – Gross net earned premium income
g.o.b. – Good ordinary brand
G.O.P. – Gross original premium
g.r.t. – Gross register tons
G.S. – Good safety
g.s.m. – Good sound merchantable
G/A – General average
G/A con. – General average contribution
G/A dep. – General average deposit
GAB – General Arrangements to Borrow
Gateway – In the context of travel activities, gateway refers to a major airport or seaport. Internationally, gateway can also mean the port where customs clearance takes place.
GATT – General Agreement on Tariffs and Trade
GATT – General Agreement on Trade and Tariffs
GATT Panel – A panel of neutral representatives that may be established by the GATT Secretariat under the dispute settlement provisions of the GATT to review the facts of a dispute and render findings of GATT law and recommend action.
GCC – Gulf Cooperation Council
GDP – Gross Domestic Product
GDP – Gross domestic product
GEF – Global Environmental Facility
GEM – Global Export Manager
General Agreement on Tariffs and Trade – The GATT is a binding contract among over 100 governments. GATT was established in 1947 as an interim measure pending the establishment of the International Trade Organization, under the Havana Charter. The International Trade Organization (ITO) was never ratified by Congress. Operating in the absence of an explicit international organization, GATT has provided the legal framework for international trade with its primary mission being the reduction of trade barriers. Headquarters offices are in Geneva, Switzerland. See: Rounds Standards.
General Arrangements to Borrow – The GAB, established in 1962 and amended several times, is an agreement under which the International Monetary Fund may borrow monies from major industrial nations (Belgium, Canada, France, Germany, Italy, Japan, the Netherlands, the United Kingdom, the United States, Sweden, and Switzerland). The GAB were originally designed to enable the participants to strengthen the Fund by lending to it specified amounts of their currencies. These loans would be made when supplementary resources were needed to help finance purchases by GAB participants in circumstances where such financing would forestall or cope with an impairment of the international monetary system. The GAB were amended to include an associated agreement with Saudi Arabia and to permit the Fund to use the arrangements to finance transactions with nonparticipants under certain conditions on purchases involving upper credit tranche conditionality
General Exception – CoCom controls exports at three levels, depending on the item and the proposed destination. At the highest or “general exception” level, unanimous approval by CoCom members is necessary.
General Imports – “General Imports” measure the total physical arrivals of merchandise from foreign countries, whether such merchandise enters consumption channels immediately or is entered into bonded warehouses or Foreign Trade Zones under Customs custody.
General License – These are licenses, authorized by the Bureau of Export Administration, that permit the export of goods and technology to specified countries without the need for a validated license. No prior written authorization is required and no individual validated license is issued. There are over twenty different types of general licenses, each represented by a symbol. The reason so many general licenses exist is to accommodate the various exporting situations that the Bureau of Export Administration has determined should not require an Individual Validated License. These licenses include:- General License BAGGAGE; – General License CREW – General License GATS; – General License GCG; – General License GCT; – General License G-DEST; – General License GFW; – General License GIFT; – General License GIT; – General License GLOG; – General License GLR; – General License GLV; – General License G-NGO; – General License G-NNR – General License GTDA; – General License GTDR; – General License G-TEMP; – General License GTF-U.S.; – General License GUS; – General License GVN; – General License PLANE STORES; – General License RCS; – General License SAFEGUARDS; and – General License SHIP STORES.
General License CREW – With limitations, General License CREW authorizes a member of the crew on an exporting carrier to export personal and household items among his/her effects.
General License-BAGGAGE – With limitations, General License BAGGAGE authorizes individuals leaving the United States for any destination to take with them as personal baggage the following items: personal effects, household effects (including personal computers), vehicles, and tools of the trade (including highly technical ones), provided that certain conditions concerning these items are complied with by the exporter.
General License-G-DEST – With limitations, General License shipments of commodities to destinations not requiring a validated license. The majority of all items exported fall under the provisions of General License G-DEST.
General License-G-NGO – With limitations, General License G-NGO authorizes non-governmental, non-profit organizations to export donated items necessary to carry out small-scale humanitarian projects in Vietnam.
General License-G-TEMP – Subject to conditions and exceptions, General License G-TEMP authorizes the temporary export of commodities and software for temporary use abroad for a period generally not to exceed 12 months.
General License-GATS – With limitations, General License GATS (Aircraft on Temporary Sojourn) authorizes the departure from the United States of foreign registry civil aircraft on temporary sojourn in the United States and of U.S. civil aircraft for temporary sojourn abroad.
General License-GCG – With limitations, General License GCG (Shipments to Agencies of Cooperating Governments) authorizes the export of commodities for official use of any agency of a cooperating government within the territory of the cooperating government.
General License-GCT – With limitations, General License GCT authorizes exports to eligible countries of all “A” level commodities, except those specifically excluded in certain Export Control Commodity Numbers (ECCNs) on the Commodity Control List, to CoCom and CoCom participating countries. Exports may be made under GCT only when intended for use or consumption within the importing country, reexport among and consumption within eligible countries, or reexport in accordance with other provisions of the Export Administration Regulations.
General License-GFW – With limitations, General License GFW authorizes exports to most free-world destinations of certain commodities subject to national security controls. In most cases, these commodities have performance characteristics that permit the United States to approve exports to controlled countries with only notification to other CoCom governments.
General License-GIFT – Subject to various provisions and limitations, General License GIFT authorizes the export of gift parcels by an individual in the United States.
General License-GIT – With limitations, General License GIT (intransit shipments) authorizes the export from the United States of commodities that originate in one foreign country and are destined to another foreign country.
General License-GLOG – With limitations, General License GLOG authorizes the export of unprocessed western red cedar timber harvested from Federal, State and other public lands in Alaska, all private lands, and land held in trust for recognized Indian tribes by Federal or State agencies.
General License-GLR – Subject to various provisions, General License GLR authorizes the return or repair of commodities and the replacement of parts.
General License-GLV – With limitations, General License GLV authorizes a “single shipment” of a commodity when the shipment does not exceed the value limit specified in the GLV paragraph of the ECCN.
General License-GTDA – General License GTDA authorizes exports to all destinations of technical data that are in the public domain and generally available.
General License-GTDR – When exporting technical data to free world destinations and the information does not qualify under GTDA and an IVL is not required, an exporter may use GTDR. Certain GTDR shipments must be accompanied by a written assurance from the foreign consignee stating that neither the technical data nor the direct product thereof will be shipped to Country Groups Q, S, W, Y, Z, or the People’s Republic of China. Lower level technology may be shipped without written assurance; this is generally referred to as “GTDU”.
General License-GTF-U.S. – With limitations, General License GTF-U.S. authorizes the export of commodities that were: (1) imported into the United States for display at an exhibition or trade fair; and (2) either entered under bond or permitted temporary free importation under bond providing for their export and are being exported in accordance with the terms of such bond.
General License-GUS – With limitations, General License GUS authorizes the export to any destination of commodities and software for personal or official use of personnel and agencies of the U.S. Government.
General License-GVN – General License GVN allows exports to Vietnam of low-level items to be used by the exporter to open offices or do feasibility studies in connection with contracts to be executed after lifting of the embargo. The exporter must have obtained a license form the Treasury Department for the activities.
General License-Plane Stores – With limitations, General License-Plane Stores authorizes the export on aircraft of U.S. or foreign registry departing from the United States of usual and reasonable kinds and quantities of commodities necessary to support the operation of an aircraft, provided the commodities are not intended for unlading in a foreign country and are not exported under a bill of lading as cargo.
General License-Safeguards – With limitations, General License-Safeguards authorizes exports to the International Atomic Energy Agency (IAEA) and the European Atomic Energy Community (EURATOM).
General License-Ship Stores – With limitations, General License-Ship Stores authorizes the export of usual and reasonable kinds and quantities of the commodities to support the operations of a vessel, provided the commodities are not intended for unlading in a foreign country and are not exported under a bill of lading as cargo.
General Sales Manager – Under two programs — GSM-102 and GSM-103 — the Agriculture Department’s Commodity Credit Corporation provides guarantees for the repayment of commercial credit extended to finance U.S. agricultural export sales. The programs differ principally in the length of their terms of coverage. The GSM-102 program (for General Sales Manager) provides coverage for terms extending from six months to three years. Guarantees are extended to U.S. banks confirming foreign letters of credit issued to assist foreign importers who wish to buy U.S. exports and to help primarily developing countries which may face difficulties in obtaining a loan. The GSM-103 program provides coverage for terms extending from 48 months to ten years. Guarantees are extended foreign importers who wish to buy U.S. exports and to help primarily developing countries which may face difficulties in obtaining a loan.
General Tariff – A tariff that applies to countries that do not enjoy either preferential or most-favored-nation tariff treatment. Where the general tariff rate differs from the most-favored-nation rate, the general tariff rate is usually the higher rate.
Generalized System of Preferences – The Generalized System of Preferences, GSP, is a framework under which developed countries give preferential tariff treatment to manufactured goods imported from certain developing countries. GSP is one element of a coordinated effort by the industrial trading nations to bring developing countries more fully into the international trading system. The U.S. GSP scheme is a system of nonreciprocal tariff preferences for the benefit of these countries. The U.S. conducts annual GSP reviews to consider petitions requesting modification of product coverage and/or country eligibility. United States GSP law requires that a beneficiary country’s laws and practices relating to market access, intellectual property rights protection, investment, export practices, and workers rights be considered in all GSP decisions.
Gesellschaft mit beschrunker Haftung – The GmbH (German, meaning: “limited liability company”) is a corporation with separate legal personality. Its shareholders participate in the original share capital with their initial contributions but are not liable to the company’s creditors. One person alone can form a limited liability company but legal entities may also be shareholders. The firm name of a limited liability company must either be derived from the purpose of its business or — as in the case of limited partnerships — from the name of the shareholder or a combination of both. It must always state “with limited liability” (mbH).
GFW – General License – Free World
GIE – Groupement d’Intert Economique
GL – General License
Global Environmental Facility – The GEF is aimed at four global problems: climate change, pollution of international waters, destruction of biodiversity, and depletion of stratospheric ozone. The Facility was started in 1990 as a pilot project to help developing countries protect the environment and to transfer environmentally benign technology to these nations. The program is jointly administered by the World Bank, the U.N. Environment Program, and the U.N. Development Program.
Global Export Manager – The Global Export Manager, GEM, is an electronic system for collecting and disseminating trade leads and business opportunities. GEM is maintained by the National Association of State Development Agencies (NASDA).
Global Quota – A global quota is a quota on the total imports of a product from all countries.
GLR – General License – Return (Replacement)
GLV – General License – Shipments of Limited Value
GmbH – Gesellschaft mit beschrnker Haftung
GNP – Gross National Product
GNP – gross national product
Gold Key Service – The Gold Key Service is an International Trade Administration service that provides customized information for U.S. firms visiting a country — market orientation briefings, market research, introductions to potential business partners, an interpreter for meetings, assistance in developing a market strategy, and help in putting together a follow-up plan. Trade Specialists design an agenda of meetings, screen and select the right companies, arrange meetings with key people, and go with U.S. representatives to ensure that no unforeseen difficulties occur.
Government Procurement Policies and Practices – The term refers to a nontariff barrier to trade involving the discriminatory purchase by official government agencies of goods and services from domestic suppliers, despite their higher prices or inferior quality as compared with competitive goods that could be imported.
gr. – Grain, Gross
Gr.t. – Gross ton
Grandfather Clause – The General Agreement on Tariffs and Trade (GATT) provision that allows the original contracting parties to exempt from general GATT obligations mandatory domestic legislation which is inconsistent with GATT provisions, but which existed before the GATT was signed. Newer members may also “grandfather” domestic legislation if that is agreed to in negotiating the terms of accession. (U.S. legislation also provides for “grandfather clauses.”)
Gray Market Imports – This term refers to imports bearing a genuine trademark but imported by a party other than the trademark holder or authorized importer.
Gross Domestic Product – A measure of the market value of all goods and services produced within the boundaries of a nation, regardless of asset ownership. Unlike gross national product, GDP excludes receipts from that nation’s business operations in foreign countries, as well as the share of reinvested earnings in foreign affiliates of domestic corporations.
Gross National Product – A measure of the market value of goods and services produced by the labor and property of a nation. Includes receipts from that nation’s business operation in foreign countries, as well as the share of reinvested earnings in foreign affiliates of domestic corporations.
Gross Weight – The full weight of a shipment, including goods and packaging. Compare Tare Weight.
Group of Eleven – The G-11 (also known as the Cartagena Group) was established in 1984 and comprises the largest debtor nations in Latin America: Argentina, Bolivia, Brazil, Chile, Colombia, Dominican Republic, Ecuador, Mexico, Peru, Uruguay, and Venezuela.
Group of Fifteen – The G-15, established in 1990, consists of relatively prosperous or large developing countries. The G-15 discusses the benefits of mutual cooperation in improving their international economic positions. Members include: Algeria, Argentina, Brazil, Egypt, India, Indonesia, Jamaica, Malaysia (a very active member), Mexico, Nigeria, Peru, Senegal, Venezuela, Yugoslavia, and Zimbabwe.
Group of Five – Similar to the Group of Seven (G-7), with the exception of Canada and Italy.
Group of Seven – This term refers to seven major economic powers (Canada. France, Germany, Great Britain, Italy, Japan, and the United States) whose finance ministers seek to promote balanced economic growth and stability among exchange rates.
Group of Seventy-Seven – A grouping of developing countries which received its name in connection with 77 countries issuing a joint statement in Geneva, Switzerland in 1964. The G-77’s primary focus is serving as a caucus for articulating members’ collective interests primarily in areas of promoting economic cooperation among developing countries and in negotiations on economic matters with developing countries. G-77 membership has increased since 1964 to over 125 countries.
Group of Ten – Under the International Monetary Fund’s General Agreements to Borrow (GAB), established in 1962, 10 of the wealthiest industrial members of the IMF “stand ready to lend their currencies to the IMF up to specified amounts when supplementary resources are needed.” The finance ministers of these countries comprise the Group of 10 (also called the Paris Club). Members include: Belgium, Canada, France, Germany, Italy, Japan, Netherlands, Sweden, Switzerland, the United Kingdom, and the United States. Though numbering 11 with the addition of Switzerland in 1984, the numerical name persists.
Group of Twenty-four – A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in January 1972 to counterbalance the influence of the Group of 10.
Groupement d’Intrat Economique – Groupement d’interat economique (French: “economic interest grouping”) is a joint venture which has features of both a partnership and a corporation. The GIE is used by enterprises that wish to set up a joint activity on a trial basis or to cooperate, but not to merge. The GIE must be an extension of some activity of its members, frequently marketing, research, and management. Airbus Industrie is an example of a GIE.
grt – Gross registered tons
GSM – General Sales Manager
GSP – Generalized System of Preferences
GSP – generalized system of preferences
GTDA – General License – Technical Data Publicly Available
GTDR – General License – Technical Data Restricted by Written, Assurance
GTDU – General License – Technical Data Restricted without, Written Assurance
GTZ – Deutsche Gesellschaft fur Technische Zusammenarbeit
guar. – Guaranteed
Gulf Cooperation Council – The GCC, established in May 1981, seeks to strengthen cooperation (in areas such as agriculture, industry, investment, security, and trade) among its six members: Bahrain, Kuwait, Quatar, Oman, Saudi Arabia, and the United Arab Emirates. The GCC, created in response to the outbreach of the Iran-Iraq war, established the Gulf Standards Organization in November 1982 and the Gulf Investment Corporation in 1984. The presidency of the GCC rotates yearly among members. Council headquarters are in Riyadh, Saudi Arabia.
Gy.C. – Gyro Compass

Hard Currency – The currency of a nation which may be exchanged for that of another nation without restriction. Sometimes referred to as convertible currency. Hard currency countries typically have sizeable exchange reserves and surpluses in their balance of payments. See: Soft Currency.
h – Hour
H. & M. – Hull and machinery
h. & o. – Hook and oil damage
H.A. or D. – Havre, Antwerp or Dunkirk Harbor
H.P.N. – Horse-power nominal
H.S.S.C. – Heating, sweating and spontaneous combustion
H.T. – Half-time survey
H.W.D. – Heavy weather damage
H.W.M. – High water mark
H.W.O.S.T. – High water ordinary spring tides
h/c – Held covered (insurance)
H/H – Havre to Hamburg
ha – Hectares
Harmonized System – The Harmonized Commodity Description and Coding System (or Harmonized System, HS) is a system for classifying goods in international trade, developed under the auspices of the Customs Cooperation Council. Beginning on January 1, 1989, the new HS numbers replaced previously adhered-to schedules in over 50 countries, including the United States. For the United States, the HS numbers and four additional digits are the numbers that are entered on the actual export and import documents. Any other commodity code classification number (SITC, end-use, etc.) are just rearrangements and transformations of the original HS numbers.
Harmonized System (HS) – A schedule of tariff nomenclature arranged in 6 digit codes allowing all participating countries to classify traded goods on a common basis. Beyond the 6 digit level, countries are free to introduce national distinctions for tariff or statistical purposes. This system will replace the Tariff Schedule of the United States (TSUS). The Harmonized System was implemented by the United States and other major GATT countries after Jan, 1. 1988. Additional countries are expected to be implementing the system subsequent to that date.
Hbr. – Harbour
Hearing – A hearing which is held at the request of an interested party in antidumping proceedings for the purpose of allowing interested persons to express their views orally to officials of the Commerce Department. The hearing is held prior to the Commerce Department’s (International Trade Administration) final determination or before the final results of an administrative review are published. See: Tariff Act of 1930.
Helsinki Accord – The Helsinki Accord deals with the rights of people to migrate freely. The tourism portions of the Accord encourage: (a) tourism and tourism studies, (b) preservation of artistic, historic and cultural heritages of signatories, (c) lowering of fees and documentation needed for international travel, and (d) other efforts to encourage cooperation on tourism among countries. The Accord was signed in 1975.
hhd. – Hogshead
hk. – Hook damage
hold – Space below the deck of a ship that is used to carry cargo. The holds of a ship are numbered for purposes of cargo identification and location.
hold cleaning – Cleaning a hold after cargo has been discharged.
Home Market Price – See: Foreign Market Value.
Homologation .. of an Automobile – Homologation of an automobile is the certification by a country that a vehicle conforms to its safety and emission standards — primarily that a vehicle has been manufactured or modified to meet a country’s standards.
Horizontal Export Trading Company – An export trading company which exports a range of similar or identical products supplied by a number of manufacturers or other producers. Webb-Pomerene Organizations, trade-grouped organized export trading companies, and an export trading company formed by an association of agricultural cooperatives are the prime examples of horizontally organized export trading companies.
Horn of Africa – The Horn of Africa comprises Djibouti, Ethiopia, Somalia, and Sudan.
hours purposes. – The time allowed by charter for the dual operation of loading and discharging the cargo
hp – Horsepower
HS – Harmonized System
HS – Harmonized Commodity Description and Coding System
HSC – Harmonized System Committee
HTS – Harmonized Tariff Schedule
HTWG – High Technology Working Group

Ice Clause – An ice clause is a standard clause in the chartering of ocean vessels. It dictates the course a vessel master may take if the ship is prevented from entering the loading or discharge port because of ice, or if the vessel is threatened by ice while in the port. The clause establishes rights and obligations of both vessel owner and charterer if these events occur.
Import Certificate – The import certificate is a means by which the government of the country of ultimate destination exercises legal control over the internal channeling of the commodities covered by the import certificate.
Import License – A document required and issued by some national governments authorizing the importation of goods.
Import Quota – A means of restricting imports by the issuance of licenses to importers, assigning each a quota, after determination of the total amount of any commodity which is to be imported during a period. Import licenses may also specify the country from which the importer must purchase the goods.
Import Quota Auctioning – The process of auctioning the right to import specified quantities of quota-restricted goods.
Import Restrictions – Import restriction, applied by a country with an adverse trade balance (or for other reasons), reflect a desire to control the volume of goods coming into the country from other countries may include the imposition of tariffs or import quotas, restrictions on the amount of foreign currency available to cover imports, a requirement for import deposits, the imposition of import surcharges, or the prohibition of various categories of imports.
Import Substitution – A strategy which emphasizes the replacement of imports with domestically produced goods, rather than the production of goods for export, to encourage the development of domestic industry.
Importer – The U.S. Customs Service defines “importer” as a person primarily liable for the payment of duties on the merchandise, or an authorized agent acting on the importer’s behalf. The importer may be: (a) a consignee, (b) the importer of record, or (c) the actual owner of hte merchandise if the actual owner has filed with Customs a declaration acknowledging ownership along with a superseding bond. (See 119 CFR 141.20.) See: Importer of Record.
Importer of Record – The U.S. Customs Service defines the importer of record as the owner or purchaser of the goods; or, when designated by the owner, purchaser, or consignee, a licensed Customs broker.
Imports – Imports of merchandise include commodities of foreign origin as well as goods of domestic origin returned to the United States with no change in condition or after having been processed and/or assembled in other countries. For statistical purposes, imports are classified by type of transaction: – Merchandise entered for immediate consumption. (“duty free” merchandise and merchandise on which duty is paid on arrival); – Merchandise withdrawn for consumption from Customs bonded warehouses, and U.S. Foreign Trade Zones; – Merchandise entered into Customs bonded warehouses and U.S. Foreign Trade Zones from foreign countries.
Imports for Consumption – “Imports for Consumption” measure the total of merchandise that has physically cleared through U.S. Customs either entering consumption channels immediately or entering after withdrawal for consumption from bonded warehouses under Customs custody or from Foreign Trade Zones. Many countries use the term “special imports” to designate statistics compiled on this basis.
In-Bond System – The In-Bond System, a part of Customs’ Automated Commercial System, controls merchandise from the point of unloading at the port of entry or exportation. The system works with the input of departures (from the port of unlading), arrivals, and closures (accountability of arrivals).
In-Flight Survey – The In-Flight Survey is administered to U.S. and foreign travelers departing the U.S. as a means of providing data on visitor characteristics, travel patterns and spending habits, and for supplying data on the U.S. international travel dollar accounts as well as to meet balance of payments estimation needs. The IFS covers about 70 percent of U.S. carriers and 35 percent of foreign carriers, who voluntarily choose to participate. Sample results are expanded to universe estimates to account for nonresponse of passengers on each sampled flight, for coverage of all flights on each major airline route, and for all international routes. The basis for the expansion is the number of passengers departing the United States, obtained from the Immigration and Naturalization Service.
Incoterms – Maintained by the International Chamber of Commerce (ICC), this codification of terms is used in foreign trade contracts to define which parties incur the costs and at what specific point the costs are incurred.
Independent European Program Group – The IEPG is an intergovernmental organization that is not formally part of NATO but whose membership includes all the EC members of the alliance, plus Norway and Turkey. Established in 1976, IEPG’s objectives are to promote European cooperation in research, development, and production of defense equipment; improve transatlantic armaments cooperation; and maintain a healthy European defense industrial base.
Indexed Currency Option Note – An ICON is a debt repayment instrument whose value is partially determined by the exchange rate between two currencies. Interest payments, made in one currency, are lowered if the rate of exchange exceeds a pre-arranged rate.
Individual Validated License – An IVL is written approval by which the U.S. Department of Commerce grants permission, which is valid for 2 years, for the export of a specified quantity of products or technical data to a single recipient. IVLs also are required, under certain circumstances, as authorization for the reexport of U.S.-origin commodities to new destinations abroad.
Industrial List – See: International Industrial List.
Industrialization Fund for Developing Countries – The IFU invests in joint venture companies in the developing countries, together with Danish companies. It is a revolving Fund whose resourcs were made available by the Danish government. IFU takes part in joint ventures as a shareholder and can provide loans or guarantees for loans. The Fund was established by Denmark in 1967; headquarters are in Copenhagen. Since 1978, Fund operations have been funded solely from the return on investments in developing countries and from other financial assets, with no public financial subsidy.
Industry Consultations Program – The Industry Consultations Program for Trade Policy Matters is an advisory committee structure created by the Trade Act of 1974; expanded by the Trade Agreements Act of 1979; and amended by the Omnibus Trade and Competitiveness Act of 1988. The program is operated jointly by Commerce and the U.S. Trade Representative. Members of the committees are appointed by the Secretary of Commerce and the U.S. Trade Representative. The present structure consists of 17 Industry Sector Advisory Committees (ISACs), 3 Industry Functional Advisory Committees (IFACs), a Committee of Chairs, and an Industry Policy Advisory Committee (IPAC). The focus of the 3 Functional Advisory Committees are: (1) Customs Matters, (2) Standards, and (3) Intellectual Property Rights. The focus of the 17 Industry Sector Advisory Committees are:1 Aerospace Equipment, 2 Capital Goods, 3 Chemicals and Allied Products, 4 Consumer Goods, 5 Electronics and Instrumentation, 6 Energy, 7 Ferrous Ores and Metals, 8 Footwear, Leather, and Leather Products, 9 Building Products and Other Materials, 10 Lumber and Wood Products, 11 Nonferrous Ores and Metals, 12 Paper and Paper Products, 13 Services, 14 Small and Minority Business, 15 Textiles and Apparel, 16 Transportation, Construction, and Agricultural Equipment, 17 Wholesaling and Retailing See: Advisory Committee on Trade Policy and Negotiations.
Industry Functional Advisory Committee – See: Industry Consultations Program.
Industry Policy Advisory Committee – See: Industry Consultations Program.
Industry Sector Advisory Committee – See: Industry Consultations Program.
Industry Subsector Analysis – As used by the International Trade Administration, an industry subsector analysis is overseas market research for a given industry subsector (such as cardiological equipment for the medical equipment industry) that presents basic information about a foreign market such as market size, the competitive environment, primary end users, best prospects products, and market access information.
Infrequent Exporter – The Commerce Department’s International Trade Administration defines an “infrequent exporter” as a company that has some export experience — usually averaging between 1 and 50 export shipments per year — but which still needs assistance to increase the size of its export market or to expand into new ones.
Inherent Vice – An insurance term referring to any defect or other characteristics of a product which could result in damage to the product without external cause. Insurance policies may specifically exclude losses caused by inherent vice.
Initial Negotiating Right – A right held by one GATT country to seek compensation for an impairment of a given bound tariff rate by another GATT country. INRs stem from past negotiating concessions and allow the INR holder to seek compensation for an impairment of tariff concessions regardless of its status as a supplier of the product in question.
Injury – In U.S. law, a finding by the International Trade Commission that imports are causing, or are likely to cause, harm to a U.S. industry. An injury determination is the basis for a Section 201 case. It is also a requirement in all antidumping and most countervailing duty cases, in conjunction with Commerce Department determinations on dumping and subsidization.
Inland Bill of Lading – A bill of lading used in transporting goods overland to the exporter’s international carrier. Although a through bill of lading can sometimes be used, it is usually necessary to prepare both an inland bill of lading and an ocean bill of lading for export shipments.
Inspection Certification – Some purchasers and countries may require a certificate of inspection attesting to the specifications of the goods shipped, usually performed by a third party. Inspection certificates are often obtained from independent testing organizations.
Instruments of International Traffic – Lift vans, cargo vans, shipping tanks, skids, pallets, caul boards, and cores for textile fabrics, arriving (whether loaded or empty) in use or to be used in the shipment of merchandise in international traffic are designated as “instruments of international traffic” (IIT) within the meaning of section 322(a0, Tariff Act of 1930, as amended. Upon Customs acceptance of a type 3 bond, covering these IIT types, such instruments may be released without entry or the payment of duty, subject to the provisions of 19 CFR 10.41a.
Insurance Certificate – This certificate is used to assure the consignee that insurance is provided to cover loss of or damage to the cargo while in transit.
Integrated Carriers – Carriers that have both air and ground fleets; or other combinations, such as sea, rail, and truck. Since they usually handle thousands of small parcels an hour, they are less expensive and offer more diverse services than regular carriers.
Integrated Tariff of the European Community – TARIC is a publication which presents the regulations pertaining to import of products into the EC as well as for some exports. TARIC adopts the provisions of Community legislation, the harmonized system, and the combined nomenclature (CN).
Intellectual Property Rights – IPR is a generic phrase encompassing intangible property rights, including, among others, patents, trade and service marks, copyrights, industrial designs, rights in semiconductor chip layout designs, and rights in trade secrets.
Intelsat – See: International Telecommunications Satellite Organization.
Inter-American Commercial Arbitration Commission – The IACAC administers a system for arbitrating and conciliating international commercial disputes throughout the Western Hemisphere. The Commission, associated with the Organization of American States, follows provisions of the United Nations Commission on International Trade Law. IACAC was originally established in 1934; headquarters are in Washington, D.C.
Inter-American Development Bank – IADB, or IDB, (Spanish: Banco Interamericano de Desarrollo, BID), is a regional financial institution which helps accelerate economic and social development in Latin America and the Caribbean. The Bank was established in 1959 (began operations in October 1960); headquarters are in Washington, D.C. The twenty-eight regional members include: Argentina, Bahamas, Barbados, Belize, Bolivia, Brazil, Canada, Chile, Colombia, Costa Rica, Dominican Republic, Ecuador, El Salvador, Guatemala, Guyana, Haiti, Honduras, Jamaica, Mexico, Nicaragua, Panama, Paraguay, Peru, Suriname, Trinidad and Tobago, United States, Uruguay, and Venezuela. The IDB also includes 16 non-regional members: Austria, Belgium, Denmark, Finland, France, Germany, Israel, Italy, Japan, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, and the United Kingdom. See: Caribbean Development Bank Inter-American Investment Corporation.
Inter-American Investment Corporation – The IIC is a multilateral investment corporation that promotes the economic development of the regional member countries by stimulating the establishment, expansion, and modernization of private enterprises, especially those of medium and small scale, in Latin America and the Caribbean. The IIC works directly with private enterprises in these countries and neither seeks nor requires government guarantees. The Corporation makes direct investments such as equity participation, loans and purhcases of debt instruments, as well as direct investment through other financial institutions. The Corporation also finances feasibility studies, underwrites securities, provides technical and managerial assistance, and helps entrepreneurs in mobilizing additional capital. The IIC is affiliated with the Inter-American Development Bank; it was established in 1986; headquarters are in Washington, D.C.
Inter-Arab Investment Guarantee Corporation – The IAIGC promotes Arab development by stimulating capital transfers among members, by providing investment risk coverage, and by supporting development studies. The Corporation was established in 1965; headquarters are in Kuwait; nearly all Arab countries are members.
Inter-Governmental Authority on Drought and Development – The IGADD coordinates efforts in its members’ region to build food security, stop desertification, and reclaim arid zones for food production. The Authority was formed in 1986; headquarters are based in Djibouti; members include: Djibouti, Ethiopia, Kenya, Somalia, the Sudan, and Uganda. Financing stems primarily from Djibouti and Ethiopia.
Interagency Group on Countertrade – The IGC, established in December 1988 under Executive Order 12661, reviews policy and negotiates agreements with other countries on countertrade and offsets. The IGC operates at the Assistant Secretary level, with the Department of Commerce as chair. Membership includes 11 other agencies: Agriculture, Defense, Energy, Justice, Labor, State, Treasury, the Agency for International Development, the Federal Emergency Management Agency, the U.S. Trade Representative, and the Office of Management and Budget.
Interbank Offered Rate – IBOR is the rate of interest at which banks lend to other prime banks. Terms are established for the length of loan and individual foreign currencies. A number of financial centers offer an IBOR, including: Abu Dhabi (ADIBOR), Bahrain (BIBOR), Brussels (BRIBOR), Hong Kong (HKIBOR), London (LIBOR), Luxembourg (LUXIBOR), Madrid (MIBOR), Paris (PIBOR), Saudi Arabia (SAIBOR), Singapore (SIBOR), and Zurich (ZIBOR). See: London Interbank Offered Rate.
Interest Rate Swaps – See: Swaps.
Intermediate Consignee – An intermediate consignee is the bank, forwarding agent, or other intermediary (if any) that acts in a foreign country as an agent for the exporter, the purchaser, or the ultimate consignee, for the purpose of effecting delivery of the export to the ultimate consignee.
Intermediate Credit Guarantee Program – See: Export Credit Guarantee Programs.
Intermodal Container Transfer Facility – ICTF is a site where cargo is transferred from one form of transit to another, such as rail to ship.
International Accounting Unit – NATO infrastructure projects are usually denominated in International Accounting Units. The IAU is a unit of measure based on the exchange rates of the 16 NATO member countries and is reevaluated every six months.
International Accreditation Forum – The IAF, created in January 1993, is a group of international accreditation bodies which has joined together to promotion international recognition of accreditation for quality systems (ISO 9000) registrars. Signatories include representatives of accrediting bodies in Australia, Canada, Japan, Mexico, the Netherlands, New Zealand, and the United States.
International Agreements – An international agreement is governed by international law; the term refers to a broad classification of legally binding arrangements between states. The arrangements include: treaties, conventions, protocols, annexes, accords, and memoranda of understanding. Other common titles include notes, pact, declaration, statute, constitution and process-verbal. The title is not a controlling factor in making distinctions among arrangements. Some titles are not used consistently; and titles are often used as synonyms, with subtlety in differentiation and resulting in an inability to apply certitude in definition. In this context, the following general characteristics apply: – Treaties are international agreements and are equivalent to conventions. The Vienna Convention on the Law on Treaties defines a treaty as “an international agreement concluded between States in written form and governed by international law, whether embodied in a single instrument or in two or more related instruments and whatever its particular designation.” In its restricted sense in the United States, a treaty denotes an international agreement made by the President with the advice and consent of the Senate in accordance with Article II, section 2 of the Constitution. During a year, the U.S. may be a signatory to approximately 400 international agreements; only about a dozen are treaties. Under U.S. law a treaty (or other international agreement, however designated) becomes the law of the land and is binding on federal, state and local government. This is not always the case in other nations which may require legislative action before a treaty takes the same effect as domestic law. The term “plurilateral” is sometimes used to differentiate between a treaty embracing a restricted number of states in contrast with “multilateral” as a reference to a treaty which is open to all nations. – Conventions are essentially the same as treaties. In the 1980s and beyond, the term convention has been used more in connection with multilateral, than bilateral, arrangements. Depending on the nature of the convention, the President may or may not consult the Senate. – Protocols may be any sort of international agreement. A protocol can stand alone or, more generally, it may be a supplementary agreement, or an amendment, of some sort. – Annexes are subsidiary agreements which are additional to a previously established arrangement. However, there is flexibility; the General Agreement on Tariffs and Trade (GATT) uses the term “annex” to indicate a free-standing agreement. – Accords are further from treaties than conventions. If there is any distinction to be made, an accord may suggest a non-binding agreement; there are exceptions. – Memoranda of Understanding are very detailed documents devised by Executive Branch agencies (such as aviation or major fishery agreements). An MOU may be less significant; it takes into account U.S. practice and the requirements of the other government. When a treaty or an executive agreement is first published by the United States, it is assigned a TIAS number and published in slip form in the Treaties and other International Acts Series. TIAS, published by the Department of State, is a series of individual pamphlets.
International Agricultural Research Centers – See: Consultative Group on International Agricultural Research.
International Air Transport Association – IATA, established in 1945, is a trade association serving airlines, passengers, shippers, travel agents, and governments. The association promotes safety, standardization in forms (baggage checks, tickets, weigh bills), and aids in establishing international airfares. IATA headquarters are in Geneva, Switzerland.
International Anticounterfeiting Coalition – The IACC, founded in 1978, is a non-profit organization located in Washington, D.C. The IACC seeks to advance intellectual property rights (IPR) protection on a worldwide basis by promoting laws, regulations, and directives designed to render theft of IPR unattractive and unprofitable.
International Atomic Energy Agency – The IAEA, a specialized agency of the UN, is the primary international organization that enforces a system of safeguards to ensure that non-nuclear weapons states do not divert shipments of sensitive nuclear-related equipment from peaceful applications to the production of nuclear weapons. Before a supplier state of nuclear materials or equipment may approve an export to a non-nuclear weapons NPT (Nuclear non-Proliferation Treaty) signatory state, it must receive assurances that the recipient will place the material under IAEA safeguards. Subsequent to shipment, the recipient state must allow IAEA officials to verify the legitimate end use of the exported materials or equipment. IAEA, established in July 1957, gives advice and technical assistance to developing countries on nuclear power development, nuclear safety, radioactive waste management, and related efforts. Safeguards are the technical means applied by the IAEA to verify that nuclear equipment or materials are used exclusively for peaceful purposes. IAEA headquarters are in Vienna, Austria.
International Atomic Energy List – The International Atomic Energy List is one of three lists maintained by CoCom. The AEL, comprising strictly nuclear-related items that are also of commercial value, consists of: materials, facilities, nuclear-related equipment, and software. State, which has the lead in U.S. negotiations concerning the AEL, relies on DOE experts.
International Bank for Reconstruction and Development – The International Bank for Reconstruction and Development, a part of the World Bank, was established in December 1945 to help countries reconstruct their economies after World War II. IBRD assists developing member countries by lending to government agencies and by guaranteeing private loans for such projects as agricultural modernization or infrastructural development. Bank headquarters are in Washington, D.C. See: World Bank.
International Banking Act – The IBA, passed in 1978, established a federal legislative framework for governing the activities of foreign banks, which previously had been governed only by state laws. The IBA established a policy of national treatment for U.S. offices of foreign banks by: (a) limiting any new multistate branching activities to activities more comparable to those of U.S. banks; (b) placing the foreign bank offices under the same reserve requirements that apply to U.S. banks; (c) limiting foreign bank involvement in U.S. securities; and (d) making federal deposit insurance available to U.S. offices of foreign banks if they chose to engage in retail banking. See: Foreign Bank Supervision Enhancement Act.
International Banking Facility – An IBF is one of four categories of foreign banking in the United States. An IBF may be a domestic bank or an office of a foreign bank. In either circumstance, the IBF maintains asset and liability ational Summary (MOS) listing all projects in the pipeline; (b) Technical Data Sheets (TDS), published for each approved loan, listing identifying information, procurement methods, cofinancing and similar data; (c) general procurement notices, issued for projects involving international competitive bidding; (d) specific procurement notices describing specific items to be procured and bidding requirements; and (e) major contract award notices identifying successful bidders for contracts which were recently awarded. See: International Competitive Bidding Limited International Bidding Local Competitive Bidding.
International Cargo Handling Coordination Association – The ICHCA: (a) collects, edits, and disseminates technical information relating to cargo handling by all modes of transport; (b) maintains consultative status with the International Standards Organization for the development of standards relating to cargo handling equipment (such as hooks, containers, wire slings, spreaders, and pallets); (c) maintains a library for members’ use; and (d) represents members’ interests on an international basis. There is an ICHSA U.S. National Section. The ICHCA Secretariat General is in London, England.
International Centre for Settlement of Investment Disputes – ICSID, an affiliate of the World Bank, is a public international organization which provides facilities for the conciliation and arbitration of investment disputes between Contracting States and nationals of other Contracting States. The Centre’s objective is to promote an atmosphere of mutual confidence between States and foreign investors conducive to increasing the flow of private international investment. The Centre does not itself engage in conciliation or arbitration but assists in the initiation and conduct of conciliation and arbitration proceedings. Recourse to conciliation and arbitration under the ICSID Convention is entirely voluntary. However, once the parties have consented, they are bound to carry out their undertakings and, the case of arbitration, to abide by the award. All Contracting States, whether or not parties to the dispute, are required to recognize awards rendered pursuant to the Convention as binding and to enforce the pecuniary obligations imposed thereby. The Centre also conducts and publishes research in foreign investment law. ICSID was created under a treaty, the Convenion on the Settlement of Investment Disputes Between States and Nationals of Other States (the ICSID Convention) which entered into force in October 1966. The Centre’s headquarters are in Washington, D.C. See: World Bank.
International Chamber of Commerce – ICC was created in 1919 to promote free trade, private enterprise, and represent business interests at national and international levels. Members include national councils from sixty countries. ICC headquarters are in Paris, France.
International Civil Aviation Organization – The ICAO is an United Nations specialized agency which promotes international cooperation in civil aviation. The ICAO Council adopts standards and recommended practices concerning air nagivation, prevention of unlawful interference, and facilitation of border-crossing procedures for international civil aviation. Operating since 1947, ICAO includes almost all U.N. members. Headquarters are in Montreal, Canada.
International Coffee Agreement – An agreement signed by 67 countries, representing all of the world’s major exporters and importers of coffee. The International Coffee Organization, ICO, acted as a forum for market participants since the early 1960s, but has not regulated markets since July 1989, when consuming and exporting country members were unable to agree on export quotas. Since suspending export quotas, the ICO has been acting mainly as a center for meetings and as a collector of statistics on the coffee market. The forum scheduled a September 1994 decision on future directions for the ICO. The Association of Coffee Producing Countries, a new pact comprising 28 members which account for 85 percent of world coffee exports, has been seeking to strengthen world prices through an export-retention plan.
International Coffee Organization – See: International Coffee Agreement.
International Commodity Agreement – An ICA is an international understanding, usually reflected in a legal instrument, relating to trade in a particular basic commodity, and based on terms negotiated and accepted by most of the countries that export and import commercially significant quantities of the commodity. Some commodity agreements (such as exists for coffee, cocoa, natural rubber, sugar, and tin) center on economic provisions intended to defend a price range for the commodity through the use of buffer stocks or export quotas or both. Other commodity agreements (such as existing agreements for jute and jute products, olive oil, and wheat) promote cooperation among producers and consumers through improved consultation, exchange of information, research and development, and export promotion.
International Competitive Bidding – ICB is one of several forms of procurement made with World Bank financing. While the World Bank provides financing from its loans for the contracts and ensures that agreed procurement procedures are observed, the borrower, not the World Bank, is always responsible for procurement. ICB requires that: (a) all goods or works to be procured through ICB be internationally advertised through the United Nations (in the publication: Development Business) and at least one major local newspaper; (b) bids be entertained in the bidder’s or other currencies in which expenses would normally be occurred on in an international currency specified by the borrower; (c) payments be made in the currencies in the bids, without requirement to accept any portion of payment in countertrade; (d) documents be in an international language (English, French, or Spanish); (e) bids be openly reviewed; and (f) contracts be awarded to the lowest evaluated responsive bid. ICB permits a margin of preference to be given to domestic goods and, under certain conditions, to domestic contracting services in developing countries. See: International Business Opportunities Service Limited International Bidding Local Competitive Bidding.
International Confederation of Agricultural Credit – See: Confederation Internationale du Credit Agricole.
International Confederation of Free Trade Unions – ICFTU was established in 1949 to promote the trade union movement by recognizing workers’ organizations and through other means of support for the rights of workers to bargain. Members include more than 140 national organizations from nearly 100 countries. ICFTU organizes and educates free trade unions in the developing world primarly through its three regional organizations: APRO for Asia and the Pacific located in New Delhi, India; AFRO in Afria, and ORIT in Latin America, located in Mexico City. ICFTU headquarters are in Brussels, Belgium.
International Congress Office – The ICO is a U.S. Travel and Tourism Administration office that persuades international associations to select the U.S. as venues for their meetings. The ICO operates out of the American Embassy in Paris.
International Convention on the Simplification and Harmonization of Customs Procedures – This Convention, developed by the Customs Cooperation Council, seeks to foster international trade and cooperation by simplifying and harmonizing customs procedures and operations. (The term “customs procedure is not used in the narrow sense of the treatment assigned to imported goods; it covers all provisions relating to a particular sphere of customs activity.) The Convention (also known as the “Kyoto Convention”) was adopted in May 1973 in Kyoto, Japan as a core legal instrument with three original annexes on customs procedures. Nearly thirty additional annexes (each covering a different area of customs procedures and operations) have since been created. To ensure worldwide harmonization, the convention is also open to non-members of the CCC which are state members of the United Nations or its specialized agencies. A country is only required to accept the convention itself and at least one of the annexes to become a contracting party. (When the U.S. became party to the Covnention, effective January, 1984, it accepted twenty of the annexes and entered certain reservations with respect to some of their provisions.) The annexes contain definitions, standards, and recommended practices; and countries can reserve against any standard or recommended practice in a particular annex. There is also a provision obligating countries to review their national legislation every three years to determine if reservations can be removed. See: Customs Cooperation Council.
International Council of Scientific Unions – The International Research Council (a predecessor organization to ICSU) was created in 1919 to coordinate international activity in the different branches of science and their applications. ICSU, founded in 1931, is a non-governmental organization with two categories of members: (a) national, multidisciplinary scientific academies or research councils which promote cooperation and research and (b) international organizations which promote cooperation in a single field of science (scientific unions). A small headquarters office is in Paris, France. The Council seeks to break the barriers of specialization through international interdisciplinary programs and research bodies.
International Court of Justice – The ICJ, established in 1945, is the principal judicial organ of the UN. The ICJ decides cases submitted to it by states and gives advisory opinions on legal questions submitted to it by the General Assembly or Security Council or by UN specialized agencies. The court is composed of 15 judges elected by the General Assembly and the Security Council from a list of persons nominated by the national groups in the Permanent Court of Arbitration. The seat of the Court is in The Hague, Netherlands.
International Data Base – The IDB, which is maintained by the Center for International Research, is an automated data bank containing statistical tables of demographic, economic, and social data for all countries of the world. Data categories include: population; vital statistics; health and nutrition; fertility, migration; foreign-born and refugee statistics; provinces and cities; marital status; family planning; ethnic, religious and language groups; literacy and education; labor force, employment, income and gross national product; and household size and housing indicators. IDB data users include the U.S. government, private firms, research institutions, and international organizations. See: Center for International Research.
International Depository Receipt – An IDR is a negotiable bank-issued certificate representing ownership of stock securities by an investor outside the country of origin. The securities backing the receipt remain in the custody of the issuing bank or a correspondent.
International Development Association – The IDA, a part of the World Bank Group, was created in 1959 (began operations in November 1990) to lend money to developing countries at no interest and for a long repayment period. IDA provides development assistance through soft loans to meet the needs of many developing countries that cannot afford development loans at ordinary rates of interest and in the time span of conventional loans. The Association’s headquarters are in Washington, D.C. See: World Bank.
International Electrotechnical Commission – The International Electrotechnical Commission was established in 1906 to deal with questions related to international standardization in the electrical and electronic engineering fields. The members of the IEC are the national committees, one for each country, which are required to be as representative as possible of all electrical interests in the country concerned: manufacturers, users, governmental authorities, teaching, and professional bodies. They are composed of representatives of the various organizations which deal with questions of electrical standardization at the national level. Most of them are recognized and supported by their governments.
International Emergency Economic Powers Act – The International Emergency Economic Powers Act (IEEPA) was enacted in 1977 to extend emergency powers previously granted to the President by the Trading with the Enemy Act of 1917 (which still authorized the President to exercise extraordinary powers when the United States is at war). IEEPA enables the President, after declaring that a national emergency exists because of a threat from a source outside the United States, to investigate, regulate, compel or prohibit virtually any economic transaction involving property in which a foreign country or national has an interest.
International Energy Agency – The IEA was founded in 1974 as a forum for energy cooperation among 21 member nations. The IEA helped participating countries prepare to reduce the economic risks of oil supply disruptions and to reduce dependence on oil through coordinated and cooperative research efforts.
International Executive Service Corps – The IESC is a non-profit, Agency for International Development-funded organization which recruits retired U.S. executives and technical advisers to counsel businesses in developing nations on a volunteer basis. IESC’s program includes short-term technical and managerial assistance and long-range trade and investment services. IESC was founded in 1964; headquarters is in Stamford, Connecticut.
International Exhibitions Bureau – The IEB governs the frequency of international exhibitions and oversees the guarantees and facilties which the host nation is required to offer. By agreement, member states may mount international exhibitions only after the events have been registered with IEB. Member states are also precluded from participating in exhibitions in non-member states in the absence of agreement by the Bureau. IEB, originally created in in 1928, was revised in 1972; headquarters are in Paris, France.

International Finance Corporation – The IFC was established in 1956 as a member of the World Bank Group. The IFC promotes private sector investment in developing countries. The IFC charges market rates and seeks profitable returns. See: Africa Enterprise Fund Africa Project Development Facility African Management Services Company Caribbean/Central America Business Advisory Service World Bank.
International Frequency Registration Board – The IFRB (French: Comite International d’Enregistrement des Frequences) is an organizational entity under the International Telecommunication Union (ITU). Located in Geneva, IFRB is composed of five full-time elected officials with a rotating chairmanship. IFRB maintains the International Frequency Register, monitors and analyzes all ITU records of frequency use around the world, and makes determinations as to whether or not certain systems are in compliance with the Radio Regulations.
International Fund For Agricultural Development – IFAD, created in 1976 (began operations in December 1977), provides financial support for programs which improve agricultural policies and increase food production among members. The Fund also seeks to improve nutrition in developing countries. IFAF membership includes over 140 nations; headquarters are in Rome, Italy.
International Industrial List – The CoCom industrial list contains dual-use items whose export are controlled for strategic reasons.
International Institute for the Unification of Private Law – UNIDROIT studies methods for coordinate and unify the private and trade laws of member countries. The Institute (originally established in 1926 at the initiative of Italy and associated with the League of Nations) is independent, with headquarters in Rome, Italy.
International Intellectual Property Alliance – The IIPA represents U.S. copyright-based industries in bilateral and multilateral efforts to improve international protection of copyrighted works. IIPA is composed of trade associations each representing a significant segment of the U.S. copyright community. IIPA was formed in 1984; headquarters are in Washington, D.C.
International Investment – See: Foreign Direct Investment in the United States Portfolio Investment.
International Labor Organization – The ILO, set up in 1919, became a specialized agency of the United Nations in 1946. The ILO seeks to promote improved working and living conditions by establishing standards that reduce social injustice in areas such as employment, pay, health, working conditions, and freedom of association among workers. Headquarers are in Geneva, Switzerland.
International Maritime Organization – The IMO was established as a specialized agency of the United Nations in 1948. The IMO facilitates cooperation on technical matters affecting merchant shipping and traffic, including improved maritime safety and prevention of marine pollution. Headquartrers are in London, England.
International Maritime Satellite Organization – INMARSAT is an international partnership of signatories from 67 nations. The partnership provides mobile satellite capacity to its signatories, who, in turn, use the capacity to provide worldwide mobile satellite services to their maritime, aeronautical and land-mobile customers — including shipping, cruise, fishing, research and offshore exploration industries, and airlines. INMARSAT began service in 1976. COMSAT is the U.S. signatory to INMARSAT.
International Market Research – See: Industry Subsector Analysis.
International Market Insights – International Market Insight, IMI, reports are prepared by staff at American embassies and consulates. An IMI covers developments in a single country that are of interest to traders and investors. Topics may include: new laws, policies and procedures, new trade regulations, and marketplace changes.
International Monetary Fund – The IMF, established in December 1945, promotes international monetary harmony, monitors the exchange rate and monetary policies of member nations, and provides credit for member countries which experience temporary balance of payments deficits. Each member has a quota, expressed in Special Drawing Rights, which reflects both the relative size of the member’s economy and that member’s voting power in the Fund. Quotas also determine members’ access to the financial resources of, and their shares in the allocation of Special Drawing Rights by, the Fund. The IMF, funded through members’ quotas, may supplement resources through borrowing. IMF membership is approximately 175 countries. See: Compensatory and Contingency Financing Facility Credit Tranches Enhanced Structural Adjustment Facility Extended Fund Facility General Arrangements to Borrow Reserve Tranche Special Drawing Rights Stand-By Arrangements.
International Munitions List – The International Munitions List, IML, is one of three lists controlled by the 17-member Coordinating Committee on Multilateral Export Controls (CoCom). The IML contains 23 categories and is similar in coverage, but less restrictive, than the U.S. Munitions List (USML).
International Organization for Migration – The IOM assists countries in meeting individual needs arising from immigration and emigration. The Organization was established in 1951; headquarters are in Geneva, Switzerland.
International POW WOW – The International POW WOW promotes foreign tourism to the United States. It is an annual trade fair, sponsored by the Travel Industry Association of America, which brings together over 1,200 international buyers (tour operators and wholesalers) from 55 countries. The buyers are chosen through international selection criteria and purchase packages which they sell to their respective travel retailers.
International Radio Consultative Committee – CCIR (French: Comite International des Radiocommunications) studies and issues recommendations on technical and operating questions connected with radiocommunications. CCIR, a subsidiary organization of the International Telecommunications Union, is located in Geneva, Switzerland. The Department of State is the U.S. member. See: International Telecommunications Union.
International Service for National Agricultural Research – See: Consultative Group on International Agricultural Research.
International Social Security Association – The ISSA, established in 1927, is comprised of organizations responsible for the administration of social security. ISSA aims to protect and develop social security throughout the world. The Assocation works closely with the International Labor Organization (ILO). The ISSA secretariat is locaated in the ILO building in Geneva, Switzerland.
International Standards Organization – The ISO, established in 1947, is a worldwide federation of national bodies, representing approximately 90 member countries. The scope of the International Standards Organization covers standardization in all fields except electrical and electronic engineering standards, which are the responsibility of the IEC, International Electrotechnical Commission. Together, the ISO and IEC form the specialized system for worldwide standardization — the world’s largest nongovernmental system for voluntary industrial and technical collaboration at the international level. The result of ISO technical work is published in the form of International Standards. There are, for example, ISO standards for the quality grading of steel; for testing the strength of woven textiles; for storage of citrus fruits; for magnetic codes on credit cards; for automobile safety belts; and for ensuring the quality and performance of such diverse products as surgical implants, ski bindings, wire ropes, and photographic lenses. See: International Accreditation Forum.
International Standards Organization 9000-9004 – ISO 9000 is the general name for the quality standard accepted throughout the European Economic Community. It was initially adopted in 1987. ISO is a series of documents on quality assurance published by the Geneva-based International Standards Organization. The five documents outline standards for developing Total Quality Management and a Quality Improvement Process. 9000 consists of guidelines for the selection and use of the quality systems contained in 9001-9003. 9001 outlines a model for quality assurance in design, development, production, installation, and servicing. 9002 outlines a model for quality assurance in production and installation. 9003 outlines model for quality assurance for final inspection and testing. 9004 is not a standard but contains guidelines for quality management and quality system elements.
International Standards Organization Information Network – ISONET is an agreement between standardizing bodies to make information on standards, technical regulations, and related matters readily available. ISONET links the information centers of national standards bodies with each other and with the ISO Information Centre in Geneva, Switzerland. National members of ISONET are responsible for serving as the international reference point for information about the standards, technical regulations and certification systems which operate in the individual member’s country and for providing their own nationals with information on national, foreign, regional and international technical rules.
International Swaps and Derivatives Association – ISDA promotes orderly practices in the swap market, conducts research on the volume and quality of transactions, and public understanding. The Association, established in 1985, is a not-for-profit corporation, with headquarters in New York City; members include over 140 institutions worldwide representing dealers in swaps, corporations, software firms, and law firms. ISDA, formerly known as the International Swap Dealers Association, changed its name in August 1993. See: Derivatives.
International Telecommunications Satellite Organization – INTELSAT, created in 1964 under a multilateral agreement, is a nonprofit cooperative of about 120 countries that jointly own and operate a global communications satellite system serving the world. The system is used primarily for international communications, and by many countries for domestic communications. In 1991, the INTELSAT system comprised a network of 16 satellites in geosynchronous orbit over the Atlantic, Indian, and Pacific Ocean regions, with service to about 1,500 international and domestic earth station antennas. COMSAT is the United Statess representative to and participant in Intelsat.
International Telecommunications Services – These are transborder services provided via cable, radio, or satellite. These service offerings have traditionally been international message telephone service (IMTS), telex, and telegraph, but during the 1980’s have grown to include private leased lines, overseas value-added services, and international 800 services.
International Telecommunication Union – The ITU (French: Union Internationale des Telecommunications, UIT) is a specialized agency of the United Nations with responsibilities for developing operational procedures and technical standards for the use of the radio frequency spectrum, the satellite orbit, and for the international public telephone and telegraph network. ITU develops telecommunications standards in the form of recommendations covering all technical aspects of systems and equipment including interfaces, methods of operation and principles governing the fixing of tariffs and rates to be charged. There are over 160 member nations of the ITU. The Radio Regulations that results from ITU conferences have treaty status and provide the principal guidelines for world telecommunications. In the case of the U.S., they are the framework for development of the U.S. national frequency allocations and regulations. The ITU has four permanent organs: the General Secretariat, the International Frequency Registration Board (IFRB), the International Radio Consultative Committee (CCIR), and the International Telegraph and Telephone Consultative Committee (CCITT). The Union is located in Geneva, Switzerland. The Department of State is the U.S. member. See: International Frequency Registration Board International Radio Consultative Committee International Telegraph and Telephone Consultative Committee.
International Telegraphy and Telephone Consultative Committee – CCITT (French: Comite Consultatif International Telegraphique et Telephonique) studies and issues recommendations on standards and specifications on techincal, operating, and tariff questions connected with telephony, data transmission, and telegraphy. CCITT, a subsidiary organization of the International Telecommunications Union, is located in Geneva, Switzerland. The Department of State is the U.S. member. See: International Telecommunication Union.
International Trade Commission – An independent U.S. Government agency concerned with imports, import duties, and the effect of imports on U.S. industry. The Commission has six commissioners who review and make recommendations concerning countervailing duty and antidumping petitions submitted by U.S. industries seeking relief from imports that benefit unfair trade practices. Known as the U.S. Tariff Commission before its mandate was broadened by the Trade Act of 1974.
International Trade Development Centers – ITDCs provide programs and services to farmers and agribusinesses to enhance exports of agricultural and forestry commodities and related products. Activities include developing and promoting programs unique to a region’s products, conducting research, providing market information, and offering conferences and seminars for exports. Grants for the ITDCs are administered by the Agriculture Department’s Cooperative State Research Service.
International Traffic in Arms Regulations – The International Traffic in Arms Regulations, ITAR, are administered by the State Department to control the export of U.S. defense articles and services. The provisions implemented in the ITAR are governed by the Arms Export Control Act. Direct commercial sales of U.S.-origin defense products, components, technologies, and services are controlled under the ITAR by the State’s Office of Defense Trade Controls. See: Defense Trade Regulations.
International Value-Added Network Services – IVANS include advanced telecommunications services, such as voice mail and electronic banking. IVANS agreements play a growing role in maintaining the competitiveness of American firms and provide benefits for consumers worldwide.
Investment Climate Statements – Investment climate statements, ICSs, are prepared occasionally by the commercial sections of the U.S. embassies for the U.S. and Foreign Commercial Service, covering 67 individual countries. The ICSs provide statistics and analysis of policies and issues effecting the climate for direct investment in the individual country.
Investment Sector Loan Program – The ISLP, administered by the Inter-American Development Bank (IDB) as part of the Enterprise for the Americas initiative, supports investment sector reforms in Latin America and the Caribbean. The IDB evalutes the need for reform in individual countries and, with input from several U.S. government agencies, negotiates the terms for investment sector loans. See: Enterprise for the Americas Initiative.
Investment Promotion Services – See: United Nations Industrial Development Organization.
Invisibles – This refers to areas of non-merchandise “invisible trade” that include expenses such as freight and insurance and most types of services and investment.
Irrevocable Letter of Credit – A letter of credit in which the specified payment is guaranteed by the issuing bank if all terms and conditions are met by the drawee. It is as good as the issuing bank.
Islamic Conference Organization – See: Organization of the Islamic Conference.
Islamic Development Bank – The IsDB (sometimes IDB) finances economic aid and social development in member countries. The Bank also supports Muslim communities in non-member countries. Membership is open to all countries which are members of the Islamic Conference. Members include: Afghanistan, Algeria, Bahrain, Bangladesh, Benin, Brunei, Burkina, the Cameroon, Chad, Comoros, Djibouti, Egypt, Gabon, The Gambia, Guinea, Guinea-Bissau, Indonesia, Iran, Iraq, Jordan Kuwait, Lebanon, Libya, Malaysia, Maldives, Mali, Mauritania, Morocco, Niger, Oman, Pakistan, the Palestine Liberation Organization, Qatar, Saudi Arabia, Senegal, Sierra Leone, Somalia, Sudan, Syria, Tunisia, Turkey, Uganda, the United Arab Emirates, and Yemen. The Bank was created in 1973 (began operations in October 1975); headquarters are in Jeddah, Saudi Arabia.
Istituto Nazionale per il Commercio Estero – ICE (English: Institute of Foreign Trade) is an Italian agency which promotes exports through a network of domestic and foreign offices. Although ICE obtains overall policy directiel Commercio con l’Estero), it functions as an autonomous public corporation. The Ministry of Foreign Affairs (Ministero degseas embassies and consulates, though ICE’s overseas officers are independent of these organizations.
IACAC – Inter-American Commercial Arbitration Commisoalition
IADB – Inter-American Development Bank
IAEA – International Atomic Energy Agency
IAEL – International Atomic Em
IAIGC – Inter-Arab Investment Guarantee Corporation
IARCs – International Agricultural Research Centers
IATA – International Air Transport Association
IAU – International Accounting Unit
IBA – International Banking Act
IBF – International Banking Facility
IBOR – Interbank Offered Rate
IBOS – International Business Opportunities Service
IBRD – International Bank for Reconstruction and Development
IC – Import Certificate, Integrated Circuit
IC – International Coffee Organization, International Congress Office, Islamic Conference Organization
ICA – International Civil Aviation Organization
ICA – International Cocoa Agreement, International Coffee Agreement, International Commodity Agreement
ICAC – International Confederation of Agricultural Credit
ICB – International Competitive Bidding
ICC – International Chamber of Commerce
ICE – Istituto Nazionale per il Commercio Estero
ICFTU – International Confederation of Free Trade Unions
ICHCA – International Cargo Handling Coordination Association
ICON – Indexed Currency Option Note
ICS – Investment Climate Statement
ICSID – International Centre for the Settlement for Investment, Disputes
ICSU – International Council of Scientific Unions
ICTF – Intermodal Container Transfer Facility
IDA – International Development Association
IDB – Inter-American Development Bank, International Data Base, Islamic Development Bank
IDR – International Depository Receipt
IE – Infrequent Exporter
IEC – International Electrotechnical Commission
IEEPA – International Emergency Economic Powers Act
IEPG – Independent European Program Group
IESC – International Executive Service Corps
IFAC – Industry Functional Advisory Committee
IFAD – International Fund for Agricultural Development
IFC – International Finance Corporation
IFRB – International Frequency Registration Board
IFS – Industry Focused Seminar, In-Flight Survey
IFU – Industrialization Fund for Developing Countries
IGADD – Inter-Governmental Authority on Drought and Development
IGC – Interagency Group on Countertrade
IIC – Inter-American Investment Corporation
IIPA – International Intellectual Property Alliance
IIT – Instruments of International Traffic
IL – Industrial List
IL – International Labor Organization
IM – International Maritime Organization
IM – International Maritime Organization
IMF – International Monetary Fund
IMI – International Market Insight
IML – International Munitions List
INMARSAT – International Maritime Satellite Organization
INR – Initial Negotiating Right
INTELSAT – International Telecommunications Satellite Organization
IOGA – Industry-Organized, Government-Approved Mission
IOM – International Organization for Migration
IPA – Investment Promotion Services
IPAC – Industry Policy Advisory Committee
IPR – Intellectual Property Rights
IS – International Standards Organization
ISA – Industry Sub-Sector Analysis, International Sugar Agreement
ISAC – Industry Sector Advisory Committee
ISDA – International Swaps and Derivatives Association
IsDB – Islamic Development Bank
ISDN – Integrated Services Digital Network
ISLP – Investment Sector Loan Program
ISNAR – International Service for National Agricultural Research
ISONET – International Standards Organization Information Network
ISSA – International Social Security Association
ITA – International Tin Agreement, International Trade Administration
ITAR – International Traffic in Arms Regulations
ITC – International Trade Commission
ITDCs – International Trade Development Centers
ITU – International Telecommunication Union
IVL – Individual Validated License
IWC – International Whaling Commission
i. and/or o. – In and/or overdeck
I.A.E.A. – International Atomic Energy Agency
I.A.T.A. – International Air Transport Association
I.B. – Invoice book. In bond
I.B.C. – Institute Builders’ Clauses
I.B.N.R. – Incurred but not reported
I.B.R.D. – International Bank for Reconstruction and Developement
I.C. & C. – Invoice coast and charges
I.C.A.O. – International Civil Aviation Organization
I.C.C. – International Chamber of Commerce, Institute Cargo Clauses
I.C.E.S. – International Council for the Exploration of the Sea
I.C.F.U. – International Confederation of Free Trade Unions
I.C.S. – Institute of Chartered Shipbrokers, International Chamber of Shipping
I.C.S.U. – International Council of Scientific Unions
I.D.A. – International Development Association
i.f. – In full
I.F.C. – Institute Freight Clauses, International Finance Corporation
I.F.F. – Institute of Freight Forwarders
I.F.V.C. – Institute Fishing Vessel Clauses
I.H.P. – Indicated Horse-Power
I.I.L. – Insurance Institute of London
I.L.A. – International Longshoremen’s Association
I.L.O. – International Labor Organization
I.L.U. – Institute of London Underwriters
I.M.F. – International Monetary Fund
I.M.I.F. – International Maritime Industry Forum
I.M.O. – Intrnational Maritime Organization
I.M.R.O. – Investment Management Regulatory Organization
I.M.T.A. – International Meat Trade Association
i.p.f. – Intaken piled fathom
I.P.R.C. – Institute Port Risks Clauses
I.R. – Inland Revenue
i.r.o. – In respect of
I.R.S. – Indian Register of Shipping
I.S.F. – International Shipping Federation
I.T.C. – Institute Time Clauses
I.T.U. – International Telecommunications Union
i.v. – Invoice value. Increased value
I.V.C. – Institute Voyage Clauses (Hulls)
I.Y.C. – Institute Yacht Clauses
i/o – In and/or overdeck
IAPH – International Association of Ports and Harbours
ICC – International Chamber of Commerce
ICD – Inland clearance depot
ICHCA – International Cargo Handling Co-ordination Association
IMF – International Monetary Fund
Ince. – Insurance
Inst. Wties – Insurance warranties
Int. – Interest
Inter Arr – Internal arrangements
IRR – Internal rate of return
ISO – International Organization for Standardization
Immediate Transportation Entry – A customs form declaring goods for transportation by a bonded carrier from a port of entry to a bonded warehouse at an inland port, or another port of entry.
Import Merchant – A merchant who buys overseas for his own account for the purpose of later resale, handling all details of import documentation and transportation. Usually the merchant is specialized in one or two commodities.
Import Rate – A rate established specifically for application on import traffic and generally less, when so published, than a domestic rate.
Import Surcharge – A charge on imports over and above regular tariffs or customs fees.
Importer Distributor – A merchant who imports goods, usually on an exclusive territory arrangement, maintains an inventory and, through a sales staff, sells to retailers.
In Bond – Goods are held or transported in bond under customs control either until import duties or other charges are paid, or in order to avoid paying such duties or charges. (Example: Canadian goods are transported in bond through the United States for export to a third country to avoid paying United States customs duties.) Bonded warehouses are available at more ports for storing goods awaiting payment of import duty, or export.
Indent – A requisition for goods, enumerating conditions of the sale. Acceptance of an indent by a seller constitutes his agreement to the conditions of the sale.
Indirect Exporting – Sale by the exporter to the buyer through a domestically located intermediary.
Indirect Tax – A tax that is levied on expenditures, i.e., a sales tax, excise tax or value added tax.
Infant Industry – This term derives from the idea that temporary protection in the form of tariffs or non-tariff barriers can help establish an industry and ensure its eventual competitiveness in world markets. Although a case may be made for restricting trade due to the infant industry argument under the GATT, the company may be required to compensate adversely affected signatories. Article XVIII outlines where Balance of Payments and Infant Industry restrictions may be legitimately used.
Initial Negotiating Right (INR) – A right held by one GATT country to seek compensation for an impairment of a given bound tariff rate by another GATT country. INRs stem from past negotiating concessions and allow the INR holder to seek compensation for an impairment of tariff concessions regardless of its status as a supplier of the product in question.
Injury – In U.S. law, a finding by the U.S. International Trade Commission that imports are causing harm to a U.S. industry. An injury determination is the basis for Section 201 case. It is also a requirement in all antidumping (AD) and most countervailing duty (CVD) cases. In conjunction with Commerce Department, determinations on dumping and subsidization, the ITC determines whether there is serious injury to U.S. industry in a 201 case, while in AD/ CVD cases it investigates whether there is material injury.
Inland Carrier – A transportation line which hauls export or import traffic between ports and inland points.
Installment Shipments – Successive shipments permuted under letters of credit. Usually they must take place within a given period of time. If not shipped within that period, the credit ceases to be available automatically unless otherwise authorized in the letter of credit.
Intellectual Property Rights (IPRs) – This is the ownership of the right to possess or otherwise use or dispose of products created by human ingenuity. Trademarks, patents and copyrights are examples of this. There are international organizations which deal solely with intellectual property.
International And Territorial Operations – In general, operations outside the territory of the United States, including operations between U.S. points separated by foreign territory or major expanses of international waters.
International Bank for Reconstruction and Development (IBRD) – Commonly referred to as the World Bank, the IBRD is an intergovernmental financial institution with the objective of raising world living standards and reducing poverty in developing countries.
International Monetary Fund (IMF) – This is an international financial institution that was created in 1946 after the 1944 Bretton Woods Conference. The purpose of the fund is to assist in the expansion of stable world trade while continuing to monitor exchange rate policies of member countries. As needed, the member countries are able to acquire financial resources to aid their adjustment policies.
Irrevocable – This the most common instrument of credit in international trade, carries an irrevocable obligation of the issuing bank to pay the beneficiary when drafts and documents are presented in accordance with the terms of the letter of credit. An irrevocable letter of credit, once issued, cannot be amended or canceled without the agreement of all named parties. As such, it must have a fixed expiration date.
Issuing Bank – A bank which opens a straight or a negotiable letter of credit. This bank assumes the obligation to pay the beneficiary or a correspondent bank if the documents presented are in accordance with the terms of the letters of Edit.

j. & w.o. – Jettison and washing overboard
J.C.C. – Joint Cargo Committee
J.C.R.A. – Joint Common Risks Agreement
J.H.C. – Joint Hull Committee
J.H.F. – Joint Hull Formula
J.H.I.U. – Japanses Hull Insurers’ Union
J.H.U. – Joint Hull Understandings
J/A – Joint Account
Japan Corporate Program – The Japan Corporate Program was initiated (by the U.S. Department of Commerce) to help increase U.S. exports to Japan. The program was initiated in January 1991, following selection of 20 companies to participate in a five-year pilot project to improve U.S. knowledge of, and access to, the Japanese market. As part of the five-year commitment to the program, the companies arrange four visits a year to Japan, including two by their chief executives; publish their product literature in Japanese; participate in at least one trade promotion event in Japan each year; and modify products to enhance consumer acceptance and promote sales in Japan. Commerce supports the 20 firms with market data, arranges introductory meetings with prospective Japanese buyers, and recommends market development strategies.
Japan Development Bank – The Japan Development Bank was founded in 1951 to aid in developing and diversifying the Japanese economy. The JDB is a non-profit organization owned entirely by the Japanese Government. U.S. companies may participate in JDB funding activity under the Bank’s Loan Division in the International Department. The International Department disburses loans to foreign companies under two primary loan programs: Promotion of Foreign Direct Investment in Japan and Facilities for Import Products. The other loan programs of JDB are also available to foreign-owned companies under the principle of equal treatment of clients regardless of nationality.
Japan Export Information Center – The Japan Export Information Center (JEIC) provides information on doing business in Japan, market entry alternatives, market information and research, product standards and testing requirements, tariffs and non-tariff barriers. The Center maintains a commercial library and participates in private- and government-sponsored seminars on doing business in Japan. JEIC is operated by the International Trade Administration of the Department of Commerce. (202-482-2425 and 202-482-4524; fax: 202-482-0469)
Japan External Trade Organization – Although legally under the aegis of the Ministry of International Trade and Industry (MITI), JETRO administers the export programs of the Japanese Government independently. MITI subsidizes about 60 percent of JETRO’s total annual expenditures and, technically, has final decision-making authority over JETRO management and programs. Originally established to help Japanese firms export, JETRO also assists American companies seeking to export to Japan and promotes Japanese direct investment in the United States and U.S. direct investment in Japan.
Japan International Cooperation Agency – JICA administers the bilateral grant portion of Japan’s Official Development Assistance (ODA). JICA covers both: (a) grant aid cooperation (offered without the obligation of repayment) and (b) technical cooperation (offering trainees, experts, equipment, project-type technical cooperation, and development studies). The Agency was established in August 1974; headquarters are in Tokyo, Japan. See: Export-Import Bank of Japan Overseas Economic Cooperation Fund.
JCIT – Joint Committee for Investment and Trade
JDB – Japan Development Bank
JEIC – Japan Export Information Center
JETRO – Japan External Trade Organization
JETRO – Japan External Trade Organization
jetsam – Cargo thrown overboard in order to lighten a ship, and washed ashore.
Jett. – Jettison
jettison – The throwing overboard of cargo to lighten a ship in order to save the ship and its contents.
jetty – A structure projecting out to sea, designed to protect a port from waves but also used to berth ships.
JEXIM – The Export-Import Bank of Japan
jib – Arm of a crane which extends outwards. At one end hangs the hook used for lifting goods.
JICA – Japan International Cooperation Agency
JIS – Japanses industrial standards
Joint Committee for Investment and Trade – The JCIT, was established in October 1990 to demonstrate U.S. and Mexican commitment to greater economic cooperation. The Committee identifies trade and investment opportunities and coordinates trade promotion events.
Joint Publication Research Service – See: Foreign Broadcast Information Service.
Joint Venture – A business undertaking in which more than one firm share ownership and control of production and/or marketing.
JPRS – Joint Publication Research Service
jumboising – Conversion of a ship to increase its cargo area capacity by dividing the ship and adding a new section.

K.D. – Knocked down
K.D.C. – Knocked down condition
Kangera Basin Organization – The KBO promotes integrated exploitation and management of water and land resources in the Kangera Basin. Officially known as the Organization for the Managment and Development of the Kangera Basin (French: Organisation pour l’Amenagement et le Developpement du Bassin de la Riviere Kagera), the KBO was established in 1978; headquarters are in Kigali, Rwanda. BKO members inlcude: Burundi, Rwanda, Tanzania, and Uganda.
KB – Kangera Basin Organization
KDD – Kokusai Denshin Denwa
keel – Longitudinal girder at the lowest point of a ship.
Keidanren – Keidanren (the Japanese Federation of Economic Organizations) was established in 1946 as a private, non-profit economic organization representing virtually all branches of economic activity in Japan.
Keiretsu – Keiretsu refers to the horizontally and vertically linked industrial structure of post-war Japan. The horizontally linked groups include a broad range of industries linked via banks and general trading firms. There are eight major industrial groups, sometimes referred to as “Kigyo Shudan”: Mitsubishi, Mitsui, Sumitomo, Fuyo, DKB, Sanwa, Tokai, and IBJ. The vertically linked groups (such as Toyota, Matshushita, and Sony) are centered around parent companies, with subsidiaries frequently serving as suppliers, distributors, and retail outlets. Common characteristics among the groups include crossholding of company shares, intra-group financing, joint investment, mutual appointment of officers, and other joint business activities. The keiretsu system emphasizes mutual cooperation and protects affiliates from mergers and acquisitions. Ties within groups became looser after the oil shocks of the 1970s as a result of decreasing dependence on banks for capital.
KFAED – Kuwait Fund for Arab Economic Development
KFTA – Korea Foreign Trade Association
KfW – Kreditanstalt fur Wiederaufbal
kg – kilogram
KG – Kommanditgesellschaft
kHz – kilohertz
kl – kiloliter
km – kilometer
knot – One nautical mile (6,080 feet or 1,852 meters) per hour.
Kokusai Denshin Denwa – The Kokusai Denshin Denwa Company, KDD, was established in 1953 but traces its history back to 1871 and the establishment of its predecessor organizations. For more than a century, the company was Japan’s sole supplier of international telecommunications services and today remains Japan’s leading international carrier. KDD is Japan’s signatory to INTELSAT and INMARSAT.
Kommanditgesellschaft – KG (German, meaning: “limited partnership”) differs from the general partnership in that only the general partner (Komplementaer) has full personal liability for the liabilities of the partnership while the remaining (limited) partners’ (Kommanditist) liability is limited to the specific amount of their contribution. The company must carry the name of one personally liable partner with reference to the existence of a company. The name of the general partner with unlimited liability may not be left out.
Kommanditgesellschaft auf Aktien – KGaA (German, meaning: “limited partnership by shares”) is a combination of the elements of a stock company and a limited partnership. There is at least one general partner whose liability is unlimited while limited shareholders have an interest in the stated capital divided into shares without being personally liable for the debts of the company.
Korea Foreign Trade Association – KFTA, a non-profit, private business organization of Korean companies, provides information and services concerning trade both for members and for foreign businesses. KFTA, with headquarters are in Seoul, maintains some U.S. offices.
Korea Trade Promotion Corporation – KOTRA, a non-profit organization, was established by the Korean government in 1962 to promote foreign trade. The corporation now also serves as an import promotion center offering a variety of free services in trade, investment, and international economic cooperation. KOTRA, with headquarters in Seoul, has a network of domestic and overseas offices, including several U.S. sites. KOTRA’s U.S. telephone: 1-800-568-7248.
KOTRA – Korea Trade Promotion Corporation
Kreditanstalt fur Wiederaufbau – The KfW (English: Reconstruction Loan Corporation) provides assistance to developing countries in the form of loans, grants, materials, or services. The KfW determines volume and use of funds, repayment conditions, interest rates, fund-release procedures, and monitoring requirements. It promotes the establishment of German companies in developing countries and promotiong new technologies by German companies in developing countries. See: Deutsche Finanzierungsgesellschaft fur Beteilgungen in Entwicklungslandern GmbH Deutsche Gesellschaft fur Technische Zusammenarbeit.
Kuwait Fund for Arab Economic Development – The KFAED is a Kuwaiti independent public institution which assists Arab and other developing countries in developing their economies by granting them concessional loans for development programs and by financing pre-investment studies of ways to expand production capacities. Fund operations, originally restricted to Arab countries, were extended to cover other developing countries in July 1974. In March 1981, the objectives of the Fund were extended to include participation in the capital and resources of development institutions and other types of establishments. These recipients have included: the Arab Fund for Economic and Social Development, the African Development Bank, the African Development Fund, the Arab Bank for Economic Development in Africa, the Inter-Arab Investment Guarantee Corporation, the International Development Association, the International Fund for Agricultural Development, and the Special Program of Assistance for African Countries. KFAED was established in December 1961; its headquarters are in Safat, Kuwait.
Kyoto Convention – See: International Convention on the Simplification and Harmonization of Customs Procedures.

l – liter
L. def. – Latent defect
L.A.S.H. – Lighter aboard ship
L.A.T. – Linseed Association Terms
L.A.T.F. – Lloyd’s American Trust Fund
L.A.U.A. – Lloyd’s Aviation Underwriters’ Association
L.A.U.T.R.O. – Life Assurance and Unit Trust Regulatory
L.C. – London clause (chartering), Label clause
L.C.L. – Less than full container load
L.C.T.A. – London Corn trade
L.d.d. – Loss during discharge
L.d.l. – Loss during loading
L.H.A.R. – London, Hull, Antwerp or Rotterdam
L.I.B.C. – Lloyd’s Insurance Brokers’ Committee
L.I.M. – London Insurance Market
L.I.M.D.S.M. – London Insurance Market Data Standards Manual
L.I.M.T.C.G. – London Insurance Market Technical Co-ordination Group
L.I.P. – Life Insurance Policy
L.L.T. – London Land Terms
L.M.C. – Lloyd’s machinery certificate
l.m.c. – Low middling clause (cotton trade)
L.M.C.C. – Lloyd’s machinery certificate, continuous survey
L.N.G. – Liquified natural gas carrier
l.n.y.d. – Liability not yet determined
L.P.G. – Liquified petroleum gas carrier
L.P.S.O. – Lloyd’s Policy Signing Office
L.R. – Lloyd’s Register of Shipping
L.R.M.C. – Lloyd’s refrigerating machinery certificate
l.s. – Lump sum
L.S. Cls. – Livestock clauses
L.S.H.W. Liab. – Longshoremen’s and Harbor Workers’ Liability
L.S.T. – Local standard time
L.T.A. – Long term agreement
L.U.A. – Lloyd’s Underwriters’ Association
L.U.A.A. – Lloyd’s Underwriting Agents Association
L.U.A.M.C. – Leading underwriter agreement for marine cargo
L.U.A.M.H. – Leading underwriter agreement for marine hull
L.U.C.R.O. – Lloyd’s Underwriters’ Claims andRecoveries Office
L.U.T.I.R.O. – Life and Unit Trust Intermediaries Regulatory Organization
L.W. – Low water
L.W.O.S.T. – Low water, ordinary spring tides
L/A – Letter of authority. Landing account. Lloyd’s agent
L/C – Letter of Credit
L/C – Letter of Credit
l/u – Laid up, Letter of undertaking
L/U – Leading Underwriter
La Zone Franc – See: Franc Zone.
Labor Advisory Committee – A committee of private sector advisors, consisting of trade union representatives and other experts, which advises the Labor Department and the United States Trade Representative on U.S. trade policy matters.
LAES – Latin American Economic System
LAFTA – Latin American Free Trade Association
lagan – Goods that have been jettisoned but are attached to a floating object so that they can be recovered.
LAIA – Latin American Integration Association
Laisser Passer – A document accorded by a host government to foreign diplomatic personnel, which permits them to pass freely across the border of that country.
Lake Chad Basin Commission – The LCBC recommends plans for developing the Chad Basin and coordinates research programs. The Commission was established in 1964; headquarters are in N’Djamena, Chad. LCBC members include: The Cameroon, Chad, Niger, and Nigeria.
LANBY – Large automatic navigation buoy
LASH – Lighter aboard ship
Latin American Association of Development Financing Institutions – The Association promotes cooperation among members in ways which support the integration of Latin American economies, including efforts to improve the flow of information among members and encouraging studies of problems of common interest. Members include 24 Latin American countries and several countries in Europe and North America. The Association was established in January 1968; headquarters are in Lima, Peru.
Latin American Economic System – LAES (Spanish: Sistema Econ¢mico Latinoamericano, SELA), established in October 1975, promotes economic and social integration among approximately 26 Latin American and Caribbean member states. The System also seeks to present a united view for Latin America before agencies of the European Economic Communities and the United Nations. LAES headquarters are in Caracas, Venezuela.
Latin American Export Bank – See: Banco Latinoamericano de Exportaciones.
Latin American Free Trade Association – See: Latin American Integration Association.
Latin American Integration Association – LAIA (Spanish: Asociaci¢n Latinoamericana de Integraci¢n, ALADI) was originally created in 1960 as the Latin American Free Trade Association (LAFTA). LAFTA was restructured by the 1980 Montevideo Treaty as a more flexible alternative to LAIA. LAIA, whose membership included Argentina, Bolivia, Brazil, Chile, Colombia, Ecuador, Mexico, Paraguay, Peru, Uruguay, and Venezuela, has been declining as a major Latin American integration effort in favor of regional efforts, such as Mercosur. Association headquarters are in Montevideo, Uruguay.
latitude – Distance north or south of the equator.
LCB – Local Competitive Bidding
LCBC – Lake Chad Basin Commission
LCL – Less than full container load
LDC – Less Developed Country
LDCs – Least developed countries
ldg. – Loading
Ldg. & Dly. – Landing and delivery
lds. – Loads
LDT – Light displacement tons
League of Arab States – The League of Arab States (or Arab League) is a regional grouping aimed at improving relations among Arab nations. Members include: Algeria, Bahrain, Djibouti, Egypt, Iraq, Jordan, Kuwait, Lebanon, Libya, Mauritania, Morocco, Oman, Palestine, Qatar, Saudi Arabia, Somalia, Sudan, Syria, Tunisia, United Arab Emirates, Yeman Arab Republic, Yemen People’s Democractic Republic. The League was established in March 1945; headquarters are in Cairo, Egypt. See: Arab Bank for Economic Development in Africa Arab Fund for Economic and Social Development.
Leg. Chgs. – Legal charges
length overall – Maximum length between the farthest ends of a ship.
Less Developed Country – An LDC is a country with low per capita gross national product. Terms such as third world, poor, developing nations, and underdeveloped have also been used to describe less developed countries.
Lesser Developed Countries – The classification LLDC (sometimes also known as “Least” Developed Countries) was developed by the United Nations to give some guidance to donor agencies and countries about an equitable allocation of foreign assistance. The criteria for designating a country an LLDC, originally adopted by the UN Committee for Development Planning in 1971, have been modified several times. Criteria have included low: per-capita-income, literacy, and manufacturing share of the country’s total gross domestic product. There is continuing concern that the criteria should be more robust and less subject to the possibility of easy fluctuation of a country between less developed and least developed status.
Letter of Credit – A financial document issued by a bank at the request of the consignee guaranteeing payment to the shipper for cargo if certain terms and conditions are fulfilled. Normally it contains a brief description of the goods, documents required, a shipping date, and an expiration date after which payment will no longer be made.- An Irrevocable Letter of Credit is one which obligates the issuing bank to pay the exporter when all terms and conditions of the letter of credit have been met. None of the terms and conditions may be changed without the consent of all parties to the letter of credit.- A Revocable Letter of Credit is subject to possible recall or amendment at the option of the applicant, without the approval of the beneficiary.- A Confirmed Letter of Credit is issued by a foreign bank with its validity confirmed by a U.S. bank. An exporter who requires a confirmed letter of credit from the buyer is assured payment from the U.S. bank in case the foreign buyer or bank defaults.- A Documentary Letter of Credit is one for which the issuing bank stipulates that certain documents must accompany a draft. The documents assure the applicant (importer) that the merchandise has been shipped and that title to the goods has been transferred to the importer.
Letter Of Credit – An instrument of audit issued by the buyer’s bank, at the buyer’s request, in which the issuing bank promises to pay the seller upon presentation of documents stipulated in the terms and conditions of the audit
LETTER OF CREDIT (Confirmed) – A letter of audit issued by one bank to which another bank added its irrevocable confirmation to pay, thereby obligating itself in the same manner as the opening bank. For example, “we hereby confirm this credit and undertake to pay drafts drawn in accordance with the terms and conditions of the letter of credit.”
LETTER OF CREDIT (Cumulative) – A revolving letter of credit which permits any amount not utilized during any of the specified periods to be carried over and added to the amounts available in subsequent periods.
LETTER OF CREDIT (Deferred Payment) – A letter of credit issued for the purchase and financing of merchandise, similar to acceptance letter of credit, except that it requires presentation of sight drafts which are payable on installment basis usually for periods of 1 year or more. Under this type of credit, the seller is financing the buyer until the stipulated time his drafts can be presented to the bank for payment. There is a significant deference in the bank’s commitment, depending on whether the negotiating bank advised or confirmed the letter of credit.
LETTER OF CREDIT (McLean) – A letter of credit which requires the beneficiary to present only a draft or a receipt for specified funds before he receives payment.
LETTER OF CREDIT (Negotiable) – A letter of credit issued in such form that it allows any bank to negotiate the documents. Negotiable credits incorporate the opening bank’s engagement, stating that the drafts will be duly honored on presentation, provided they comply with ail terms of the credit.
LETTER OF CREDIT (Non-Cumulative) – A revolving letter of credit which prohibits the amount not utilized during the specific period to be available in the subsequent periods.
LETTER OF CREDIT (Revocable) – This type of letter of credit is not as legally binding as an irrevocable credit. It can be modified or canceled without the beneficiary’s consent, unless the negotiation has already taken place. The issuing bank must honor the drafts negotiated before the notice of revocation or amendment has been made. Negotiability is restricted to the advising bank and confirmation is usually not available.
LETTER OF CREDIT (Revolving) – A credit which includes a provision for reinstating its face value after being drawn under within a stated period of time. This kind of credit facilitates the financing of on going regular purchases.
LETTER OF CREDIT (Standby) – One issued for the express purpose of effecting payment in the event of default. The issuing bank is prepared to pay but does not expect to as long as the underlying transaction is properly fulfilled.
LETTER OF CREDIT (TRAVELER’S) – A letter of credit which is issued by a bank to a customer preparing for an extended trip. The customer pays for the letter of credit at the time of issuance, and a bank issues the letter for a specified period of time in the amount purchased. The bank furnishes a list of correspondent banks where drafts against the letter of credit will be honored. The bank also identifies the customer by exhibiting a specimen signature of the purchaser in the folder enclosing the list of correspondent banks. Each bank, which honors a draft, endorses on the letter of credit the date when a payment was made, the bank’s name, the amount drawn against the letter of credit, and charges the issuing bank’s account.
Letter of Credit ADVICE OF CREDIT – Communication by the advising bank that a letter of credit has been issued. The primary responsibility of the advising bank is to take care in establishing the authenticity of the credit.
Letter of Credit ADVISING BANK – A bank which acts as an agent of the issuing bank of a letter of credit in supplying the details of the letter of credit to its beneficial, without any responsibility or engagement on its part.
Letter of Credit-ACCEPTANCE FINANCING – An acceptance transaction unrelated to a letter of credit, created for the purpose of borrowing, is referred to as acceptance financing. In contrast to direct loans, the bankers acceptance provides a vehicle of financing customers without the use of bank funds. By accepting a draft the bank merely adds its name to a bill which then can be used to raise funds by selling in the open market.
Liab. – Liability
LIB – Limited International Bidding
LIBID – London Interbank Bid Rate
LIBOR – London Interbank Offered Rate
Life-Cycle Processing – An accounting approach in which a company sets product prices based on recovering costs over the life cycle of the product. U.S. authorities dispute the validity of this approach because projections of future yield improvements cannot be verified at the time of dumping calculations.
LIFFE – London International Financial Futures and Options, Exchange
lift – Weight of an individual piece of cargo lifted or carried.
lift-on lift-off – To load and discharge cargo by lifting it on and off a ship via cranes. This is the method generally used for containers.
Lighter – An open or covered vessel which transfers cargo between ship and shore, used mainly in harbors and inland waterways. Lighters are generally used for shorter hauls than barges.
LIMEAN – London Interbank Mean Rate
Limited (Liability) – In the United Kingdom there are two types of limited companies: (a) a private limited company in which the public cannot be invited to subscribe to any share issue and (b) a public limited company (plc) which can raise funds through share issues. Before a limited company can “go public,” it must have a minimum share capital. A private limited company requires no minimum share capital.
Limited Appointment – Limited appointees to the U.S. and Foreign Commercial Service (or to other foreign services) are persons from the private sector or from the Federal Government who are non-career officers assigned overseas for a limited time.
Limited International Bidding – LIB is one of several forms of procurement made with World Bank financing. In some circumstances (such as: small purchases, urgent need, or few suppliers), suppliers or contractors of specialized goods and services participate by invitation rather than in response to an advertisement. See: International Business Opportunities Service International Competitive Bidding Local Competitive Bidding.
LIMNET – London Insurance Market Network
line – A company that operates a ship on a regular basis between advertised ports and offers space for goods in return for freight based on a tariff of rates.
Line Release System – The Line Release System, a part of Customs’ Automated Commercial System, is designed for the release and tracking of shipments through the use of personal computers and bar code technology. To qualify for line release, a commodity must have a history of invoice accuracy, and be selected by local Customs districts on the basis of high volume. To release the merchandise, Customs reads the bar code into a personal computer, verifies that the bar code matches the invoice data, and enters the quantity. The cargo release is transmitted to the Automated Commercial System, which establishes an entry and the requirement for an entry summary, and provides the Automated Broker Interface system participants with release information.
Liquidation System – The Liquidation System, a part of Customs’ Automated Commercial System, closes the file on each entry and establishes a batch filing number which is essential for recovering an entry for review or enforcement purposes. An entry liquidation is a final review of the entry. P.L. 95-410 (Customs Procedural Reform and Simplification Act of 1978) requires that all liquidations be performed within one year from the date of consumption entry or final withdrawal on a warehouse entry. Three one-year extensions are permitted.
Lkg. & bkg. – Leakage and breakage
Lkge & Bkge – Leakage and breakage
Ll. & Cos. – Lloyd’s and Companies
LLDCs – Lesser Developed Countries
LNG – Liquefied natural gas
loa – Length overall
Local Competitive Bidding – LCB is one of several forms of procurement made with World Bank financing. LCB is generally used for contracts involving: (a) labor intensive activities; (b) small value; (c) locally procurable services or goods priced below the world market; (d) intermittant work; or (e) activities to be performed at numerous sites. See: International Business Opportunities Service International Competitive Bidding Limited International Bidding.
Lombard Rate – The Lombard rate is one of the official interest rates in Germany used to regulate the money market. Other countries use the term Lombard to describe rates which function somewhat like the Lombard rate. The Swiss, for example, have their own Lombard rate. In France, it’s called the Central Bank Intervention rate but performs the same function.
Lome Convention – The Convention is an agreement concluded at Lome, Togo in February 1975 and which entered into force in April 1976. The orginal Convention has been followed by several additional Lome Conventions which expanded the scope of the original agreement. The Convention is between the European Community (EC) and 62 African, Caribbean, and Pacific states (mostly former colonies of the EC members). The agreement covers some aid provisions as well as trade and tariff preferences for the ACP countries when shipping to the EC. Lome grew out of the 1958 Treaty of Rome’s “association” with the 18 African colonies/countries that had ties with Belgium and France. The ACP members are: Angola, Bahamas, Barbados, Benin, Botswana, Burkina Faso, Burundi, Cameroon, Cape Verde, Central African Republic, Chad, Comoros, Congo, Cote d’Ivoire, Djibouti, Dominica, Equatorial Guinea, Ethiopia, Fiji, Gabon, Gambia, Ghana, Grenada, Guinea, Guinea-Bissau, Guyana, Jamaica, Kenya, Lesotho, Liberia, Madagascar, Malawi, Mali, Mauritius, Mauritania, Mozambique, Namibia, Niger, Nigeria, Papua New Guinea, Rwanda, Saint Lucia, Saint Vincent, Samoa, Sao Tome and Principe, Senegal, Seychelles, Sierra Leone, Solomon Islands, Somalia, Sudan, Suriname, Swaziland, Tanzania, Togo, Trinidad and Tobago, Uganda, Zaire, Zambia, and Zimbabwe.
London Club – The London Club, a creditor cartel of commercial banks, evolved in the early 1980s. Debt rescheduling (i.e., constructing new repayment profiles over a specific period of time) was a primary function of the club. The Brady deals on debt restructuring (i.e., renegotiating the entire stock of outstanding debt at a discount), obviated the need to reschedule repayments every couple of years. In some respect, the Bank Advisory Committee has replaced the London Club. The Paris Club, also concerned with debt repayment, is an association of official creditors. See: Bank Advisory Committee.
London Interbank Bid Rate – LIBID is the rate of interest paid for funds in the London interbank market. The bid to Libor’s offer has been used as a reference for floating rate payments for especially strong borrowers.
London Interbank Mean Rate – Abbreviated as LIMEAN, this is the midpoint of the LIBOR-LIBID spread. LIMEAN has been used as a reference for floating rate payments.
London Interbank Offered Rate – LIBOR, the most prominent of the interbank offered rates, is the rate of interest at which banks in London lend funds to other prime banks in London. LIBOR is frequently used as a basis for determining the rate of interest payable on Eurodollars and other Eurocurrency loans. The effective rate of interest on these Eurocredits is LIBOR plus a markup negotiated between lender and borrower. See: Interbank Offered Rate.
London International Financial Futures and Options Exchange – LIFFE, Europe’s leading exchange, trades in futures contracts including short-term interest rates, government bonds, stock indices, and traded options on these instruments. The Exchange was established in 1982 to provide a means for hedging interest rates and currency exposures against volatility. Originally called the London International Financial Futures Exchange, LIFFE merged in March 1992 with the London Traded Options Market (LTOM) and retained the original acronym.
long ton – 2,240 lbs.
Long-Dated Forward – The long-dated forward is a foreign exchange contract whose maturity exceeds one year; a few have extended over ten years.
longitude – Distance east or west of the Greenwich meridian.
Louvre Accord – The Louvre Accord (February 1987) attempted to stop the dollar’s fall and stabilize currency relationships by introducing reference ranges among the G-7 currencies. See: Plaza Accord.
LPG – Liquefied petroleum gas
Lt.-v. – Light-vessel
LTD – Limited (Liability)
LTFV – Less Than Fair Value
LTGE – Lighterage
Ltr. – Lighter
LUF – Lifting unit frame
Lusophone Countries – Lusophone countries are those in which the official language is Portuguese: Angola, Brazil, Cape Verde, Guinea-Bissau, Mozambique, Portugal, and Sao-Tome and Principe.
Restricted – A condition within the letter of credit which limits its negotiation to a named bank.

m – meter
M A R form – The standard of marine insurance policy used in the London market by both Lloyd’s and companies
M. & D.P. – Minimum and deposit premium
M. & W. – Marine and war risks
m. pack – Missing package
M.A.V.I.S. – Marine Audio-Visual Instruction Systems
M.B.D. – Machinery breakdown
M.C. – Machinery certificate
M.F.C. – Maximum foreseeable loss
M.H. – Main Hatch
M.H.W.S. – Mean High Water Spring
M.I.P. – Marine Insurance Policy
M.L.W.S. – Mean Low Water Springs
m.m. – Made merchantable
M.M. – Mercantile Marine
M.M.A. – Merchandise Marks Act
M.N.S.C. – Managed Network Steering Committee
M.O.H. – Medical Officer of Health
M.P.L. – Maximum probable loss
M.R. – Mate’s receipt
M.S. – Motor ship, Machinery survey
M.T. – Mean Time
M.T.L. – Mean tidal level
M/C – Metalling clause (marine insurance), Machinery certificate
M/d – Malicious damage
M/D – Memorandum of deposit
M/s – Months after sight
Maastricht Treaty – The Maastricht Treaty (named for the Dutch town in which the treaty was signed) is also known as the Treaty of European Union. The treaty creates a European Union by: (a) commiting the 12 member states of the European Economic Community to both European Monetary Union (EMU) and political union; (b) introducing a single currency (European Currency Unit, ECU); (c) establishing a European System of Central Banks (ESCB); (d) creating a European Central Bank (ECB); and (e) broadening EEC integration by including both a common foreign and security policy (CFSP) and cooperation in justice and home affairs (CJHA). The treaty, negotiated in 1991 and signed in February 1992, entered into force on November 1, 1993.The Maastricht Treaty envisioned EMU being achieved in three stages: – A first stage (encompassing treaty negotiations and lasting through January 1, 1994) concludes with ratification of treaty amendments needed to establish EMU, including participation by all 12 EEC member states in the Exchange Rate Mechanism; – A second stage (January 1, 1994 through no later than January 1, 1999) involves establishment of the European Monetary Institute (EMI) to support development of a single currency (the ecu) and development of the ECB; – A third stage (starting no later than January 1, 1999) involves irrevocable fixing of exchange rates and the debut of the ECB with transfer of powers necessary for administering economic and monetary union. See: European Central Bank European Currency Unit European Monetary Institute European System of Central Banks Exchange Rate Mechanism.
Machy – Machinery
Maghreb States – The Maghreb states include the three nations of Algeria, Morocco, and Tunisia. The European Community concluded a trade and aid agreement in 1976 with these states. The term Maghreb states sometimes also includes Libya and Mauritania. The five Maghreb states created the Arab Maghreb Union. See: Arab Maghreb Union Comite Permanent Consultatif du Maghreb.
main port – Port that handles a significant proportion of a country’s seaborne trade. It normally can accommodate many ships and has a wide range of facilities.
Mal.d. – Malicious damage
manifest – Document containing a full list of a ship’s cargo that is extracted from the bill of lading. A copy, known as the outward manifest is kept with the Customs authorities at the port of loading. Another copy, known as the inward manifest is kept at the discharge port.
Mano River Union – The MRU advances common policies and cooperation on tariffs and customs regulations, on development projects, and in other economic areas. The Union instituted a common external tariff in 1977. The MRU was established in 1973; headquarters are in Freetown, Sierra Leone.
Manufactured Imports Promotion Organization – MIPRO is a non-profit organization, established in 1978 by the joint efforts of the Japanese Government and the private sector to promote imports of foreign manufactured products by hosting exhibitions and providing a wide range of market information. MIPRO’s activities are broadly classified into three categories: (a) holding imported product trade exhibitions for buyers and the general public; (b) disseminating information regarding imported products and the Japanese market; and (c) promoting sales of foreign products to Japanese consumers to promote recognition of the quality of imported goods.
Maquiladora – The maquiladora (or “in-bond” industry) program allows foreign manufacturers to ship components into Mexico duty-free for assembly and subsequent reexport. Industry established under the maquiladora program is Mexico’s second largest source of foreign revenue (following oil exports). The maquiladora programs was established in 1965; in December 1989, the Mexican government liberalized the maquiladora program to make this a more attractive and dynamic sector of the economy. As a result, maquiladora operations may import, duty and import license free, products not directly involved in production, but that support production, including computers and other administrative materials and transportation equipment.
Marine Cargo Insurance – Broadly, insurance covering loss of, or damage to, goods at sea. Marine insurance typically compensates the owner of merchandise for losses in excess of those which can be legally recovered from the carrier that are sustained from fire, shipwreck, piracy, and various other causes. Three of the most common types of marine insurance coverage are “free of particular average” (f.p.a.), “with average” (w.a.), and “All Risks Coverage.”
Market Access – Market access refers to the openness of a national market to foreign products. Market access reflects a government’s willingness to permit imports to compete relatively unimpeded with similar domestically produced goods.
Market Access – The ability of a domestic industry to penetrate a related market in a foreign country. The extent to which the foreign market is accessible generally depends upon the existence and extent of trade barriers.
Market Disruption – Market disruption refers to the situation which is created when a surge of imports in a given product line causes sales of domestically produced goods in a particular country to decline to an extent that the domestic producers and their employees suffer major economic hardship.
Market Promotion Program – The Market Promotion Program (MPP) was authorized by the Food, Agriculture, Conservation, and Trade Act of 1990 and is administered by the U.S. Department of Agriculture’s Foreign Agricultural Service. Under the MPP, surplus stocks or funds from the Commodity Credit Corporation are used to partially reimburse agricultural organizations conducting specific foreign market development projects for eligible products in specified countries. Proposals for MPP programs are developed by trade organizations and private firms. Activities financed by the programs vary from commodity to commodity, and include activities such as market research, construction of a three-story wood demonstration building, construction of a model feed mill, and consumer promotion activities. (MPP is broader in scope than the Targeted Export Assistance [TEA] program, repealed by the 1990 Farm Bill, whose purpose was to assist exports of commoditis hurt by unfair foreign trade practices.)
Market-Oriented Cooperation Plan – The MOCP, established in 1990, is aimed at improving long-term business relations between Japan’s automotive manufacturers and U.S. auto parts suppliers.
Market-Oriented Sector-Selective – The MOSS talks were begun in January 1985 as bilateral trade discussions between the U.S. and Japan in an effort to remove many trade barriers at once in a given sector. MOSS talks have focused on five sectors: (a) telecommunications, (b) medical equipment and pharmaceuticals, (c) electronics, (d) forest products, and (e) auto parts. Overall, the talks focus high-level attention on reducing certain market obstacles opening communication channels to resolve follow-up disputes.
Marks of Origin – The physical markings on a product that indicate the country of origin where the article was produced. Customs rules require marks of origin of most countries.
Matchmaker Events – Matchmaker trade delegations are organized and led by the International Trade Administration to help new-to-export and new-to-market firms meet prescreened prospects who are interested in their products or services in overseas markets. Matchmaker delegations usually target two major country markets and limit trips to a week or less. This approach is designed to permit U.S. firms to interview a maximum number of prospective overseas business partners with a minimum of time away from their home office. The program includes U.S. embassy support, briefings on market requirements and business practices, and interpreter services. Matchmaker events, based on specific product themes and end-users, are scheduled for a limited number of countries each year.
MC – Minister Counsellor
MCCA – Mercado Com£n Centroamericano
MCTL – Militarily Critical Technologies List
MDBs – Multilateral Development Banks
Mdse. – Merchandise
Memoranda of Understanding – See: International Agreements.
Mercado Com£n Centroamericano – See: Central American Common Market.
Merchandise Trade Balance – See: Balance of Payments.
merchant – Term often used in liner bills of lading to describe the shipper, receiver or consignee, bill of lading holder or the agent of any of these.
merchant marine – All the ships of a country carrying goods.
Mercosur – Mercosur (Spanish; Mercosul in Portuguese; or Southern Common Market) is comprised of Argentina, Brazil, Paraguay, and Uruguay. Mercosur is scheduled to enter into force in December 1994 for Argentina and Brazil and to enter into force in December 1995 for Paraguay and Uruguay. Mercosur, modeled similarly to the European Community’s Treaty of Rome, will establish a common external tariff and eliminate barriers to trade in services. While in the Southern Cone, Chile has not sought entry to Mercosur, but does have an agreement with Argentina which will provide for some similar benefits.
metric ton – 1,000 kilograms.
MFA – Arrangement Regarding International Trade in Textiles (Multifibre Arrangement)
MFA – Multi-Fiber Arrangement
MFN – Most Favored Nation Treatment
MHW – Ministry of Health and Welfare
MHz – Megahertz
MIA – Marine Insurance Act
MIF – Multilateral Investment Fund
MIGA – Multilateral Investment Guarantee Agency
Military Assistance Program – See: Conventional Arms Transfer.
Military Critical Technologies List – The MTCL is a document listing technologies that the U.S. Defense Department considers to have current or future utility in military systems. The MCTL describes arrays of design and manufacturing know-how; keystone manufacturing, inspection, and test equipment; and goods accompanied by sophisticated operation, application, and maintenance know-how. Military justification for each entry is included in a classified version of the list.
Min. B/L – Minimum Bill of Landing
MIN./DEP. – Minimum and deposit premium
Ministry of Foreign Economic Relations and Trade – The People’s Republic of China (PRC) Ministry of Foreign Economic Relations and Trade, MOFERT, was established in March 1982 by combining former separate ministries. MOFERT implements national trade policies through administrative actions, drafting laws and issuing foreign trade regulations. MOFERT does not engage in foreign trade transactions but facilitates the foreign trading corporations (FTCs) which do.
Ministry of Health and Welfare – Under the Pharmaceutical Affairs Law, MHW is Japan’s agency responsible for regulating medical products. The Ministry also is charged with determining Japanese healthcare expenditures.
Ministry of International Trade and Industry – MITI occupies a central position in Japan’s “economic bureaucracy” and is regarded as one of the three most powerful and prestigious ministries of the central government (along with the Ministry of Finance and the Ministry of Foreign Affairs). In formulating and implementing Japan’s trade and industrial policies, MITI is responsible for funding most of Japan’s export promotion programs (although operation of these programs is left to JETRO). The Ministry also supervises the export financing programs of Japan’s Export-Import Bank, operates several types of export insurance programs, supports research organizations, and facilitates various types of overseas technical and cooperation training programs. Lately, MITI has assumed a role in encouraging imports of foreign products into Japan.
Ministry of Posts and Telecommunications – MPT is Japan’s telecommunications regulatory agency. The Ministry is authorized to adjust supply and demand among service providers to ensure that there is not excessive competition in a given market. To do so, MPT issues “administrative guidance” to the industry and recommends “unification” when there appears to be excessive competition in a given market.
MIPR – Manufactured Imports Promotion Organization
Missile Technology Control Regime – The purpose of the MTCR is to limit the proliferation of missiles “capable of delivering nuclear weapons,” to increase regional stability, and to convey publicly the firm resolve of the partners to address this issue. In April 1987, Canada, France, Germany, Japan, the U.K., and the U.S. agreed to establish the MTCR. The regime expanded to include 23 countries, with the addition of Australia, Austria, Belgium, Denmark, Finland, Greece, Iceland, Ireland, Italy, Luxembourg, the Netherlands, New Zealand, Norway, Portugal, Spain, Sweden, and Swizterland. The MTCR does not have permanent organizations but convenes regular meetings to exchange information and coordinate member country stands. Under the MTCR, each member administers missile-related export controls independently. After the MTCR agrees that certain goods and technologies should be controlled for missile proliferation reasons, each member must implement the controls in its own domestic legislation. There is no international entity that oversees the implementation and enforcement of MTCR controls. Items and technology agreed by the MTCR partners to be controlled are listed in the MTCR Annex. The Annex is divided into two groups: Category I (consisting of complete rocket and unmanned air vehicle systems and subsystems) and Category II (encompassing components, equipment, technology, materials used in missile design, development, production or use).
MITI – Japan’s Ministry of International Trade and Investment
MITI – Ministry of International Trade and Industry
mixed cargo – More than one product carried on board a ship.
Mixed Credit – Mixed credit refers to the practice of combining concessional and market-rate export credit as an export promotion mechanism.
MKR – Matchmaker Program
mobile crane – General purpose crane capable of moving around a port. Some types are capable of lifting very heavy loads.
MOCP – Market-Oriented Cooperation Plan
MOFERT – China’s Ministry of Foreign Economy Relations and Trade
MOFERT – Ministry of Foreign Economic Relations and Trade
Mort. – Mortality
MOSS – Market-Oriented, Sector-Selective
Most Favored Nation Treatment – A commitment that a country will extend to another country the lowest tariff rates it applies to any other country. All contracting parties undertake to apply such treatment to one another under Article I of GATT. When a country agrees to cut tariffs on a particular product imported from one country, the tariff reduction automatically applies to imports of this product from any other country eligible for most-favored nation treatment. This principle of nondiscriminatory treatment of imports appeared in numerous bilateral trade agreements prior to establishment of GATT. A country is under no obligation to extend MFN treatment to another country unless both are bilateral contracting parties of the General Agreement on Tariffs and Trade or MFN treatment is specified in a bilateral agreement.
Most Favored Nation Treatment (MFN) – When one country accords another most-favored-nation status, it agrees to extend that country the same trade concessions it grants to any other MFN recipients. For example, in the tariff area, goods from a country accorded MFN status by the U.S. would be assessed the lower column 1 duties in the U.S. tariff schedule. This concept may apply to non-tariff measures as well. GATT members have agreed to accord each other MFN status. Preferential treatment accorded to developing countries, customs unions, and free trade areas all represent allowable exceptions to the MFN concept.
MOU – Memorandum of Understanding
MPA – Major Projects Agreement
MPP – Market Promotion Program
MPT – Ministry of Posts and Telecommunications
MRA – Mutual Recognition Agreement
MRU – Mano River Union
MSA – Multilateral Steel Agreement
mst. – Measurement
MT – Multilateral Trade Organization
MTAG – Missile Technology Analysis Group
MTCR – Missile Technology Control Regime
MTEC – Missile Technology Export Control Group
MTN – Multilateral Trade Negotiations
MTO – Multimodal transport operator
Multi-Fiber Arrangement – The MFA is an international umbrella compact, authorized by the General Agreement on Tariffs and Trade (GATT), that allows contracting parties to negotiate bilaterally quantitative restrictions on textile imports (which normally would be considered contrary to GATT provisions) to the extent the importing country considers them necessary to prevent market disruption. The Uruguay Round Agreement on Textiles and Clothing contains an agreed schedule for the gradual phase-out of quotas established pursuant to the MFA over a ten-year transition period, after which textile and clothing trade will be fully integrated into the GATT and subject to the same disciplines as other sectors. See: Committee for the Implementation of Textile Agreements.
Multilateral Agreement – An international compact in which three or more parties participate.
Multilateral Development Banks – There are five MDBs. See: African Development Bank Asian Development Bank European Bank for Reconstruction and Development Inter-American Development Bank World Bank.
Multilateral Investment Fund – The MIF provides program and project grants to advance investment reform and technical assistance for privatization movements in Latin America and the Caribbean and to encourage domestic and foreign investment in the area. The Fund, an outgrowth of the Enterprise for the Americas Initiative, is administered by the Inter-American Development Bank. MIF was established in January 1993. See: Enterprise for the Americas Initiative.
Multilateral Investment Guarantee Agency – MIGA was established in April 1988 as a part of the World Bank Group. MIGA encourages equity investment and other direct investment flows to developing countries through the mitigation of noncommercial investment barriers. The agency offers investors guarantees against non-commercial risks; advises developing member governments on the design and implementation of policies, programs, and procedures related to foreign investments; and sponsors a dialogue between the international business community and host governments on investment issues. MIGA provides coverage for equity interests, other forms of direct investment, industrial cooperation such as management and service contracts, licensing and franchising agreements, turnkey contracts, and arrangements concerning transfer of technology and know-how in which the investor assumes a stake in the performance of the venture. See: World Bank.
Multilateral Steel Agreement – Attainment of an MSA was an achievement intended as part of the Steel Trade Liberalization Program and resulting the Bilateral Consensus Agreements. The MSA would have addressed the underlying causes of unfair trade in steel by eliminating tariffs, nontariff measures such as quotas, and most subsidies in the steel sector, and established a dispute-settlement mechanism. The United States and 34 other countries participated in negotiations for an MSA under the general auspices of the General Agreement on Tariffs and Trade. MSA negotiations were suspended in March 1992, coincident with the expiration of the steel voluntary restraint agreements.
Multilateral Trade Negotiations – A term describing the eight multilateral rounds of negotiations held under the auspices of the General Agreement on Tariffs and Trade since 1947. See: Rounds.
Multilateral Trade Negotiations (MTN) – Eight rounds of multilateral trade negotiations have been held under GATT auspices since 1947. Each negotiation has had the goal of reducing or eliminating tariffs among signatory countries. The Tokyo and Uruguay Rounds have focused on non-tariff measures as well.
Multinational Corporation – A multinational corporation is a business which owns or controls product or service facilities outside the country in which it is based.
Mutual Recognition Agreements – MRAs are negotiated on a sectoral basis (such as: telecommunciations, medicial devices, pharmaceuticals, chemicals, processed foods) and allow countries to accept each other’s final test results, although quality assurances may be required. Under MRAs, the entire testing and certification process may occur outside the importing country. Under MRA’s with the European Community, a U.S. firm would obtain product certification on an EC-wide basis, enabling the firms to market its products throughout the Community. Based on private-law contractual negotiations, subcontracting permits a notified body of the EC to delegate some of its testing responsibilities to a third-country testing lab or quality assessment body. However, the notified body retains ultimate responsibility for final decisions relating to EC certification. Formal discussions between representatives of the U.S. Government and the European Economic Community on entering MRSs began in October 1992.

n.a. – Information not available. Net absolutely
n.a.a. – Not always afloat
N.A.S.D.I.M. – National Association of Securities Dealers and Investment Managers
N.A.T.O. – Noth Atlantic Treaty Organization
N.C.A.R. – No claim for accident reported
N.C.V. – No commercial value
n.d.w. – Net dead weight
n.e. – Not exceeding
N.E.D.C. – National Economic Development Council
n.e.p. – Not elsewhere provided
n.e.s. – Not elsewhere specified
N.H.P. – Nominal horse-power
N.K.K. – Nippon Kaiji Kyokai
N.K.O.R.L. – No known or reported loss
N.M.A. – (Lloyd’s) Underwriters Non-Marine Association
N.O.C. – Notice of cancellation
n.o.p. – Not otherwise provided
n.p. – Net proceeds
n.r. – No risk, net register
n.r.a.d. – No risk after discharge
n.s.p.f. – Not specifically provided for
N.V. – Norske Veritas
N.V.O.C.C. – Non vessel operating common carrier
N/a – No advice, No account, Not applicable
N/C – New charter, New crop
N/f – No funds
N/m – No mark
N/N – Not north of
N/o – No orders (banking)
n/s – Not sufficient
NAC – National Advisory Council on International Monetary and, Financial Policies
Nacional Financiera – NAFIN promotes growth in Mexico’s priority development areas. NAFIN provides financial assistance to small and medium-sized Mexican businesses, encourages foreign investment in Mexico, and supports technological development in Mexico. NAFIN headquarters are in Mexico City, Mexico.
NADBank – North American Development Bank
NAFIN – Nacional Financiera
NAFTA – North American Free Trade Agreement
NAL – National Agricultural Library
NAM – Non-Aligned Movement
NAP – Amsterdam Ordnance Datum
NASDA – National Association of State Departments of Agriculture, National Association of State Development Agencies
NAT – North Atlantic Treaty Organization
National Advisory Council on International Monetary and Financial Policies – The NAC is responsbile for coordinating U.S. participation in the international financial institutions and the policies and practices of agencies of the U.S. government that make, or participate in making, foreign loans or that engage in foreign financial, exchange, or monetary transactions. With regard to international financial institutions, the Council seeks to ensure that their operations are conducted in a manner consistent with U.S. policies and objectives and with lending and other foriegn financial activities of U.S. government agencies. The Council formulates and reviews policies and programs for use by the U.S. representatives to these institutions and advises the Secretary of the Treasury on:- Policies and selected proposed transactions of the institutions; – Proposed actions by these institutions requiring U.S. approval on such subjects as the flotation of securities, increases in quotas and subscriptions, and changes in their articles of agreement; and – Problems relating to the administration and management of the international finnancial institutions. NAC membership includes: the Departments of the Treasury (as chair), State, and Commerce, the U.S. Trade Representative, the Federal Reserve System, the Export-Import Bank, and the International Development Cooperation Agency.
National Agricultural Library – In its international role, the NAL cooperates in database production, compilation of world lists of journals, publication exchange, cooperative indexing, and intern training. The NAL serves as the U.S. center for the international agricultural information system. The NAL’s AGRICOLA database covers all aspects of agriculture via bibliographic records to documents, including international agricultural trade topics such as policy, research, flows of commodities, environmental, taxation, and sociological impacts. AGRICOLA is produced soley by the NAL. The NAL’s Agricultural Trade and Marketing Information Center (ATMIC) disseminates information on agribusiness, countertrade (barter), exports, and trade development. The NAL is located in Beltsville, Maryland. See: Agriculture Information System.
National Association of State Departments of Agriculture – NASDA is a nonprofit, nonpartisan organization of the 50 state departments of agriculture and those from the trust territories of Puerto Rico, Guam, American Samoa, and the Virgin Islands. Headquarters are in Washington, D.C.
National Association of State Development Agencies – The National Association of State Development Agencies, NASDA, was formed in 1946 to provide a forum for directors of state economic development agencies to exchange information, compare programs, and deal with issues of mutual interest. NASDA’s organization includes International Trade and Foreign Investment components. Trade activities include maintenance of a State Export Program Database.
National Defense Executive Reserve – The NDER Program, which is operated by the Commerce Department’s Bureau of Export Administration, recruits and trains experienced business executives and other qualified civilians to serve in key government positions during periods of emergency. These reservists would augment Department of Commerce staff as required to respond to national security emergencies.
National Intelligence Council – The NIC is comprised of the U.S. National Intelligence Officers and concentrates on problems of particular geographic regions and functional areas such as economics and chemical/biological warfare.
National Security Controls – National security controls restrict exports of U.S. goods and technology which would make a significant contribution to the military potential of another country and thus be detrimental to Western countries’ national security.
National Security Council – The NSC was established by the National Security Act of 1947 to advise the President with respect to the integration of domestic, foreign, and military policies relating to national security.
National Security Directives – NSDs provide policy or procedural guidance and are signed by the President. In 1989, the President reorganized the national security council committee process (separate from the EARB). As reorganized, under the NSC, there are committees for CoCom, terrorism, nonproliferation, etc. NSDs were known as National Security Decision Directives, NSDDs, before President Bush’s reorganization. NSD-1 reorganized the process; NSD-10 established the committees. The scope of coverage and the players are about the same under the NSD and NSDD processes.
National Security Override – In some cases, despite a finding of foreign availability of a controlled commodity, control is maintained over exporting the commodity because it is deemed a national security sensitive item. The term national security override is used to describe this circumstance. The term has also been used in other contexts. For example, under a November 16, 1990 directive, the President tasked the interagency control groups to move as many dual use items from the State Department’s International Munitions List to the Commerce Department’s Commerce Control List. In some circumstances, a national security override is applied to prevent transfer of a particular item.
National Tourism Policy Act – Legislation, passed in 1981, that created the U.S. Travel and Tourism Administration and required the establishment of the Tourism Policy Council and the Travel and Tourism Advisory Board.
National Trade Estimates Report – An annual report by USTR that identifies significant foreign barriers to and distortions of trade.
National Treatment – National treatment affords individuals and firms of foreign countries the same competitive opportunities, including market access, as are available to domestic parties.
Natural Resource Based Products – This GATT Negotiating Group was formed as a direct result of pressure from resource-rich LDCs to have an additional forum to deal with their special concerns, including the removal of barriers to trade in natural resource-based products. There are different interpretations among participants as to whether this group includes only three traditional product areas examined during the early 1980s GATT Work Program on NRBPs: non-ferrous metals and minerals; fish and fish products; and wood and wood products, or whether the Group may also discuss barriers in non-traditional product areas such as energy-based products.
NBA – Niger Basin Authority
NDAA – National Defense Authorization Act
NDER – National Defense Executive Reserve
Negotiating Group – Within the Uruguay Round, a negotiating group is a forum in which contracting parties plan and manage the multilateral negotiations dealing with a particular issue. In the Uruguay Round, there are two major groups, the Group of Negotiations on Goods (GNG) and the Group on Negotiations of Services (GNS). Within the GNG, there are 14 issue-oriented subgroups.
NEP – New Economic Program
Net Foreign Investment – Net foreign investment is the sum of U.S. exports of goods and services, receipts of factor income, and capital grants received by the United States (net), less the sum of imports of goods and services by the United States, payments of factor income, and transfer payments to foreigners (net). It may also be viewed as the acquisition of foreign assets by U.S. residents, less the acquisition of U.S. assets by foreign residents. It includes the BPA statistical discrepancy.
net weight – Weight of the goods only which does not include their packing.
New-To-Export – As defined by the International Trade Administration, a new-to-export action is one that results from documented assistance to a company that assists the client’s first verifiable export sale. Either the company has not exported to any destination during the past 24 months or prior exports have resulted from unsolicited orders or were received through a U.S.-based intermediary.
New-To-Market – As defined by the International Trade Administration, a reportable new-to-market export action is one that results from documented assistance to an exporter that facilitates a verifiable sale in a new foreign market. Either the company has not exported to that market during the past 24 months or previous exports to that market have resulted from unsolicited orders or were received through a U.S. based intermediary.
Newly Independent States – The NIS is a collective reference to 12 republics of the former Soviet Union: Russia, Ukraine, Belarus (formerly Byelorussia), Moldova (formerly Moldavia), Armenia, Azerbaijan, Uzbekistan, Turkmenistan, Tajikistan, Kazakhstan, and Kirgizstan (formerly Kirghiziya) and Georgia. Following dissolution of the Soviet Union, the distinction between the NIS and the Commonwealth of Independent States (CIS) was that Georgia was not a member of the CIS. That distinction dissolved when Georgia joined the CIS in November 1993.
Newly Industrializing Countries – The term, originated by the Organization for Economic Cooperation and Development (OECD), describes nations of the Third World that have enjoyed rapid economic growth and can be described as “middle-income” countries (such as Singapore and the Republic of Korea).
Newly Industrializing Countries (NICs) – A group of developing countries which have reached a relatively advanced stage of economic growth and have experienced high growth rates in recent years. Some of the NICs are Brazil, Hong Kong, Korea, Mexico, Singapore, and Taiwan .
Newly Industrializing Economies – NIE’s is a term generally applied to the more advanced developing countries in East Asia. The reference includes Hong Kong, Korea, Singapore, and Taiwan; occasionally its use encompasses other countries as well, such as Indonesia and Thailand.
NG – Non-Governmental Organization
NIA – Nearest international airport
NIB – Nordic Investment Bank
NIC – National Intelligence Council
NICs – Newly Industrialized Countries
NICs – Newly Industrializing Countries
NIE – Newly Industrialized Economy
NIEs – Newly Industrializing Economies
Niger Basin Authority – The NBA (French: Autorite du Bassin du Neiger) fosters coordinated development of the Niger Basin area. The Authority regulates navigation, publishes statistics and hydrological forecasts, promotes environmental control and agricultural and infrastructure development. NBA’s predecessor organization was established in 1964; headquarters are in Niamey, Niger. NBA members include: Benin, Burkina Faso, the Cameroon, Chad, C”te d’Ivoire, Guinea, Mali, Niger, and Nigeria.
Nigeria Trust Fund – The NTF grants loans on preferential terms to finance projects in Nigeria in cooperation with other lending institutions. The Fund, which is administered by the African Development Bank, was established in February 1976.
NIPA – National Income and Product Accounts
Nippon Kaiji Kyokai – Japanese ship classification society.
Nippon Telegraph and Telephone Corporation – NTT is Japan’s largest telecommunications enterprise and was converted from a public corporation to a private enterprise in April 1985. Although competition has been allowed, the Japanese Government still owns the majority of NTT stock and postponement of a decision in NTT divestiture is an issue of considerable importance to market access by foreign companies. NTT was established in 1952.
NIS – Newly Independent States
NMEs – Nonmarket Economies
NNPA – Nuclear Non-Proliferation Act
NNPT – Nuclear Non-Proliferation Treaty
nom. std. – Nominal standard
Non-Aligned Movement – The NAM is an alliance of third world states which aims to promote the political and economic interests of developing countries. The name orignated in a declaration of neutrality issued at the Conference of Non-Aligned Countries in Belgrade, Yugoslavia in September 1961. NAM interests have included ending colonialism/neo-colonialism, supporting the integrity of independent countries and seeking a new international economic order.
Non-Governmental Organization – The term “NGO” is generally applied to private sector nonprofit organizations that contribute to development in developing countries through such activities as development cooperation projects, financial aid, material aid, the dispatch of personnel, the acceptance of trainees, and development education. In this context, NGOs are accredited by the United Nations or its specialized agencies and can lobby and do business with them.
Non-Market Economy (NME) – An economy where commercial activity is centrally planned. While the GATT has some NME members, it is difficult to enforce the rules since the GATT system is based on market principles.
Non-Tariff Barriers – NTBs are market access barriers that result from prohibitions, restrictions, conditions or specific requirements and make exporting products difficult and/or costly. The term covers any restriction or quota, charge, or policy, other than traditional customs duties, domestic support programs, discriminatory labeling and health standards, and exclusive business practices which limit the access of imported goods. NTBs may result from government or private sector actions.
Non-Tariff Barriers (NTBs) – These are measures other than tariffs imposed by governments which restrict imports with or without the intent to do so. Such barriers have become more prevalent since the end of World War II. Since that time, tariff rates have declined significantly while other forms of protection, such as licensing and quotas, have risen.
Non-Tariff Measures – While there is no specific definition of an NTM, some of the most commonly-used NTMs include import quotas or other quantitative restrictions, non-automatic import licensing, customs surcharges or other fees and charges, customs procedures, export subsidies, unreasonable standards or standards-setting procedures, government procurement restrictions, inadequate intellectual property protection, and investment restrictions. Participants in the Tokyo Round attempted to address these barriers through the negotiations of a number of GATT codes, open for signature to all GATT members. Seven codes were negotiated during the Tokyo Round, covering customs valuations, import licensing, subsidies and countervailing duties, antidumping duties, standards, government procurement, and trade in civil aircraft. – Although the Tokyo Round codes had alleviated some of the problems caused by non-tariff measures, overall use of NTMs has increased since conclusion of the Tokyo Round.
Non-Tariff Measures (NTMs) – These differ from NTBs only in that they are actions by governments that may eventual have restrictive implications on goods traded in the world market. Though it cannot always be proven as such, an NTM is perceived as having a restrictive effect.
non.d. – Non delivery
NonVessel Owning Carrier – An NVOC is a firm which consolidates and disperses international containers that originate at, or are bound for, inland ports.
NORAD – Norwegian Agency for Development Cooperation
Nordic Council – The Nordic Council, established in 1952, is directed toward supporting cooperation among Nordic countries in communications, cultural, economics, environmental,, fiscal, legal, and social areas. Members include: Denmark, Finland, Iceland, Norway, and Sweden. Council headquarters are in Stockholm, Sweden.
Nordic Investment Bank – The NIB, which began operating in December 1975, promotes economic cooperation and development by providing resources and guarantees for exports and for capital investment projects. Bank members include: Denmark, Finland, Iceland, Norway, and Sweden. Bank headquarters are in Helsinki, Finland.
North American Development Bank – The NADBank, to be capitalized and governed by the United States and Mexico, is intended to provide financing related to the North American Free Trade Agreement. The NADBank will finance projects certified by the Border Environment Cooperation Commission and support for community adjustment and investment. Up to 10 percent of NADBank resources may be made available for community adjustment and investment which need not be in the border region. See: Border Environment Cooperation Commission.
North American Free Trade Agreement – NAFTA, which entered into force in January 1994, is a free trade agreement comprising Canada, the United States and Mexico. NAFTA exceeds 360 million consumers and a combined output of $6 trillion –approximately 20 percent larger than the European Community. NAFTA’s consumer population is slightly smaller than the European Economic Area which has over 380 million consumers. The Agreement: – Progressively eliminates almost all U.S.-Mexico tariffs over a 10-year period, with a small number of tariffs for trade-sensitive industries phased out over a 15-year period. Mexico-Canada tariffs are also phased out over a 10-year period. Tariff reduction schedules between the United States and Canada negotiated in the Canadian Free Trade Agreement are retained. – Eliminates other barriers to trade such as import licensing requirements and Customs user fees. – Establishes the principle of national treatment, for ensuring that NAFTA-origin products trade between NAFTA countries will receive treatment equal to similar domestic products. – Guarantees service providers of the three countries equal treatment in the NAFTA area, including the right to invest and the right to sell services across borders. – Establishes five basic principles to protect foreign investors and their investment int he free trade area: (a) nondiscriminatory treatment, (b) freedom from performance requirements, (c) free transference of funds related to an investment, (d) expropriation only in conformity with international law, and (e) the right to seek international arbitration f or a violation of the agreement’s protections. The Agreement contains special provisions for sensitive economic sectors, including agriculture, automotive products, energy, and textiles and apparel. The Agreement also created a Border Environment Cooperation Commission and a North American Development Bank. See: Border Environment Cooperation Commission North American Development Bank Performance Requirements.
North Atlantic Treaty Organization – NATO members include Belgium, Canada, Denmark, France (which has only partial membership), Greece, Iceland, Italy, Luxembourg, Netherlands, Norway, Portugal, Spain, Turkey, United Kingdom, United States, and Germany. With the end of the “cold war,” NATO’s role, originally defense-oriented is being redefined.
Norwegian Agency for Development Cooperation – NORAD provides financing of project exports from Norway to developing countries for development undertakings which contribute to development and which can be sustained without future external assistance. About 50 percent of Norwegian assistance is bilateral aid; the balance is channelled as multialteral aid through UN specialized agencies and financial institutions, including regional development banks. NORAD bilaterial aid includes provisions for Norwegian private industrial sector participation as suppliers of capital equipment and services and technology. A portion of assistance may involve concessional financing for Norwegian project exports, including mixed credits, export credit guarantees, support for training in connection with project exports, and tied co-financing on grant basis with the World Bank, the African Development Bank, and the Asian Development Bank. NORAD assistance is subject the OECD’s Development Assistance Committee guidelines for development assistance and associated financing. NORAD was established in 1968; headquarters are in Oslo, Norway.
notify party – Group, whose name and address appear in a bill of lading, who is to be notified by the shipping company of the arrival of goods at the discharge port. There is normally a box on the bill of lading where the details of the notify party are inserted.
NPIS – New Product Information Service
NPT – Nuclear Non-Proliferation Treaty
NPV – Net present value
NRPB – Natural Resource Based Products
nrt – Net registered tonnage
NS – National Security Override
NSC – National Security Council
NSD – National Security Directive
NSG – Nuclear Suppliers Group
NTBs – Non-Tariff Barriers
NTDB – National Trade Data Bank
NTE – National Trade Estimates Report, New-To-Export
NTF – Nigeria Trust Fund
NTM – New-To-Market
NTMs – Non-Tariff Measures
NTT – Nippon Telegraph and Telephone Corporation
Nuclear Energy Agency – The NEA, with headquarters in Paris, is a companion organization to the IEA and an element of OECD. NEA promotes the safe and effective use of nuclear energy through the exchange of information among technical experts, the sharing of analytical studies, and undertaking joint research and development projects by member countries.
Nuclear Non-Proliferation Act – Among other actions, this Act (passed in 1974) made the U.S. Energy Department responsible for approving arrangements for nuclear exports and transfers. Each arrangement requires State Department concurrence, as well as consultations with the Arms Control and Disarmament Agency, the NRC, and the Departments of Defense and Commerce.
Nuclear Non-Proliferation Treaty – The NPT became effective in 1970 and was intended to limit the number of states with nuclear weapons to five: the U.S., the Soviet Union, Britain, France, and China. In doing so, the NPT attempts to: (a) prevent ar technologies and materials. Over 140 states have pledged not to acquire nuclear weapons and to accept the safeguards of the International Atomic Energy Agency over all their nuclear materials. – The treaty, however, is not of indefinite duration. One of the provisions of the treaty was to convene a conference 25 years after entry into force to decide whether the treaty would continue indefinitely or be extended for a specified time.
Nuclear Regulatory Commission – The NRC regulates the transfer of nuclear facilities, materials and parts with uniquely nuclear applications (such as items associated with nuclear reactors). Energy regulates the transfer of information relating to nuclear technology. The State Department controls defense articles and services, such as nuclear weapons design and test equipment. Commerce controls a range of dual-use items with potential nuclear application. – License applications for the export of NRL items are reviewed by Energy and may be referred to an interagency working group known as the “Subgroup on Nuclear Export Coordination” (SNEC). The – SNEC comprises representatives from State, Defense, Commerce, the Arms Control and Disarmament Agency (ACDA), and the NRC. See: International Atomic Energy Agency Nuclear Suppliers Group Zangger Committee.
Nuclear Suppliers Group – The NSG is an organization of nuclear supplier nations, which coordinates exports of nuclear materials and equipment with the International Atomic Energy Agency (IAEA) inspectorate regime. The reason for creating the NSG was to allow member states some flexibility (which they do not enjoy in the Zangger Committee) in controlling items to non-nuclear weapons states. The NSG’s independence from the NPT enables NSG to enlist the cooperation of supplier states that are not signatories to the NPT and thus not involved in the nuclear export control activities of the Zangger Committee. The NSG’s control list is more comprehensive than the Zangger Committee’s “trigger list”; it requires the imposition of safeguards on exports of nuclear technology in addition to nuclear materials and equipment. The NSG developed a multilateral list for national adoption of export controls on dual-use commodities with a nuclear application.
NVO-MTO – Non-vessel-operating multimodal transport operator
NVOC – NonVessel Owning Carrier
NVOCC – Non-vessel-operating common carrier

o.a. – Over all
O.A.L. – Overall length
O.B.O. – Oil/bulk/ore carrier
O.C.I.M.F. – Oil companies International Marine Forum
O.E.C.D. – Organization for Economic Co-operation and Development
O.G.P.I – Original fross premium income (reinsurance)
O.M.C.A.S. – Outstanding marine claims advisory settlements
O.N.P.I. – Original net premium income (reinsurance)
O.N.R. – Original net rate
O.P. – Open (or floating) policy
O.P.E.C. – Organisation of PetroleumExporting Countries
O.R. – Owner’s risk, Original rate
O.S.D. – Open shelter deck
o/a – On account of
O/b – On board
o/b – On or before
O/C – Open charter. Open cover. Old charter. Old crop
o/c – Overcharge
o/c – Overcharge, open cover
o/d – On demand
O/D – Overdeck
O/o – Order of
O/R – Overrideing commission
O/S – On sample, Out of stock, On sale or return
O/t – On truck
OAPEC – Organization of Arab Petroleum Exporting Countries
OAS – Organization of American States
OATUU – Organization of African Trade Union Unity
OAU – Organization of African Unity
OBL – Ocean Bill of Lading
obo – Oil/bulk/ore carrier
OBR – Overseas Business Report
OBU – Offshore Banking Unit
OC – Operating Committee
Oc.B/L – Ocean bill of landing
Occ. – Occurrence
Ocean Bill of Lading – A receipt for the cargo and a contract for transportation between a shipper and the ocean carrier. It may also be used as an instrument of ownership which can be bought, sold, or traded while the goods are in transit. To be used in this manner, it must be a negotiable “Order” Bill-of-Lading.- A Clean Bill-of-Lading is issued when the shipment is received in good order. If damaged or a shortage is noted, a clean bill-of-lading will not be issued.- An On Board Bill-of-Lading certifies that the cargo has been placed aboard the named vessel and is signed by the master of the vessel or his representative. On letter of credit transactions, an On Board Bill-of-Lading is usually necessary for the shipper to obtain payment from the bank. When all Bills-of-Lading are processed a ship’s manifest is prepared by the steamship line. This summarizes all cargo aboard the vessel by port of loading and discharge. – An Inland Bill-of-Lading (a waybill on rail or the “pro forma” bill-of-lading in trucking) is used to document the transportation of the goods between the port and the point of origin or destination. It should contain information such as marks, numbers, steamship line, and similar information to match with a dock receipt.
Ocean Freight Differential – OFD is the amount by which the cost of the ocean freight bill for the portion of commodities required to be carried on U.S. flag vessels exceeds the cost of carrying the same amount on foreign flag vessels. When applied to agricultural commodities shipped under Food for Peace, OFD is the amount paid by the Commodity Credit Corporation.
Ocean Freight Forwarder – See: Freight Forwarder.
ODA – Official Development Assistance
ODS – Operating Differential Subsidy
OEA – Organizacion de los Estados Americanos
OECD – Organization for Economic Co-operation and Development
OECD – Organization for Economic Cooperation and Development
OECF – Overseas Economic Cooperation Fund
OECS – Organization of Eastern Caribbean States
OEL – Office of Export Licensing
OEM – Original Equipment Manufacture
OFAC – Office of Foreign Assets Control
OFD – Ocean Freight Differential
Offene Handelsgesellschaft – OHG (German, meaning: “general partnership”) is characterized by the unlimited and direct liability of all partners who are jointly and severally liable. Their liability cannot be restricted. The partnership must carry the family name of at least one partner with reference to the kind of partnership (such as “& Co.”).
Office of International Cooperation and Development – The Department of Agriculture’s OICD is responsible for cooperative international research, scientific and technical exchanges, and liaison with internaitonal agricultural organizations. OICD also directs training and technical assistance in efforts in approximately 80 development countries.
Office of Munitions Control – See: Defense Trade Controls.
Official Development Assistance – Financial flows to developing countries and multilateral institutions provided by official agencies of national, state, or local governments. Each transaction must be:- administered with the promotion of the economic development and welfare of developing countries as its main objective; and concessional in character and contain a grant element of at least 25 percent.
Offsets – The term offsets is an umbrella label for a broad range of industrial and commercial compensation practices required as a condition of purchase in commercial or government-to-government sales of either military or high-cost civilian hardware. Whether commercial or military, offsets involve overseas production that results in the creation or expansion of industrial capacity in the importer’s country. The compensatory forms of offset include coproduction, licensed production, subcontractor production, overseas investment, and technology transfer. Coproduction permits a foreign government or producer to acquire the technical information to manufacture all or part of a U.S.-origin article. Licensed production of a U.S.-origin article involves transfer of technical information under direct commercial arrangements between a U.S. manufacturer and a foreign government or producer. Subcontractor production of a U.S.-origin article usually involves a direct commercial arrangement between the U.S. manufacturer and a foreign producer but does not necessarily involve license of technical information. Overseas investment arising from an offset agreement involves capital contribution toward the establishment or expansion of a subsidiary or joint venture in a foreign country. Technology transfer arises from agreement to conduct research and development abroad, to provide technical assistance to a subsidiary or joint venture of overseas investment, or to perform other activities under direct commercial arrangement between a U.S. manufacturer and a foreign entity. Countries require offsets for a variety of reasons: to ease (or “offset”) the burden of large defense purchases on their economies, to increase domestic employment, to obtain desired technology, or to promote targeted industrial sectors. Governments sometimes impose offset requirements on foreign exporters, as a condition for approval of major sales agreements in an effort to either reduce the adverse trade impact of a major sale or to gain specified industrial benefits for the importing country. In these circumstances, offset requirements may be direct or indirect, depending on whether the goods and services are integral parts of the product. In a direct offset, a U.S. manufacturer selling a product uses a component that is made in the purchasing country. In an indirect offset, the exporter would buy products that are peripheral to the manufacture of its product. See: Countertrade.
Offshore Banking Center – See: Offshore Banking Unit.
Offshore Banking Unit – An OBU is normally a foreign bank which conducts domestic moneymarket, Eurocurrency, and foreign exchange settlements. OBUs cannot accept domestic depostis but their activities are unrestricted by domestic authorities. OBUs are located in major financial centers (known as offshore banking centers) with liberal reserve, tax, and capital market requirements.
Offshore Dollars – See: Eurodollars.
Offshore Manufacturing – Offshore manufacturing is the foreign manufacture of goods by a domestic firm primarily for import into its home country.
OHG – Offene Handelsgesellschaft
OIC – Organization of the Islamic Conference
OICD – Office of International Cooperation and Development
oil port – Port whose main or only type of cargo handled is oil. This port is often characterized with deep water jetties to accommodate large oil tankers and with storage tanks and refineries.
Old-To-Market – As defined by the International Trade Administration, old-to-market is a term which refers to committed/experienced larger-scale firms. A significant portion of manufacturing capability may be foreign sourced. Export sales volume is often in excess of 15 percent of total sales.
OMA – Orderly Marketing Agreement
OMC – Office of Munitions Control
OMPI – Organisation Mondiale de la Propriete Intellectuelle
OMVG – Organisation pour la Mise en Valeur du Fleuve Gambie
OMVS – Organisation pour la Mise en Valeur du Fleuve Senegal
OPEC – Organization of Petroleum Exporting Countries
Open Account – A trade arrangement in which goods are shipped to a foreign buyer before, and without written guarantee of, payment. Because this method poses an obvious risk to the supplier, it is essential that the buyer’s integrity be unquestionable.
Open Insurance Policy – A marine insurance policy that applies to all shipments made by an exporter over a period of time rather than to a single shipment.
open rate – Freight rate negotiated by a shipper with a shipping line for shipping in excess of a minimum agreed quantity of cargo on any one ship.
open side container – Shipping container with side doors that drop down to give unrestricted access to the sides of the container for loading or discharging.
open top container – Shipping container that has an open top instead of a solid roof to enable cargo, such as timber, to be loaded from the top. The container is covered by waterproof sheeting while in transit.
Operating Committee – The Operating Committee (chaired by the Commerce Department) is the first step in resolving interagency disputes over the disposition of license applications for dual-use items not reviewed by one of the other interagency working groups. The other working groups include: (a) the Subgroup on Nuclear Export Coordination (SNEC), chaired by State for applications involving nuclear concerns; (b) the Missile Technology Export Control Group (MTEC), chaired by State for applications involving missile technology concerns; and (c) the “Shield,” chaired by State for applications involving chemical or biological warfare concerns. These committees review applications and participate in the dispute resolution. Prior to any escalation to the Advisory Committee on Export Policy (ACEP), all applications must be reviewed by one of these working groups. See: Advisory Committee on Export Policy.
Operating Differential Subsidy – ODS is a payment which the U.S. government makes to vessels carrying the American flag to offset the difference in operating costs between U.S. and foreign carriers.
Operation Exodus – Operation Exodus is a U.S. Customs Service export enforcement program that was developed in 1981 to help stem the flow of the illegal export of U.S.-sourced arms and technology to the Soviet bloc and other prohibited destinations.
OPIC – Overseas Private Investment Corporation
OPIC – Overseas Private Investment Corporation
optional cargo – Cargo that is destined for one of the ship’s discharge ports, where the exact port is not known when the goods are loaded. The optional cargo is stowed so that it can be removed at any of the optional ports without disturbing other cargo.
Orderly Marketing Agreement – A bilateral agreement between governments by which one government limits exports to the other. Similar to a voluntary export restriction agreement or a voluntary restraint agreement. Used to address injury to a domestic industry. Contracts negotiated between two or more governments, in which the exporting nation undertakes to ensure that international trade in specified “sensitive” products will not disrupt, threaten, or impair competitive industries or workers in importing countries.
Orderly Marketing Agreements (OMA) – Bilateral agreements limiting imports from one country to another. OMAs are generally undertaken to avoid imposition of unilateral import restrictions.
Organisation Mondiale de la Propriete Intellectuelle – See: World Intellectual Property Organization.
Organisation pour la Mise en Valeur du Fleuve Gambie – See: Gambia River Basin Development Organization.
Organisation pour la Mise en Valeur du Fleuve Senegal – See: Organization for the Development of the Senegal River.
Organizacion de los Estados Americanos – See: Organization of American States.
Organization for Economic Cooperation and Development – OECD provides a forum for discussion of common economic and social issues facing the United States, Canada, Western Europe, Japan, Australia, and New Zealand. OECD was founded in September 1960 as successor to the Organization for European Economic Cooperation (OEEC) which had administered European participation in the Marshall Plan. OECD seeks “to achieve the highest sustainable economic growth and employment and a rising standard of living in member countries while maintaining financial stability and thus contribute to the world economy.” Members include: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Iceland, Ireland, Italy, Luxembourg, Japan, the Netherlands, New Zealand, Norway, Portugal, Spain, Sweden, Switzerland, Turkey, the United Kingdom, and the United States. OECD headquarters are in Paris, France. See: Arrangement on Guidelines for Officially Supported Export Credits.
Organization for the Development of the Senegal River – The Organization (French: Organisation pour la Mise en Valeur du Fleuve Senegal, OMVS) promotes hydroelectric, irrigation and navigation use of the Senegal river. The organization was established in March 1972; headquarters are in Dakar, Senegal. Members include: Guinea-Bissau, Mali, Mauritania, and Senegal.
Organization of African Trade Union Unity – OATUU is recognized as the sole representative of African organized labor by the Organization of African Unity (OAU) and the International Labor Organization (ILO). OATUU is formally non-aligned and independent of all internaitonal trade union organizations, but maintains relations with trade unions worldwide. OATUU headquarters are in Accra, Ghana.
Organization of African Unity – The OAU, founded in May 1963 with 32 African countries, has since grown beyond 5 members. The Organization aims to further African unity and solidarity, to coordinate political, economic, cultural, scientific, and defense policies; and to eliminate colonialism in Africa. Members include: Algeria, Angola, Benin, Botswana, Burkina Faso, Burundi, Cameroon, Cape Verde, Central Africa Republic, Chad, Comoros, Congo, Cote d’Ivoire, Egypt, Equatorial Guinea, Ethopia, Gabon, the Gambia, Ghana, Guinea, Guinea-Bissau, Kenya, Lesotho, Liberia, Libya, Madagascar, Malawi, Mali, Mauritania, Mauritius, Morocco, Mozambique, Namibia, Niger, Nigeria, Rwanda, Sao Tome and Principe, Senegal, Seychelles, Sierra Leone, Somalia, Sudan, Swaziland, Tanzania, Togo, Tunisia, Uganda, Zaire, Zambia, Zimbabwe. OAU headquarters are in Addis Ababa, Ethiopia.
Organization of American States – The OAS (Spanish: Organizacion de los Estados Americanos, OEA), or the Pan American Union, is a regional organization created in Bogota, Colombia in April 1948 (entered into force in December 1951) which promotes Latin American economic and social development. Members include the United States, Mexico, and most Central American, South American, and Caribbean nations. Members include: Antigua and Barbuda, Argentina, the Bahamas, Barbados, Belize, Bolivia, Brazil, Canada, Chile, Colombia, Costa Rica, Cuba (participation suspended), Dominica, Dominican Republic, Ecuador, El Salvador, Grenada, Guatemala, Guyana, Haiti, Honduras, Jamaica, Mexico, Nicaragua, Panama, Paraguay, Peru, St. Christopher-Nevis, St. Lucia, St. Vincent and the Grenadines, Suriname, Trinidad and Tobago, the United States, Uruguay, and Venezuela. The U.S. accredits an Ambassador to the OAS. The OAS secretariat is located in Washington, D.C. See: Sistema de Informacion al Comercio Exterior.
Organization of Arab Petroleum Exporting Countries – OAPEC was created in 1968; members include: Algeria, Bahrain, Egypt, Iraq, Kuwait, Libya, Qatar, Saudi Arabia, Syria, and the United Arab Emirates. Headquarters are in Cairo, Egypt. See: Organization of Petroleum Exporting Countries.
Organization of Eastern Caribbean States – OECS was intended to promote territorial integrity; changing focus includes the recent founding of an export development agency. The Organization was established in 1981; headquarters are in St. Lucia. Members include: Antigua and Barbuda, Dominica, Grenada, Montserrat, Saint Christopher and Nevis, Saint Lucia, Saint Vincent, and the Grenadines.
Organization of Petroleum Exporting Countries – An association of the world’s oil-producing countries, formed in 1960, with headquarters in Vienna, Austria. The chief purpose of OPEC is to coordinate the petroleum policies of its members: Algeria, Ecuador, Gabon, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela. See: Organization of Arab Petroleum Exporting Countries.
Organization of the Islamic Conference – The OIC, established in May 1971, promotes cooperation in cultural, economics, scientific and social areas among Islamic nations. Headquarters are located in Jeddah, Saudi Arabia. About half the ICO members are also members of the Organization of African Unity. OIC members include: Afghanistan, Algeria, Bahrain, Bangladesh, Benin, Brunei, Burkina Faso, Cameroon, Chad, Comoros, Cyprus, Djibouti, Egypt, Gabon, the Gambia, Guinea, Guinea-Bissau, Indonesia, Iran, Iraq, Jordan, Kuwait, Lebanon, Libya, Malaysia, Maldives, Mali, Mauritania, Morocco, Niger, Nigeria, Oman, Pakistan, Qatar, Saudi Arabia, Senegal, Sierra Leone, Somalia, Sudan, Syria, Tunisia, Turkey, Uganda, the United Arab Emirates, and Yemen.
Orientation Visits – See: Trade and Development Agency.
original bill of lading – Bill of lading that bears the original signature of the master of a ship or his agent.
OTM – Old-To-Market
Overseas Business Reports – These are marketing studies of America’s major trading partners which provide updated export and economic outlooks, industrial trends, trade regulations, distribution and sales channels, transportation, and credit situation in individual countries.
Overseas Economic Cooperation Fund – The OECF, a Japanese government development financial institution, provides developing countries and areas with grants and long-term, low-interest loans. As a result of difficulty in distinguishing between the Fund and the Export-Import Bank of Japan, a 1975 reorganization put OECF in charge of all direct loans to be made as official development assistance (ODA) with the grant element of 25 percent of more. The Fund was created in 1961; headquarters are in Tokyo, Japan. See: Export-Import Bank of Japan Japan International Cooperation Agency.
Overseas Private Investment Corporation – OPIC is a government corporation which assists U.S. private investments in less developed nations by providing direct loans and loan guarantees, insuring against a broad range of political risks, and providng a variety of investor services. The overseas investments may include distributorships owned by U.S. manufacturers which are consistent with the economic interests of both the United States and the developing country involved. OPIC was formed as a part of the Agency for International Development in 1961 and became an independent agency 10 years later. Telephone: 800-424-6742.
overstow – To stow an item of cargo on top of another in a ship.
OVs – Orientation Visits

P – Package
P – Principal Officer
P. & I. – Protection and indemnity
P. & L. – Profit and Loss
P. O. D. – Paid on delivery
P.A. – Particular average
P.A.N. – Premium advice note
P.B. – Permanent Bunkers
P.D. – Port dues
P.D.O. – Property damage only
P.I. – Personal injury
P.I.A. – Peril insured against
P.I.L. – Premium income limit
P.L. – Public liability
P.L.A. – Port of London Authority
P.M.L. – Probable maximum loss
p.o.c. – Port of call
P.O.D. – Pay on delivery, Port of distress
p.p. – Picked ports, Per procurationem (on behalf of)
p.p.i. – Policy proof of interest
P.R. – Polski Rejestr. Port Risks, prorata
P.S.T. – Pacific Standard Time
P.T. – Premium transfer
p.t. – Private terms
P/A – Particular average. Power of attorney. Private account
P/C – Price Current, Petty Cash, Percent, Particular charges, profit commission
P/L – Partial loss
P/N – Promissory note
P/S – Public sale
Pac. – Pacific coast ports
Pacific Basin Economic Council – The PBEC is a private sector group organized in 1967 to promote regional trade and investment. PBEC currently includes about 1,000 corporations and 14 national membership committees.
Pacific Economic Cooperation Council – The PECC is a nongovernmental organization founded in 1980 and aimed at promoting cooperation in the Asia-Pacific region. Members are drawn from 20 countries and territories: Australia, Brunei, Canada, Chile, China, Hong Kong, Indonesia, Japan, Korea, Malaysia, Mexico, New Zealand, the Pacific Islands, Peru, the Philippines, Russia, Singapore, Taiwan, Thailand, and the United States.
Pacific Rim – The Pacific Rim, referring to countries and economies bordering the Pacific ocean, is an informal, flexible term which generally has been regarded as a reference to East Asia, Canada, and the United States. At a minimum, the Pacific Rim includes Canada, Japan, the People’s Republic of China, Taiwan, and the United States. It may also include Australia, Brunei, Cambodia, Hong Kong/Macau, Indonesia, Laos, North Korea, South Korea, Malaysia, New Zealand, the Pacific Islands, the Philippines, Russia (or the Commonwealth of Independent States), Singapore, Thailand, and Vietnam. As an evolutionary term, usage sometimes includes Mexico, the countries of Central America, and the Pacific coast countries of South America.
Pan American Standards Commission – See: Comision Panaamericana de Normas Tecnicas.
Pan American Union – See: Organization of American States.
Paris Club – The Paris Club has become a popular designation for meetings between representatives of a developing country that wishes to renegotiate its “official” debt (normally excluding debts owed by and to the private sector without official guarantees) and representatives of the relevant creditor governments and international institutions. These meetings usually occur at the request of a debtor country that wishes to consolidate all or part of its debt service payments falling due over a specified period. Meetings are traditionally chaired by a senior official of the French Treasury Department. Comparable meetings occasionally take place in London and in New York for countries that wish to renegotiate repayment terms for their debts to private banks. These meetings are sometimes called “creditor clubs.” See: London Club.
Paris Convention – The Paris Convention for the Protection of Industrial Property, first adopted in 1883, is the major international agreement providing basic rights for protecting industrial property. It covers patents, industrial designs, service marks, trade names, indications of source, and unfair competition. The U.S. ratified this treaty in May of 1887. The treaty provides two fundamental rights:- The principle of national treatment provides that nationals of any signatory nation shall enjoy in all other countries of the union the advantages that each nation’s laws grant to its own nationals. – The right of priority enables any resident or national of a member country to, first, file a patent application in any member country and, thereafter, to file a patent application for the same invention in any of the other member countries within 12 months of the original filing and receive benefit of the original filing date. The resident or national of a member country also can claim the filing date of a trademark application or industrial design filed in another member country within six months of the filing date in his or her own country or country of residence.
Pass-Through – Pass-through operations (also called transshipments) involve a foreign country’s use of one country in a trade bloc as a means of gaining preferential treatment from other countries in the bloc. See: Transshipment.
Patent Cooperation Treaty – The Patent Cooperation Treaty, PCT, is a worldwide convention, open to any Paris Convention country. The PCT entered into force in 1978. Unlike the Paris Convention, which addresses substantive intellectual property rights, the PCT addresses procedural requirements, aiming to simplify the filing, searching, and publication of international patent applications.
PBEC – Pacific Basin Economic Council
PCT – Patent Cooperation Treaty
pd. – Passed. Paid
PE – Centrally Planned Economy
PEC – President’s Export Council
PECC – Pacific Economic Cooperation Council
PECSEA – President’s Export Council, Subcommittee on Export, Administration
PEFC – Private Export Funding Corporation
Performance Requirements – “Performance requirements” refers to government-mandated or -approved activities that investors must undertake, usually as a condition of establishment or operation in a particular country.
Period of Investigation – The period, usually 6 months, beginning at least 150 days before and continuing 30 days after the first day of the month when an antidumping petition is filed, during which an exporter’s home market (or third country) and United States prices and other appropriate facts are investigated to determine whether sales to the United States have been at less than fair value. See: Tariff Act of 1930.
Permanent Interstate Committee for Drought Control in the Sahel – The Committee (French: Comite Permanente Interetats de Lutte contre la Secheresse dans le Sahel, CILSS) provides drought protection assistance to the eight countries of the Sahel region (Burkina Faso, Cape Verde, Chad, the Gambia, Guinea-Bissau, Mali, Mauritania, Niger, and Senegal) through such forms as food silo construction, agricultural development, improving roads, and preventing desertification. The Committee, founded in 1976, works in cooperation with the United Nations, the World Bank, the European Economic Community, and the Organization for Economic Cooperation and Development.
Pers. Acc. – Personal Accident
Person – See: Foreign Person.
Persona Grata – A diplomatic representative who is acceptable to the government of the country where he or she is assigned.
Persona Non Grata – A diplomatic representative who is no longer acceptable to the government of the country where he or she is assigned.
PERT – Progress evaluation and review technique
Petrodollars – This term refers to oil earnings of petroleum-exporting countries in excess of their domestic needs and deposited in dollars in Western banks. However, a large part of the revenues that OPEC countries were unable to spend has been recycled to oil-importing countries in an attempt to balance international accounts.
Pfo. – Portfolio
PFP – Policy Framework Paper
pgke. – Package
Phytosanitary Inspection Certificate – A certificate, issued by the U.S. Department of Agriculture to satisfy import regulations of foreign countries, indicating that a U.S. shipment has been inspected and is free from harmful pests and plant diseases.
PIANC – Permanent International Association of Navigation Congresses
pier – Structure where ships can berth.
Pilf. – Piferage
pilotage – Assisting the master of a ship in navigation when entering or leaving a port.
PIP – Post-Initiated Promotion
Pipeline Protection – Pipeline protection broadly refers to the protection accorded by a country for inventions, usually for pharmaceutical and agrichemical products, which already exist prior to that country’s making patent protection available for such inventions.
Plata Basin Financial Development Fund – See: Fondo Financiero Para el Desarrollo de la Cuenca del Plata.
Plaza Accord – In a September 1985 meeting at the Plaza Hotel in New York, G-5 officials ratified an initiative to use exchange rates and other macropolicy adjustments as the preferred and necessary means to bring about an orderly decline in the value of the dollar. The agreement, intended to curb increasing U.S. trade imbalances and protectionist action, supported orderly appreciation of the main non-dollar currences against the dollar. See: Louvre Accord.
PLC – Pre-License Check, Public Limited Company
pm – Premium
Policy Framework Paper – The PFP lays out the steps a country will take while receiving structural adjustment assistance from the International Monetary Fund (IMF). It describes the origins of the country’s difficulties, corresponding improvement efforts, and requisite financing as well as probable impacts on environment and society. The paper, updated annually, is developed by the recipient government in collaboration with IMF and the World Bank. By design, it also serves as a vehicle for attracting orderly assistance from other donors. See: Enhanced Structural Adjustment Facility.
Political Risk – With regard to Eximbank and Overseas Private Investment Corporation programs, political risk coverage normally includes defaults or losses due to action of inaction by governments, including war and civil unrest, expropriations, and inconvertibility of local currency to dollars. Losses due to currency devaluation are not considered a political risk. See: Commercial Risk.
pontoon – Flat-bottomed vessel with a shallow draft.
port – Harbor having facilities for ships to moor, load, or unload.
Port Shopping – Port shopping is the practice of exporters and importers choosing a particular port on the basis of their assessment of Customs’ treatment, rather than on the quality of physical facilities and efficiency.
Portfolio Investment – In general, any foreign investment that is not direct investment is considered portfolio investment. Foreign portfolio investment includes the purchase of voting securities (stocks) at less than a 10 percent level, bonds, trade finance, and government lending or borrowing, excluding transactions in official reserves.
Post-Initiated Promotion – This is a scheduled low budget trade promotion totally within resources at post, such as BIO, BFC, or BSP.
Post-Shipment Verifications – PSVs are conducted to determine that a commodity is being used for the purposes for which its export was licensed. Firms or individuals representing the end user, intermediate consignees, or the purchaser may be subject to inquiries pertaining to the post-shipment verification. As part of the PSV process, BXA forwards a cable to the U.S. embassy or consulate in the respective geographical location to conduct an on-site inspection to ensure that the commodity is physically present and used as stated in the application. Post-shipment verifications are usually conducted six-to-eight months subsequent to export of the commodity. PSVs are also conducted by BXA agents.
POW WOW – The POW WOW is a trade show (held annually in the United States and annually in Europe) which brings together U.S. sellers and foreign buyers of travel-related services pertaining to travel to the United States.
Pow Wow Selection Committee – A committee of private industry representatives in foreign countries which is responsible for selecting invitees to the International POW WOW.
PP – Purchase Price
PPA – Protocol of Provisional Application
ppd. – Prepaid
ppt. – Prompt loading
pratique – Permission granted by the authorities at a port, after assessing the health of those on board the arriving ship, to allow them to make physical contact with the shore.
Pre-License Checks – PLCs are conducted to determine that dual-use items on an export license application are destined for a legitimate end-use by a reliable end-user. Firms or individuals representing the licensee (the applicant), the consignee, the purchaser, the intermediate consignee, or the end user may be subject to inquiries pertaining to the pre-license check. As part of the process, BXA forwards a cable to the U.S. embassy or consulate in the respective geographical location to conduct an inspection or meet with company representatives to conduct inquiries on BXA’s behalf.
Preferences – These special trade advantages (e.g. tariff preferences) are given by governments to trading partners in order to promote export growth and development. These are often granted by developed countries to LDCs. Licensing practices, quotas or preferential application of other measures, including taxes, can also be granted in the non-tariff area.
Preferential Trade Area for Eastern and Southern African States – PTA, established in 1981, supports economic development and cooperation (agriculture, communications, customs, industry, monetary affairs, natural resources, and trade). Membership includes: Burundia, Comoros, Djibouti, Ethiopia, Kenya, Lesotho, Malawi, Mauritius, Rwanda, Somalia, Swaziland, Tanzania, Uganda, Zambia, and Zimbabwe. PTA’s headquarters are in Lusaka, Zambia.
Preliminary Determination – The dumping determination by the International Trade Administration announcing the results of the investigation conducted within 160 days (or, in extraordinarily complicated cases, 210 days) after a petition is filed or an investigation is self-initiated by the International Trade Administration. If the International Trade Administration determines that there is a reasonable basis to believe or suspect that the merchandise under consideration is being sold or is likely to be sold at less than fair value, liquidation of all affected entries is suspended, and the matter is referred to the International Trade Commission. “Preliminary determination” also refers to the decision by the ITC where there is a reasonable indication that an industry in the United States is materially injured, or threatened with material injury, or the establishment of an industry in the United States is materially retarded by reason of the imports of the merchandise which is the subject of the petition. The ITC must make its decision within 45 days after the date on which the petition is filed or an investigation is self-initiated by the International Trade Administration. If this determination is negative, the investigation is terminated. See: Tariff Act of 1930.
Prem. Red. – Premiums reducing
Prem. Res. – Premium reserve (reinsurance)
President’s Export Council – The President’s Export Council (PEC) advises the President on government policies and programs that affect U.S. trade performance; promote export expansion; and provide a forum for discussing and resolving trade-related problems among the business, industrial, agricultural, labor, and government sectors. The Council was established by Executive Order of the President in 1973 and was originally composed only of business executives. The Council was reconstituted in 1979 to include leaders of the labor and agricultural communities, Congress, and the Executive branch. Twenty-eight private sector members serve “at the pleasure of the President” with no set term of office. Other members include five U.S. Senators and five Members of the House, the Secretaries of Agriculture, Commerce, Labor, State, and Treasury, the Chairman of the Export-Import Bank, and the U.S. Trade Representative. The Council reports to the President through the Secretary of Commerce. The President’s Export Council, Subcommittee on Export Administration (PECSEA), formed in June 1976, advises the PEC, the White House, and Commerce on all export control matters, including those which affect Commerce, State, Defense and Energy. The PECSEA membership comprises 25 industry representatives, selected by the Secretary of Commerce.
President’s Export Council, Subcommittee on Export Administration – See: President’s Export Council.
Primary Product – A product in an unprocessed or natural state (e.g. an agricultural, mineral or fishery product).
Principal Officer – See: Title and Rank.
Principal Supplier – The country that has the largest portion of total GATT trade in a product imported into a given country. The principal supplier has first rights to negotiate compensation should a country assess a duty in excess of its bound rate. Any tariff concessions granted to the principal supplier are granted automatically to all other countries accorded MFN status.
Prior Deposits – A government requirement that an importer deposit in a commercial bank or central bank a specified sum of money (usually a percentage of the value of the imports my for a specified length of time as a condition of importing). These deposits are often held without interest and thus represent a real cost. They are recognized as barriers to trade.
Private Export Funding Corporation – PEFCO is a private company, accessed through its member banks and a few exporters, that works with Eximbank in using private capital to finance U.S. exports. The corporation acts as a supplemental lender to traditional commercial banking sources by making loans to public and private borrowers located outside of the United States who require medium and/or longer-term financing of their purchases of U.S. goods and services.
Private Voluntary Organizations – PVOs are non-profit, tax-exempt and nongovernmental organizations governed by a group of private /citizens whose purpose is to engage in voluntary, charitable and development operations overseas. The U.S. Agency for International Development has registered over 150 PVOs which are eligible to receive USAID funding.
Pro Forma Invoice – An invoice provided by a supplier prior to the shipment of merchandise, informing the buyer of the kinds and quantities of goods to be sent, their value, and important specifications (weight, size, and similar characteristics).
Product Groups – Commodity groupings used for export control purposes. See: Export Control Classification Number.
Prof. Com. – Profit commission (reinsurance)
Profit – For the purposes of constructed value in an antidumping duty investigation or review, the profit used is the profit normally earned by a producer, from the country of export, of the same or similar product as that under investigation. By statute, the amount of profit shall not be less than 8 percent of the sum of general expenses and cost.
Project License – The Bureau of Export Administration uses the project license to authorize large-scale exports of a wide variety of commodities and technical data for specified activities. Those activities are restricted to capital expansion, maintenance, repair or operating supplies, or the supply of materials to be used in the production of other commodities for sale. Items intended for resale in the form received are not permitted and must be effected under a Distribution License.
Protectionism – The use of restrictions to discourage imports and artificially help domestic producers compete with foreign suppliers.
Protective Order – With regard to antidumping cases, a term for the order under which most business proprietary information is made available to an attorney or other representative of a party to the proceeding. See: Tariff Act of 1930.
Protest System – The Protest System, a part of Customs’ Automated Commercial System, tracks protests from the date they are received through final action. A protest is the legal means by which an importer, consignee, or other designated part may challenge decisions made by a District Director of Customs.
Protocol – See: International Agreements Title and Rank.
Protocol of Provisional Application – A legal device that enabled the original contracting parties to accept general GATT obligations and benefits, despite the fact that some of their existing domestic legislation at that time discriminated against imports in a manner that was inconsistent with certain GATT provisions. Although meant to be “temporary,” the Protocol has remained in effect; and countries that signed the PPA in 1947 continue to invoke it to defend certain practices that are otherwise inconsistent with their GATT obligations. Countries that acceded to the GATT after 1947 have also done so under the terms of the Protocol.
PSV – Post-Shipment Verification
PTA – Preferential Trade Area for Eastern and Southern African, States
Ptg. Std. – Petrograd Standard (timber trade)
Public Limited Company – See: Limited (Liability).
Purchase Price – A statutory term used in dumping investigations to refer to the United States sales price of merchandise which is sold or likely to be sold prior to the date of importation, by the producer or reseller of the merchandise for exportation to the United States. Certain statutory adjustments (e.g., import duties, commissions, freight) are made, if appropriate, to permit a meaningful comparison with the foreign market value of such or similar merchandise. See: Tariff Act of 1930.
Purchaser – Within the context of export controls, the purchaser is that person abroad who has entered into the export transaction with the applicant to purchase the commodities or technical data for delivery to the ultimate consignee.
Purchasing Agent – An agent who purchases goods in his/her own country on behalf of large foreign buyers such as government agencies and large private corporations.
Purchasing Power Parity – Purchasing power parity is a theory which states that exchange rates between currencies are in equilibrium when their purchasing power is the same in each of the two countries.
PVOs – Private Voluntary Organizations

Q.S. – Quota share
Qlty – Quality
qn. – Quotation
QRs – Quantitative Restrictions
Quadrilateral Meetings – These are meetings involving trade ministers from the U.S., the European Community, Canada, and Japan to discuss trade policy matters.
Quantitative Restrictions – Explicit limits, usually by volume, on the amount of a specified commodity that may be imported into a country, sometimes also indicating the amounts that may be imported from each supplying country. Compared to tariffs, the protection afforded by QR’s tends to be more predictable, being less affected by changes in competitive factors. Quotas have been used at times to favor preferred sources of supply. The GATT generally prohibits the use of quantitative restrictions, except in special cases, such as those cited in Articles XX (which permits exceptions to protect public health, national gold stocks, goods of archeological or historic interest, and a few other special categories of goods), or Article XXI (which permits exceptions in the interest of “national security”), or for safeguard purposes, when the appropriate procedures in Article XIX have been followed.
quay – Solid structure alongside a navigable waterway, used for loading and unloading of ships.
Quotas and Quota System – Absolute quotas permit a limited number of units of specified merchandise to be entered or withdrawn for consumption during specified periods. Tariff-rate quotas permit a specified quantity of merchandise to be entered or withdrawn at a reduced rate during a specified period. Quotas are established by Presidential Proclamations, Executive Orders, or other legislation. The Quota System, a part of Customs’ Automated Commercial System, controls quota levels (quantities authorized) and quantities entered against those levels. Visas control exports from the country of origin. Visa authorizations are received from other countries and quantities entered against those visas are transmitted back to them. Control of visas and quotas simplify reconciliation of other countries’ exports and U.S. imports. See: International Monetary Fund.

R. & C.C. – Riots and civil commotions
R.A.T. – Rapeseed Association Terms
R.C.C. & S. – Roils, civil commotions and strikes
r.d. – Running days
R.D.C. – Running down clause
R.I. – Registro Italiano
R.N.L.I. – Royal National Life-boat Institution
R.O.A. – Reinsurance Offices Association
r.o.b. – Remain, -ing on board
R.O.D. – Rust, oxidation and discolouration
R.P. – Return premium
r.r.&i. – Respective rights and interests
R.S. – Revised Statutes (U.S.A.)
R.S. & C.C. – Roits, Strikes and Civil Commotions
R.T. – Rye terms
R.T.A. – Rubber Trade Association
R/A – Refer to acceptor
R/D – Refer to drawer
R/p – Return of post for orders
RACE – Research in Advanced Communications in Europe
Rank in Person – The personal rank that a Foreign Service officer maintains even when occupying a job of higher or lower rank.
RBPs – Restrictive Business Practices
RCS – Regular Catalog Show
Rds. – Roads
Reciprocal Defense Procurement Memoranda of Understanding – Reciprocal memoranda of understanding (MOU) are broad bilateral umbrella MOUs that seek to reduce trade barriers on defense procurement. They usually call for the waiver of “buy national” restrictions, customs and duties to allow the contractors of the signatories to participate, on a competitive basis, in the defense procurement of the other country. These agreements were designed in the late 1970’s to promote rationalization, standardization, and interoperability of defense equipment within NATO. At that time, the MOU’s were also intended to reduce the large defense trade advantage the United States possessed over the European allies. The first agreements were signed in 1978.
Reciprocity – The reduction of a country’s import duties or other trade restraints in return for comparable trade concessions from another country. Reciprocity includes the lowering of customs duties on imports in return for tariff concessions from other countries; the negotiated reduction of a country’s import duties or other trade restraints in return for similar concessions from another country. Reciprocity is a traditional principle of GATT trade negotiations that implies an approximate equality of concessions accorded and benefits received among or between participants in a negotiation. In practice this principle applies only in negotiations between developed countries. Because of the frequently wide disparity in their economic capacities and potential, the relationship between developed and developing countries is generally not one of equivalence. The concept of “relative reciprocity” has emerged to characterize the practice by developed countries to seek less than full reciprocity from developing countries in trade negotiations.
Red Clause – An Authorization in a commercial letter of credit authorizing the advising/negotiating bank to make a limited advance to the seller before the shipment to the buyer is made. Such advances can be made up to 100% of the shipment value. These advances enable the seller to procure supplies for manufacturing or shipment. Negotiations of Red Clause credits are restricted to the bank making the advances in order to assure that proceeds from the shipment are used to repay the advances.
Reexports – For export control purposes: the shipment of U.S. origin products from one foreign destination to another. For statistical reporting purposes: exports of foreign-origin merchandise which have previously entered the United States for consumption or into Customs bonded warehouses for U.S. Foreign Trade Zones.
Ref. – Refrigerating machinery
register tonnage – Volume of a ship expressed in tons.
Reinst. – Reinstatement
Request/Offer – A negotiating approach whereby requests are submitted by a country to a trading partner identifying the concessions another seeks through negotiations. Compensating offers are similarly tabled and negotiated by delegates of the countries involved.
res. – Residue, reserve
Reserve Tranche – Member countries of the International Monetary Fund (IMF) have a reserve tranche position to the extent that their quotas exceed the IMF’s holdings of its currency in the General Resources Account, excluding holdings arising out of purchases made by the member under all policies on the use of the IMF’s general resources. A member may purchase up to the full amount of its reserve tranche at any time, subject only to the requirement of balance of payments need. A reserve tranche position does not constitute a use of IMF credit and is not subject to charges or to an expectation or obligation to repurchase. See: International Monetary Fund.
Residual Restrictions – Quantitative restrictions that have been maintained by governments before they became contracting parties to GATT and, hence, permissible under the GATT “grandfather clause.” Most of the residual restrictions still in effect are maintained by developed countries against the imports of agricultural products.
Restrictive Business Practices – Actions in the private sector, such as collusion among the largest international suppliers, designed to restrict competition so as to keep prices relatively high.
Retaliation – Action taken by a country whose exports are adversely affected by the raising of tariffs or other trade restricting measures by another country. The GATT permits an adversely affected contracting party (CP) to impose limited restraints on imports from another CP that has raised its trade barriers (after consultations with countries whose trade might be affected). In theory, the volume of trade affected by such retaliatory measures should approximate the value of trade affected by the precipitating change in import protection.
Returned Without Action – For export control purposes: the return of a license application without action is used when the application is incomplete, additional information is required, or the product is eligible for a General License.
Reverse Preferences – Tariff advantages once offered by developing countries to imports from certain developed countries that granted them preferences. Reverse preferences characterized trading arrangements between the European Community and some developing countries prior to the advent of the Generalized System of Preferences (GSP) and the signing of the Lome Convention.
Revocable Letter of Credit – A letter of credit which can be cancelled or altered by the drawee (buyer) after it has been issued by the drawee’s bank.
Revocation of Antidumping Duty Order & Termination of Suspended Investigation – An antidumping duty order may be revoked or a suspended investigation may be terminated upon application from a party to the proceeding. Ordinarily the application is considered only if there have been no sales at less than fair value for at least the two most recent years. However, the International Trade Administration may on its own initiative revoke an antidumping duty order or terminate a suspended investigation if there have not been sales at less than fair value for a period of 3 years. See: Tariff Act of 1930.
Rio Group – The Rio Group is a political forum of Latin American and Caribbean countries which promotes regional political, economic and social cooperation. The Group is comprised of 13 countries, including 11 permanent members: Argentina, Bolivia, Brazil, Colombia, Chile, Ecuador, Mexico, Paraguay, Peru, Uruguay and Venezuela and two rotating members which representing the Central American countries and the Caribbean nations.
ro-ro, roll-on roll-off – System of loading and unloading a ship where the cargo is driven on and off ramps.
ro/ro – Roll-on/roll-off (of cargo loading and unloading)
Rollback – Rollback refers to an agreement among Uruguay Round participants to dismantle all trade-restrictive or distorting measures that are inconsistent with the provisions of the GATT. Measures subject to rollback would be phased out or brought into conformity within an agreed timeframe, no later than by the formal completion of the negotiations. The rollback agreement is accompanied by a commitment to “standstill” on existing trade-restrictive measures. Rollback is also used as a reference to the imposition of quantitative restrictions at levels less than those occurring in the present. See: Standstill.
rolling cargo – Cargo on wheels that can be driven or towed on to a ship.
Rotn. no. – Rotation number
Rounds – Cycles of multilateral trade negotiations under GATT, culminating in simultaneous agreements among participating countries to reduce tariff and non-tariff trade barriers. – 1st Round: 1947, Geneva (creation of the GATT) – 2nd Round: 1949, Annecy, France (tariff reduction) – 3rd Round: 1951, Torquay, England (accession & tariff reduction) – 4th Round: 1956, Geneva (accession and tariff reduction) – 5th Round: 1960-62, Geneva (“Dillon” Round; revision of GATT; addition of more countries) – 6th Round: 1964-67, Geneva (“Kennedy” Round) – 7th Round: 1973-79, Geneva (“Tokyo” Round) – 8th Round: 1986-93, Geneva (“Uruguay” Round)
RPFB – Russian Project Finance Bank
RUIE – Russian Union of Industrialists and Entrepreneurs
Russian Project Finance Bank – The RPFB is a new financial institution set up with the assistance of the European Community. The Bank is intended to develop efficient financial systems in Russia capable of channeling foreign and domestic investment into priority areas by providing medium and long-term financial and high quality investment banking advisory services to businesses.
Russian Union of Industrialists and Entrepreneurs – RUIE promotes commerical links between Western firms and Soviet defense firms. The Union, an independent agency created by the Russian Central government, consists of hundreds of major entreprises and associations.
RWA – Returned Without Action

S&D – Special and Differential Treatment
S. & A. – Signing and accounting (procedure)
S. & F.A. – Shipping and Forwarding Agent
S. & H/exct. – Sundays and holidays excepted in lay days
S. & L. – Sue & Labor (charges)
S. B. – Short Bill
S. to S. – Station to station
S.A. – Salvage Association
s.a.n.r. – Subject to approval no risk
S.B.M. – Single buoy mooring
s.b.s. – survey before shipment
s.c. – Salvage charges
S.C.A. – Settlement of claims abroad
S.C.O.R. – Scientific Commission on Oceanic Research
S.D. – Sea damage
S.d. – Short delivery
S.D.A. – Single administrative document
S.D.H.F. – Standard Dutch Hull Form
S.E.P. – Subject to endorsement on the policy
S.H.P. – Shaft horse-power
S.I. – Short Interest, Sum Insured International System of Units (System International)
S.I.T.P.R.O – Simplification of Industrial Trade Procedures Boad
S.K.D. – Semi knocked down
s.l. – Salvage loss
S.O. – Seller’s option
S.O.L. – Ship owner’s liability
S.O.S. – Service of suit
S.P. – Supra Protest
s.p.d. – Steamer pays dues
S.R. & C.C. – Strikes, riots and civil commotions
S.R.L. – Ship repairers’ liability
S.S. & C. – Same sea and country or coast
S.S.C. – Simultaneous settlements clause
S.S.N. – Standard shipping notice
s.v. – Sailing vessel
S.W. – Shipper’s weights
S.W.D. – Seawater damage
S.W.G. – Standard wire gauge
S/A – Subject to Acceptance (insurance)
s/a – Subject to approval
S/Fee – Survey Fee
S/I – Sum insured
S/IOGA – State/Industry-Organized, Government-Approved
S/L – Sue and labor
S/L.C. – Sue and labor clause
S/L.Ch. – Sue and labor charges
S/N – Shipping note
SA – Sociedad Anonima, Societe Anonyme
SA de CV – Sociedad Anonima
SAARC – South Asian Association for Regional Cooperation
SABIT – Special American Business Internship Training Program
SACU – Southern African Customs Union
SADC – Southern African Development Community
SAF – Structural Adjustment Facility
Safeguards – The General Agreement on Tariffs and Trade (GATT) permits two forms of multilateral safeguards: (a) a country’s right to impose temporary import controls or other trade restrictions to prevent commercial injury to domestic industry, and (b) the corresponding right of exporters not to be deprived arbitrarily of access to markets. Article XIX of the GATT permits a country whose domestic industries or workers are adversely affected by increased imports to withdraw or modify concessions the country had earlier granted, to impose, for a limited period, new import restrictions if the country can establish that a product is “being imported in such increased quantities as to cause or threaten serious injury to domestic producers,” and to keep such restrictions in effect for a such time as may be necessary to prevent or remedy such injury.
Sales Representative – An agent who distributes, represents, services, or sells goods on behalf of foreign sellers.
SALM – Single anchor leg mooring
SARL – Societe e Responsabilite Limitee
SAS – Saudi Arabian Standards Organization
SAS – Societe par Actions Simplifiee
Saudi Arabian Standards Organization – SASO was established in April 1972 as the sole Saudi Arabian government organization to promulgate standards and measurements in the kingdom. Primarily, SASO promulgates standards for electrical equipment and some food products. Some of these standards have been adopted by the Gulf Cooperation Council.
SBM/SPM – Single buoy/point mooring
SC – Senior Commercial Officer
Sch. – Schooner
Schedule B – Refers to ‘Schedule B, Statistical Classification of
Schedule B – Schedule B is a U.S. Bureau of the Census publication and is based on the Harmonized Commodity Description and Coding System (Harmonized System). Export statistics are initially collected and compiled in terms of approxiximately 8,000 commodity classifications in Schedule B, Statistical Classification of Domestic and Foreign Commodities Exported from the United States. See: Tariff Schedules of the United States Annotated.
Scope Determinations – Scope determinations deal with the product coverage of antidumping and countervailing duty orders. The Department of Commerce will determine — in response to an application from an interested party or on its own initiative — whether a certain product is included within the scope of an antidumpting and countervailing duty order.
sd. – Sailed
SDNs – Specially Designated Nationals
SDR – Special drawing right (limitation of liability)
SDRs – Special Drawing Rights
SEA – Single European Act
SECOFI – Secretaria de Comercio y Fomento Industrial
Secretar¡a de Comercio y Fomento Industrial – SECOFI is Mexico’s Ministry of Commerce and Industrial Promotion.
Section 201 – Section 201, the “escape clause” provision of the Trade Act of 1974, permits temporary import relief, not to exceed a maximum of eight years, to a domestic industry which is seriously injured, or threatened with serious injury, due to increased imports. Import relief, granted at the President’s discretion, generally takes the form of increased tariffs or quantitative restrictions. To be eligible for section 201 relief, the International Trade Commission (ITC) must determine that: (a) the industry has been seriously injured or threatened to be injured and (b) imports have been a substantial cause (not less than any other cause) of that injury. Industries need not prove that an unfair trade practice exists, as is necessary under the antidumping and countervailing duty laws. However, under section 201, a greater degree of injury — “serious” injury — must be found to exist, and imports must be a “substantial” cause (defined as not less than any other cause) of that injury. If the ITC finding is affirmative, the President’s remedy may be a tariff increase, quantitative restrictions, or orderly marketing agreements. At the conclusion of any relief action, the Commission must report on the effectiveness of the relief action in facilitating the positive adjustment of the domestic industry to import competition. If the decision is made not to grant relief, the President must provide an explanation to the Congress. See: Escape clause Trade Act of 1974.
Section 232 – Under section 232 of the Trade Expansion Act of 1962, as amended, Commerce determines whether articles are being imported into the U.S. in quantities or circumstances that threaten national security. Based on the investigation report, the President can adjust imports of the article(s) in question. Commerce must report on the effects these imports have on national security and make recommendations for action or inaction within 270 days after starting an investigation. Within 90 days of the report, the President decides whether to take action to adjust imports on the basis of national security. The President must notify Congress of his decision within 30 days. See: Trade Expansion Act of 1962.
Section 301 – Under section 301, firms can complain about a foreign country’s trade policies or practices that are harmful to U.S. commerce. The section empowers the USTR to investigate the allegations and to negotiate the removal of any trade barriers. USTR may also self-initiate investigations. Specific timeframes for conducting the investigations are specified by law. Section 301 requires that GATT’s dispute resolution process be invoked where applicable and, if negotiations fail, to retaliate within 180 days from the date that discovery of a trade agreement violation took place. See: Special 301 Super 301.
Section 337 – Section 337 of the Tariff Act of 1930 requires investigations of unfair practices in import trade. Under this authority, the International Trade Commission applies U.S. statutory and common law of unfair competition to the importation of products into the United States and their sale. Section 337 prohibits unfair competition and unfair importing practices and sales of products in the U.S., when these threaten to: (a) destroy or substantially injure a domestic industry, (b) prevent the establishment of such an industry, or (c) restrain or monopolize U.S. trade and commerce. Section 337 also prohibits infringement of U.S. patents, copyrights, registered trademarks, or mask works. See: Tariff Act of 1930.
Section 416 – Section 416 of the Agricultural Act of 1949 provides for the donation of food and feed commodities owned by Agriculture’s Commodity Credit Corporation and is focused on people in developing countries. See: Food For Peace. Food For Progress.
SED – Shipper’s Export Declaration
SEED – Support for East European Democracy
SELA – Sistema Economico Latinoamericao
Selling, General and Administrative (Expenses) – SGA is the sum of:- General and administrative expenses (such as: salaries of non-sales personnel, rent, heat, and light); – Direct selling expenses (that is, expenses that can be directly tied to the sale of a specific unit, such as: credit, warranty, and advertising expenses); and – Indirect selling expenses (that is, expenses which cannot be directly tied to the sale of a specific unit but which are proportionally allocated to all units sold during a certain period, such as: telephone, interest, and postal charges).
SEM – Seminar Mission
Semiconductor Trade Arrangement – The U.S.-Japan Semiconductor Trade Arrangement is a bilateral agreement which came into effect on August 1, 1991, replacing the prior 1986 Semiconductor Trade Arrangement. The new Arrangement contains provisions to: (a) increase foreign access to the Japanese semiconductor market and (b) deter dumping of semiconductors by Japanese suppliers into the U.S. market, as well as in third country markets. In evaluating market access improvement, both governments agreed to pay particular attention to market share. The expectation of a 20 percent foreign market share by the end of 1992 is included in the Arrangement. The Arrangement explicitly states, however, that the 20 percent figure is not a guarantee, a ceiling, or a floor on the foreign market share.
Senior Commercial Officer – The SCO is the senior U.S. and Foreign Commercial Officer at an embassy and reports in-country to the Ambassador. At major posts, this position carries the title of Commercial Counselor; in key posts, Minister Counselor. Usually reporting to the SCO are a Commercial Attache and Commercial officers. The latter are sometimes assigned to subordinate posts throughout the country.
Sep. – Separation procedure (signing and accounting)
SEPD – State Export Program Database
SF – Solo Fair (overseas procured)
SFSC – Shared Foreign Sales Corporation
SFW – Solo Fair (Washington procured)
SGA – Selling, General and Administrative (Expenses)
Shared Foreign Sales Corporation – A shared FSC is a foreign sales corporation consisting of more than one and less than 25 unrelated exporters. See: Foreign Sales Corporation.
SHex. – Sundays and Holidays excepted
SHIELD – SHIELD is an interagency export control committee that reviews licenses involving chemical or biological weapons.
SHinc. – Sundays and Holidays included
Ship’s Manifest – A list, signed by the captain of a ship, of the individual shipments constituting the ship’s cargo.
Shipment – A shipment is all of the cargo carried under the terms of a single bill of lading.
Shipper’s Export Declaration – A form required by the Treasury Department and completed by a shipper showing the value, weight, consignee, destination, etc., of export shipments as well as Harmonized Schedule B (see above) identification number.
Shipper’s Export Declaration – The SED includes complete particulars on individual shipments and is used to control exports and act as a source document for the official U.S. export statistics. SEDs must be prepared for shipments through the U.S. Postal Service when the shipment is valued over $500. SEDs are required for shipments, other than by the U.S. Postal Service, where the value of commodities classified under each individual Schedule B number is over $2,500. SEDs must be prepared, regardless of value, for all shipments requiring a validated export license or destined for countries prohibited by the Export Administration Regulations. SEDs are prepared by the exporter and the exporter’s agent and delivered to the exporting carrier (such as: post office, airline, or vessel line). The exporting carrier presents the required number of copies to the U.S. Customs Service at the port of export. The Foreign Trade Statistical Regulations (15 CFR, Part 30) provide the statistical requirements for use by exporters, freight forwarders, and ocean carriers concerning preparation and filing of SEDs.
Shipping Weight – Shipping weight represents the gross weight in kilograms of shipments, including the weight of moisture content, wrappings, crates, boxes, and containers (other than cargo vans and similar substantial outer containers).
Short Supply – Commodities in short supply may be subject to export controls to protect the domestic economy from the excessive drain of scarce materials and to reduce the serious inflationary impact of satisfying foreign demand. Items that the U.S. controls for short supply purposes include petroleum and petroleum products, unprocessed western red cedar, and shipment of horses by sea. The controls are included in the Export Administration Regulations.
SIC – Standard Industrial Classification
SICE – Sistema de Informacion al Comercio Exterior
SIDA – Swedish International Development Authority
SIECA – Permanent Secretariat of the General Treaty on Central American Economic Integration
SIFIDA – Societe Internationale Financiere pour les Investissements, et le Developpement en Afrique
SII – Structural Impediments Initiative
SIJORI – Singapor-Johor-Riau Growth Triangle
SIMIS – Single Internal Market Information Service
Singapore-Jahor-Riau Growth Triangle – SIJORI is a subregional economic grouping composed of the nation of Singapore, the Malaysian State of Johor, and Indonesia’s Riau Province.
Single Currency Peg – See: Exchange Rate Classifications.
Single European Act – The SEA, which entered into force in July 1987, was the first significant revision of the Treaty of Rome. The SEA provides the legal and procedural support for achievement of the single European Market by 1992. The SEA revised the EEC Treaty and, where not already provided for in the Treaty, majority decisions were introduced for numerous votes facing the Council of Ministers, particularly those affecting establishment of the single European Market and the European financial common market. The role of the European Parliament was strengthened; decisions on fiscal matters remained subject to unanimity.
Single Internal Market Information Service – SIMIS, operated by the Commerce Department’s International Trade Administration, provides information, assistance, and advice on how to do business in the European Community’s internal market. Telephone: 202-482-5276.
Sistema de Informacion al Comercio Exterior – SICE (English: Foreign Trade Information System) is a databank which provides foreign trade information to the public and private sectors of member countries of the Organization of American States (OAS). The System includes information on the U.S. import and export markets, markets of other OAS member countries, and trade information on the European Community and Japan.
Sistema Economico Latinoamericano – See: Latin American Economic System.
SITC – Standard International Tariff Classification
SITC – Standard International Trade Classification
Sk. – Sack
SL – Sociedad de Responsabilidad Limitada
Sld. – Sailed
SMSA – Standard Metropolitan Statistical Area
SNC – Societe in Nome Collettivo, Societe en Nom Collectif
SNEC – Sub-Group on Nuclear Export Coordination
SOAP – Sunflower Oil Assistance Program
Sociedad Anonima – S.A. (Spanish: “incorporated company”) is a form of corporation which must have at least five shareholders, who may be either Mexican or foreign. Each shareholder is liable only up to the amount of their contribution. No shares may be held by the company name. “S.A.” must follow the firm name, indicating that it is a corporation.
Sociedad Anonima de Capital Variable – SA de CV (Spanish: “variable capital company”), similarly to SA, must have at least five shareholders, who may be either Mexican or foreign. Each shareholder is liable only up to the amount of their contribution. SA de CV differs from SA in that an SA de CV may own its shares. “S.A. de C.V.” must follow the firm name indicating that it a corporation with variable capital.
Societe a Responsabilite Limitata – “Srl” (Italian) is a private company.
Societe Anonyme – S.A. (French: “incorporated”) is a form of corporation which must have at least seven shareholders, who may be either French or foreign. Each member is liable only up to the amount of stock owned.
Societe e Responsabilite Limitee – SARL (French: limited liability company”) has features of both a corporation and a partnership. The number of partners cannot exceed 50. Partners may be either French or foreign. Partner liabilities are limited to the amount of their contribution, which may be in cash or in kind but not in skills. While shares may be freely traded among partners, they may not be transferred to third parties without majority agreement of partners represenating at least 75 percent of the capital.
Societe en Commandite Simple – Societe en commandite simple (French: “limited partnership”) is composed of general partners, of which the managing partner at least must have unlimited liability, and silent partners whose liability is limited to the amount of their capital contributions. Silent partners are not permitted to perform any management functions vis-a-vis other partners. In a limited partnership without shares, transfer of shares of the limited partners is only allowable with the consent of all the partners. In a limited partnership with shares (Societe en commandite par actions), these are transferred in a manner similar to corporations.
Societe en Nom Collectif – Societe en nom collectif, SNC, (French: “general partnership”) is organized with all partners being allocated shares for their contributions, which may be cash, in-kind, or services. There is no required minimum or maximum capital, nor any share par value. Shares in the firm are not negotiable and cannot be transferred without agreement of all the partners. Each partner is liable for the totality of the firm’s debts and obligations.
Societe in Nome Collettivo – “Snc” (Italian) is a general partnership in which there is no limit on the liability of the partners.
Societe Internationale Financiere pour les Investissements et le Developpement en Afrique – SIFIDA fosters the formation of profitable business in Africa by identifying and nurturing productive projects, by arranging for syndicated loans, and by providing export finance. The Society is a holding company affiliated with the African Development Bank (AfDB); headquarters are in Chene-Bourg, Switzerland. Major shareholders include the AfDB, the International Finance Corporation and more than 100 financial, industrial, and commercial institutions around the world.
Societe par Actions Simplifiee – SAS (French: “private limited company”) is designed for joint ventures and permits the rights and liability of each shareholder to be defined by mutual agreement between the parties. Only two shareholders are required.
Societe Per Azioni – “SpA” (Italian: public corporation) must have at least two shareholders at formation; after formation, the requirement is reduced to one shareholder.
Society for Worldwide Interbank Financial Telecommunications – SWIFT is a cooperative organized under Belgian law, with headquarters in La Hulpe, near Brussels. SWIFT provides communications services to the international banking industry, including payments and administrative messages and, more recently, securities settlements. Traffic in 1991 was about 362 million messages. SWIFT is owned by the member banks — approximately 1,600 — including the central banks of most countries. The U.S. Federal Reserve is not a member, but participates in certain types of payments. Securities brokers and dealers, clearing and depository institutions, exchanges for securities, and travellers checks issuers also participate in SWIFT. SWIFT was organized in 1973 and started operations in 1977.
SOEC – Statistical Office of the European Communities
Soft Currency – The currency of a nation in which exchange may be made only with difficulty. Soft currency countries typically have minimal exchange reserves and deficits in their balance of payments. See: Hard Currency.
Soft Loan – Commonly, a loan from a government or multilateral development bank with a long repayment period and below-market interest.
SOGA – State-Organized, Government-Approved Mission
South Asia Preferential Trading Arrangement – See: South Asian Association for Regional Cooperation.
South Asian Association for Regional Cooperation – SAARC promotes economic, technical, scientific, and social cooperation among members. The Association was founded in 1985 by seven countries: Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan, and Sri Lanka. The Association plans to establish a South Asian Preferential Trading Arrangement (SAPTA) by 1997 as a step toward creating an economic community in south Asia.
South Group – See: Danish International Development Assistance.
South Pacific Bureau for Economic Cooperation – See: South Pacific Forum.
South Pacific Forum – The SPF is a regional arrangement for convening 15 governments and territories for deliberations on issues of mutual interest. The Forum was established in 1971; headquarters are in Suva, Fiji; members include: Australia, the Cook Islands, Fiji, Kirbati, Marshall Islands, Micronesia, Nauru, New Zealand, Niue, Papua New Guinea, Samoa, Solomon Island, Tonga, Tuvalu, and Vanatu. The South Pacific Bureau for Economic Cooperation (SPEC) is a subsidiary organization which promotes regional cooperation in the development of the island members in partnership with the more industrially developed countries of the region: Australia and New Zealand.
Southern Africa Development Community – SADC, established in April 1980 (as the Southern Africa Development Coordination Conference), is a regional economic pact comprising Angola, Botswana, Lesotho, Malawi, Mozambique, Namibia, Swaziland, Tanzania, Zambia, and Zimbabwe. Since a change in name and focus in mid-1992, the Community focuses solely on development, leaving trade matters to the Preferential Trade Agreement for Eastern and Southren Africa (PTA). Community headquarters are in Gaborone, Botswana.
Southern African Customs Union – SACU, established in 1910, includes Botswana, Lesotho, Namibia, South Africa, and Swaziland. SACU provides for the free exchange of goods within th to whether a country presents excessive barriers to trade with the United States by virtue of its inadequate protection of intellectual property. If the USTR makes a positive determination, a country may be named to the list of: (a) Priority Foreign Countries (the most egregious), (b) the Priority Watch List, or (c) the Watch List. Special 301 (a variation of Section 301) was created by the Omnibus Trade and Competitiveness Act of 1988. See: Section 301 Super 301.
Special American Business Internship Training Program – SABIT, originally the Soviet-American Business Internship Training Program, is a cooperative program that brings business executives and scientists from the former Soviet Union for three-to six-month internships with American companies. The program teaches these managers adn scientists how to operate in a market economy at the same time that American businesses development market contacts once their interns return home. Soviet business managers are referred by the Commerce Department’s International Trade Administration to sponsoring U.S. companies, which make the final selection of their interns. The program matches U.S. corporate sponsors with Soviet business executives from the same industries. The Independent States provide transportation; the companies provide living expenses and training in management techniques (production, distribution, marketing, accounting, wholesaling, and publishing).
Special and Differential Treatment – The principle, enunciated in the Tokyo Declaration, that the Tokyo Round negotiations should seek to accord particular benefits to the exports of developing countries, consistent with their trade, financial, and development needs. Among proposals for special or differential treatment are reduction or elimination of tariffs applied to exports of developing countries under the Generalized System of Preferences (GSP), expansion of product and country coverage of the GSP, accelerated implementation of tariff cuts agreed to in the Tokyo Round for developing country exports, substantial reduction or elimination of tariff escalation, special provisions for developing country exports in any new codes of conduct covering nontariff measures, assurance that any new multilateral safeguard system will contain special provisions for developing country exports, and the principle that developed countries will expect less than full reciprocity for trade concessions they grant developing countries.
Special Drawing Rights – SDRs are international reserve assets, created by the International Monetary Fund (IMF) in 1970 and allocated to individual member nations. Within conditions set by the IMF, SDRs can be used by a nation with a deficit in its balance of international payments to settle debts with another nation or with the IMF. The value of SDRs is computed as a weighted average of five currencies: deutsche mark, French franc, Japanese yen, pound sterling, and U.S. dollar.
Specially Designated Nationals – The Office of Foreign Assets Control (OFAC), Department of the Treasury, implements and enforces financial and trade sanctions. FAC has the authority to include within the definition of the sanctioned government those individuals and entities that FAC has determined are owned by, controlled by, or acting directly or indirectly on behalf of the target government. Parties so identified are known as Specially Designated Nationals or SDNs. In practice, an SDN is a target government body, representative, intermediary, or front (whether overt or covert) that usually is located in a third country and functions as an extension of the sanctioned government. An SDN may also be a third-party company that otherwise becomes owned or controlled by the target government or that operates on its behalf. No criminal linkage is necessary. Ownership by, control by, acting on behalf of, or profiting from trade with the target government or country would suffice to qualify a person for designation.
SPF – South Pacific Forum
Spot Transaction – See: Forward Exchange Rate.
SRL – Societe a Responsabilite Limitata
SSA – Sub-Saharan Africa
Stand-By Arrangements – A stand-by arrangement, like an extended arrangement, assures a member country of the International Monetary Fund (IMF) that it will be able to make purchases up to a specified amount from the IMF during a given period, as long as the member has observed the performance criteria and other terms specified in the arrangement. Stand-by arrangements extend up to three years. See: International Monetary Fund.
Standard Industrial Classification – The SIC is the classification standard underlying all establishment-based U.S. economic statistics classified by industry.
Standard International Trade Classification – The SITC was developed by the United Nations in 1950 and is used solely by international organizations for reporting international trade. The SITC has been revised several times; the current version is Revision 3.
Standards – As defined by the Multilateral Trade Negotiations “Agreement on Technical Barriers to Trade” (Standards Code), a standard is a technical specification contained in a document that lays down characteristics of a product such as levels of quality, performance, safety, or dimensions. Standards may include, or deal exclusively with, terminology, symbols, testing and test methods, packaging, marking, or labeling requirements as they apply to a product. The GATT Standards Code, negotiated and accepted during the Tokyo Round in the 1970s, is designed to eliminate the use of standards, technical regulations, and conformity assessment (certification) procedures as unnecessary barriers to trade. The Standards Code is administered by the GATT Secretariat in Geneva, Switzerland. The Commerce Department’s National Institute of Standards and Technology is responsible for several provisions of the Standards Code which relate to the establishment of a U.S. inquiry point, a standards information center, and a technical office for non-agricultural products.
Standstill – Standstill refers to a commitment of GATT contracting parties not to impose new trade-restrictive measures during the Uruguay Round negotiations. See: Rollback.
State Export Program Database – The SEPD is a trade lead system maintained by the National Association of State Development Agencies (NASDA). The SEPD includes information on state operated trade lead systems.
State Trading Enterprises – STEs are entities established by governments to import, export and/or produce certain products. Examples include: government-operated import/export monopolies and marketing boards or private companies that receive special or exclusive privileges from their governments to engage in trading activities.
State/Industry-Organized, Government Approved – See: Certified Trade Missions.
Statistical Office of the European Community – EUROSTAT provides European Economic Community-wide statistics on economics, finance, foreign trade, services, transportation, industry, population, social conditions, energy, atricutlrual, forestry, and other topics. Eurostat offices are located in Luxembourg.
Std. – Standard (timber trade)
STELA – System for Tracking Export License Applications
STEs – State Trading Enterprises
Stev. Liab. – Stevedores’ liability
stevedore – Person whose functions are to load, stow and unload ships.
stg – Sterling
stk – Stock
STM – State Trade Mission
stow – Position in a ship where goods are placed for their
Str. – Steamer
Strategic Level of Controls – Commodity groupings used for export control purposes. See: Export Control Classification Number.
Strd. – Standard
Structural Adjustment Facility – See: Enhanced Structural Adjustment Facility.
Structural Impediments Initiative – The SII was started in July 1989 to identify and solve structural problems that restrict bringing two-way trade between the U.S. and Japan into better balance. Both the U.S. and Japanese governments chose issues of concern in the other’s economy as impediments to trade and current account imbalances. The areas which the U.S. Government chose as focus included: (a) Japanese savings and investment patterns, (b) land use, (c) distribution, (d) keiretsu, (e) exclusionary business practices, and (f) pricing. Areas which the Japanese Government chose as focus included: (a) U.S. savings and investment patterns, (b) corporate investment patterns and supply capacity, (c) corporate behavior, (d) government regulation, (e) research and development, (f) export promotion, and (g) workforce education and training. In a June 1990 report, the U.S. and Japan agreed to 7 meetings in the following three years to review progress, discuss problems, and produce annual joint reports.
Sub-Group on Nuclear Export Coordination – The SNEC is an interagency review panel which monitors and facilitates the interagency processing of specific matters related to activities which, in the determination of any of the members, pose potential policy concerns. The SNEC is comprised of State (as chair), Energy (as secretariat), Commerce, Defense, the Arms Control and Disarmament Agency, and the Nuclear Regulatory Commission. The SNEC also includes the Central Intelligence Agency as an observer. Representatives from other agencies may be invited as participants or observers.
Subsidies – GATT does not directly define subsidies. The U.S. regards a subsidy as a bounty or grant paid for the manufacture, production, or export of an article. Export subsidies are contingent on exports; domestic subsidies are conferred on production without reference to exports. While governments sometimes make outright payments to firms; subsidies usually take a less direct form (R&D support, tax breaks, loans on preferential terms, and provision of raw materials at below-market prices).
Subsidy – There are two general types of subsidies: export and domestic. An export subsidy is a benefit conferred on a firm by the government that is contingent or exports. A domestic subsidy is a benefit not linked to exports, conferred by the government upon a specific industry or enterprise or group of industries or enterprises.
Substantial Suppliers – If a country supplies approximately 10 percent of the trade in a given item imported to a second country, the first country is said to have a substantial supplier status.
Summary Investigation – A 20-day investigation conducted by the International Trade Administration immediately following filing of an antidumping petition to ascertain if the petition contains sufficient information with respect to sales at “less than fair value” and the injury or threat of material injury to a domestic industry caused by the alleged sales at “less than fair value” to warrant the initiation of an antidumping investigation. See: Tariff Act of 1930.
Summit Conference – A summit conference is an international meeting at which heads of government are the chief negotiators, major world powers are represented, and the meeting serves substantive rather than ceremonial purposes. The term first came into use in reference to the Geneva Big Four Conference of 1955.
Sunflowerseed Oil Assistance Program – SOAP, one of four export subsidy programs operated by the Department of Agriculture, helps U.S. exporters meet prevailing world prices for sunflowerseed oil in targeted markets. USDA pays cash to U.S. exporters as bonuses, making up the difference between the higher U.S. cost of acquiring sunflowerseed oil and the lower world price at which it is sold.
Super 301 – This provision was enacted due to Congressional concern that the regular Section 301 procedures narrowly limit U.S. attention to the market access problems of individual sectors or companies. Super 301 sets procedures to identify and address within three years certain “priority”, systemic trade restriction policies of other nations. Super 301 was created by the Omnibus Trade and Competitiveness Act of 1988. Super 301 authority expired May 30, 1990.
Supply Access – Assurances that importing countries will, in the future, have fair and equitable access at reasonable prices to supplies of raw materials and other essential imports. Such assurances should include explicit constraints against the use of the export embargo as an instrument of foreign policy.
Support for East European Democracy – The SEED Act, signed into law in November 1989, contained 25 distinct actions to support structural adjustment, private sector development, trade and investment, and educational, cultural, and scientific activities in Poland and Hungary. Funding for most of the actions was provided by the Agency for International Development. The SEED Act expired at the end of fiscal year 1990. Since then support has been provided under the Foreign Assistance Act of 1991. See: Foreign Assistance Act of 1991.
Surveillance – This involves the monitoring of trade practices to help ensure that governments implement their obligations under trade agreements. One of the objectives of the negotiating group on Functioning of the GATT System (FOGS) is to improve GATT surveillance of trade policies and practices of Contracting Parties.
Surveillance Body – A body created by the Uruguay Round Trade Negotiating Committee (TNC) to monitor implementation by contracting parties of their standstill and rollback commitments. The Surveillance Body will transmit its records and reports to the TNC, so that the latter may conduct periodic evaluations of the implementation of the commitments.
Suspension of Investigation – A decision to suspend an antidumping investigation if the exporters who account for substantially all of the imported merchandise agree to stop exports to the U.S. or agree to revise their prices promptly to eliminate any dumping margin. An investigation may be suspended at any time before a final determination is made. No agreement to suspend an investigation may be made unless effective monitoring of the agreement is practicable and is determined to be in the public interest. See: Tariff Act of 1930.
Suspension of Liquidation – If affirmative, the preliminary determination of dumping or subsidization, or final determination after a negative preliminary determination, provides for suspension of liquidation of all entries of merchandise subject to the determination which are entered, or withdrawn from warehouse, for consumption, on or after the date of the publication of the notice in the Federal Register. Customs is directed to require a cash deposit, or the posting of a bond or other security, for each entry affected equal to the estimated amount of the subsidy or the amount by which the fair value exceeds the U.S. price. When an administrative review is completed, Customs is directed to collect the final subsidy rate or amount by which the foreign market value exceeds the U.S. price, and to require for each entry thereafter a cash deposit equal to the newly determined subsidy rate or margin of dumping. See: Tariff Act of 1930.
Swap Network – The swap network is a series of bilateral arrangements between the Federal Reserve and fourteen foreign central banks and the Bank for International Settlements providing standby reciprocal facilities for obtaining foreign currencies. The facilities provide for the swap (simultaneous spot purchase and forward sale) of each other’s currency by the Federal Reserve and the respective foreign central bank. Swap drawings typically have a three-month maturity, with an understanding that they may be more or less automatically rolled over for another three months.
Swaps – Swaps take dozens of forms but often entail the exchange of one type of asset or payment for another. Some of the more common forms are: cross-border; currency; debt-for-charity; debt-for-commodity; debt-for-debt; debt-for-development; debt-for-equity; debt-for-export; debt-for-local-currency; debt-for-nature; discount; dual currency; interest rate; inward; premium; reverse; and vanilla. Minor variation in names is common. Currency swaps convert principal from the lender’s currency into the debtor’s currency and receiving interest payments in the debtor’s currency. The swap, made to protect the principal from future changes in foreign exchange rates, involves a forward exchange contract to recover the currency involved. Debt swaps entail replacing the foreign liabilities of a debtor country with ownership or rights of value. A debt-for-equity swap replaces foreign liabilities with a stake in the debtor country’s national enterprises; a debt-for-export swap replaces foreign liabilities with an arrangement to receive proceeds from the overseas sale of the debtor country’s products or commodities; a debt-for-debt swap replaces an existing foreign liability with a new commitment from the debtor country. Interest rate swaps involve agreements on the means for exchanging future cash flows. Single currency interest rate swaps concern exchanging future cash flow in the same currency and offer a means for modifying the impact of future changes in interest rates on a company’s profitability. Cross currency interest rate swaps concern exchanging future cash flows between one currency and another, traded either on a fixed or floating rate, and offer a means for limited the risk of converting financial interests between currencies. Swaps also involve arrangements whereby different sellers of similar commodities swap and deliver them to each other’s customer if such action saves transportation costs. See: Derivatives.
SWEDECORP – Swedish International Enterprise Development Corporation
Swedish International Development Authority – SIDA, an agency responsible to the Ministry for Foreign Affairs, administers the greater portion of Swedish development cooperation. Swedish development assistance is directed toward five goals: economic growth, economic and social equality, economic and political independence, democratic development, and environmental quality. About 50 percent of Sweden’s development assistance is directed toward a limited number of designated “program countries” in Africa, Asia, and Latin America and involves negotiated efforts to integrate external assistance and long-term development strategies. The remaining assistance is allocated to UN agencies, international development banks, and about 90 countries. The Authority was established in 1965; headquarters are in Stockholm, Sweden. See: Swedish International Enterprise Development Corporation.
Swedish International Enterprise Development Corporation – SwedeCorp, a government funded under Sweden’s aid program, supports enterprise development through joint venture investments in developing countries and in Central and Eastern Europe. The Corporation also encourages the transfer of industiral and commercial knowledge from Sweden to third world countries and promotes exports from developing countries to Sweden. The Corporation was formed in July 1991 based on a reorganization of international industry assistance programs; headquarters are in Stockholm, Sweden. See: Swedish International Development Authority.
SWIFT – Society for Worldwide Interbank Financial Transactions
Switch Arrangements – A form of countertrade in which unused purchase rights under government-to-government trade (clearing agreements) on unwanted goods received by a firm in a countertrade transaction are sold at a discount to buyers for cash.
Syn. – Syndicate (Lloyd’s)
System for Tracking Export License Applications – STELA is a BXA computer-generated voice unit that interfaces with the BXA database: ECASS (Export Control Automated Support System). STELA enables a caller to check on an export license by making a telephone call. 202-482-2752

T. & C.C. – Technical and Clauses Committee
T. & G. – Tongued and grooved (timber trade)
t. & s. – Touch and stay
T.&G. – Tongued and grooved (timber trade)
T.B. – Trial Balance
T.B.A. – Tobe advised, To be agreed
T.C.I. – Time charterer’s interest
T.D.W. – Tonnage deadweight
T.E. – Trade expenses
T.E.E. – Trans-Europe Express
T.F. – Tropical freshwater
T.G.B – Tongued, grooved and beaded
T.I.B. – Trimmed in bunkers
T.I.V. – Total insured value
T.L. – Total loss
T.L.O. – Total loss only
T.L.V.O. – Total loss of vessel only
T.O.R. – Time on Risk
T.O.T. – Terms of trade
T.O.V.A.L.O.P. – Tanker Owners’ Voluntary Agreement Concerning Liability for Oil Pollution
T.P.I. – Tons per inch
T.P.Liab. – Third party liability
T.P.N.D. – Theft, pilferage and non-delivery
T.Q. – Tale quale (as found)
T.S.I. – Total sum insured
T.T. – Telegraphic transfer
T.T.F. – Timber Trade Federation
T.W.M.C. – Transport, wages, maintenance and care
T/C – Till countermanded
t/h – Tonnes per hour
T/L – Total loss
T/O – Transfer order
T/S – Transhipment
TA – Trade Assistant
TAA – Trade Adjustment Assistance
Table of Denial Orders – The TDO is a list of individuals and firms that have been disbarred from shipping or receiving U.S. goods or technology. Firms and individuals on the list may be disbarred with respect to either controlled commodities or general destination (across-the-board) exports. The list is published in the Export Administration Regulations.
TAC – Technical Advisory Committee
TAP – Trade Assistance and Planning Office
Tare Weight – The weight of a container and/or packing materials without the weight of the goods it contains.
Targeted Export Assistance Program – See: Market Promotion Program.
TARIC – Integrated Tariff of the European Community
Tariff – A tax assessed by a government in accordance with its tariff schedule on goods as they enter (or leave) a country. May be imposed to protect domestic industries from imported goods and/or to generate revenue. Types include ad valorem, specific, variable, or some combination.
Tariff Act of 1930 – Title VII of the Tariff Act of 1930, as amended, provides for the imposition of antidumping duties on imported merchandise found to have been sold in the United States at “less than fair value,” if these sales have caused or are likely to cause material injury to, or materially retard the establishment of, an industry in the United States. The following terms and phrases are commonly used in connection with procedings under The Tariff Act of 1930, as amended. See: Administrative Review Antidumping Duty Antidumping Investigation Notice Antidumping Duty Order Antidumping Petition Assessment “Class or Kind” of Merchandise Constructed Value Cost of Production Critical Circumstances Deposit of Estimated Duties Disclosure Meeting Dismissal of Petition Dumping Margin Exporter’s Sales Price Fair Value Final Determination Foreign Market Value Hearing Period of Investigation Preliminary Determination Protective Order Purchase Price Revocation of Antidumping Duty Order & Termination of Suspended Investigation Section 337 Summary Investigation Suspension of Investigation Suspension of Liquidation.
Tariff Anomaly – A tariff anomaly exists when the tariff on raw materials or semi-manufactured goods is higher than the tariff on the finished product.
Tariff Bindings – The agreement by contracting parties to maintain the duty rates on specified goods at negotiated levels or below. Bindings are provided for in GATT Article II.
Tariff Escalation – A situation in which tariffs on manufactured goods are relatively high, tariffs on semi-processed goods are moderate, and tariffs on raw materials are nonexistent or very low.
Tariff Escalation – This term refers to the common situation whereby raw materials and less processed goods are generally dutied at lower rates than more processed versions of the same or derivative goods. For instance, the import duty in most countries is generally higher for petrochemicals than for the petroleum and other raw materials necessary for their production. It is argued by primary commodity exporting nations that this situation confers a higher degree of protection for the processing industries of importing countries than nominal tariff rates would suggest.
Tariff Quota – A tariff that remains at the same level until a certain quantitative limit (quota) is reached. The duty on imports ports in excess of that level will be higher.
Tariff Quotas – Application of a higher tariff rate to imported goods after a specified quantity of the item has entered the country at a lower prevailing rate.
Tariff Schedule – A comprehensive list of the goods which a country may import and the import duties applicable to each product.
Tariff Schedules of the United States – See: Tariff Schedules of the United States Annotated.
Tariff Schedules of the United States Annotated – Effective 1979 to January 1989, the U.S. import statistics were initially collected and compiled in terms of the commodity classifications in the Tariff Schedules of the United States Annotated (TSUSA), an official publication of the U.S. International Trade Commission embracing the legal text of the Tariff Schedules of the United States (TSUS) together with statistical annotations. This publication was superseded by the Harmonized Tariff Schedule of the United States Annotated for Statistical Reporting Purposes (HTSUSA) in January 1989. Effective 1979 to January 1989, the U.S. export statistics were initially collected and compiled in terms of the commodity classifications in Schedule B, Statistical Classification of Domestic and Foreign Commodities Exported from the United States. Schedule B is a U.S. Bureau of the Census publication and, during this period, was based on the framework of the TSUS. In January 1989, this publication was replaced by Schedule B based on the Harmonized System. See: Schedule B.
Tariff Surcharges – An import tax that is usually assessed at a flat rate over and above whatever duties are assessed.
Tax Information Exchange Agreement – A TIEA imposes on the agreeing countries a mutual and reciprocal obligation to exchange information relating to the enforcement of their respective tax laws. A TIEA provides a means by which a signatory government can pursue certain tax evaders, particularly in cases involving large tax claims or drug enforcement. Countries that sign a TIEA agree to: (a) exhange tax information at the government level in a form admissable to U.S. or host country courts; (b) collect information without regard to the taxpayer’s nationality; (c) establish a means for compelling the production of tax information; and (d) ensure that local laws do not prohibit the sharing of tax information. A TIEA can support tourism in a signatory country because the Agreement facilitates Internal Revenue Service approval of the destination as a necessary business expense (deductible for Federal income tax purposes) for U.S. citizens and companies which seek to justify attendance at business conventions and seminars in a signatory country.
TCI – Third Country Initiative
TCMD – Third Country Meat Directive
Tcpa. – Target closest point of approach
TD – Table of Denial Orders
TDA – Trade and Development Agency
TEA – Targeted Export Assistance Program
Technical Advisory Committees – The TACs are voluntary groups of industry and government representatives who provide guidance and expertise to Commerce on export control matters, including evaluation of technical issues; worldwide availability, use and production of technology; and licensing procedures related to specific industries. TACs have been set up for: (a) materials (Materials Technical Advisory Committe, MATAC), (b) biotechnology (Biotechnology Technical Advisory Committee, BIOTAC), (c) computer systems (CSTAC), (d) electronics (ETAC) (formerly “semiconductors”), (e) sensors (STAC) (formerly “electronic instrumentation”), (f) materials processing equipment (MPETAC) (formerly “automated manufacturing equipment”), (g) regulations and procedures (RPTAC), (h) telecommunications equipment (TETAC), and (i) transportation and related equipment (TRANSTAC).
Technical Barrier to Trade – A specification which sets forth characteristics a product must meet (such as levels of quality, performance, safety or dimensions) in order to be imported.
Technical Barrier to Trade – According to the Standards Code, a specification which sets forth characteristics or standards a product must meet (such as levels of quality, performance, safety, or dimensions) in order to be imported.
Technology – BXA regulations define technical data as “information of any kind that can be used, or adapted for use, in the design, production, manufacture, utilization, or reconstruction of articles or materials. Technology can be either “tangible” or “intangible.” Models, prototypes, blueprints or operating manuals (even if stored on recording media) are examples of tangible technology. Intangible technology consists of technical services, such as training, oral advice, information guidance and consulting.
Technology Transfer – This term is used to characterize “the transfer of knowledge generated and developed in one place to another, where is it is used to achieve some practical end.” Technology may be transferred in many ways: by giving it away (technical journals, conferences, emigration of technical experts, technical assistance programs); by industrial espionage; or by sale (patents, blueprints, industrial processes, and the activities of multinational corporations).
Temporary Importation under Bond – When an importer makes entry of articles brought into the United States temporarily and claimed to be exempt from duty under Chaper 98, Subchapter XIII, Harmonized Tariff Schedule of the United States, a bond is posted with Customs which guarantees that these items will be exported within a specified time frame (usually within one year from the date of importation). Failure to export these items makes the importer liable for the payment of liquidated damages for breach of the bond conditions. (See 19 CFR 10.31.). The Temporary Importation under Bond (TIB) is usually twice the amount of duties and other payments the importer would otherwise be required to pay. Merchandise imported under TIB is usually for sales demonstration, testing, or repair.
Terms of Reference – TOR is World Bank parlance referring to the preparation of a description of the assignment for consultants to be selected by borrowers following World Bank procedures.
Terms of Trade – Terms of trade refers to the economic factors affecting a country’s foreign trade in goods and services, such as dependency on foreign sourcing and relative competitiveness in production.
TEU – Twenty-foot equivalent unit
Textile Surveillance Body – The TSB is an international body which meets in Geneva at the GATT to monitor the Multi-Fiber Arrangement. The TSB receives reports of all textile restrictions and can make recommendations to participants. It can mediate disputes between parties to the MFA but has no binding powers. Membership is balanced between importing and exporting members.
TF – Trade Fair (Overseas-Recruited)
TFC – Trade Fair Certification
TFW – Trade Fair (Washington-Recruited)
Third Country Initiative – The TCI was created to help countries establish an export control system on strategic commodities. Such countries, while not members of CoCom, would establish export control systems that provide levels of protection as close as possible to those provided by CoCom. Such systems include: (a) import certifications and delivery verifications, (b) controls over reexports of CoCom-origin, controlled goods and indigenous exports of CoCom-controlled goods, (c) cooperation in pre-licensing and post-shipment checks, and (d) cooperation on enforcement matters. The United States supports the third country initiative through section 5(k) of the Export Administration Act, which allows it to provide selected non-CoCom countries with the same licensing benefits provided to CoCom members.
Third Country Meat Directive – The TCMD is a regulation by which the European Community controls meat imports based on sanitary requirements. The TCMD requires individual inspection and certification by EC veterinarians of U.S. meat plants wishing to export to the EC.
Threshold Value – The dollar value of contracts above which government entities are covered by the government procurement code.
Through Bill of Lading – A single bill of lading covering receipt of the cargo at the point of origin for delivery to the ultimate consignee, using two or more modes of transportation.
TIAS – Treaties and Other International Acts Series
TIB – Temporary Importation under Bond
TIC – Trade Information Center
TIEA – Tax Information Exchange Agreement
Tied Aid Credit – Tied aid credit refers to the practice of providing grants and/or concessional loans, either alone or combined with export credits, linked to procurement from the donor country.
Tied Loan – A loan made by a government agency that requires a foreign borrower to spend the proceeds in the lender’s country.
TIFTs – Trade and Investment Facilitation Talks
TIMS – Textiles Information Management System

u.c.b. – Unless caused by
U.C.S. – Unified claims system
U.K./Cont. – United Kingdom or Continent
U.K./Cont. (B.H.) – United Kingdom or Continent (Bordeaux-Hamburg range)
U.K./Cont. (G.H.) – United Kingdom or Continent (Gibraltar-Hamburg range)
U.K./Cont. (H.H.) – United Kingdom or Continent (Havre-Hamburg range)
U.K.fo – United Kingdom for orders
U.K.H.A.D. – United Kingdom, Havre, Antwerp or Dunkirk
U.L.C.C. – Ultra large crude carrier
U.N. – United Nations
U.N.C.L.O.S. – U.N. Conference on the Law of the Sea
U.N.C.T.A.D. – U.N. Conference on Trade and Development
U.N.D.P. – U.N. Development Program
U.N.D.R.O. – U.N. Disaster Relief Co-ordinator
U.N.E.P. – U.N. Environment Program
U.N.E.S.C.O. – U.N. Educational, Scientific and Cultural Organization
U.N.L. – Ultimate net loss
u.p. – Under proof
U.S. Affiliate – A U.S. affiliate is a U.S. business enterprise in which there is foreign direct investment — that is, in which a single foreign person owns or controls, directly or indirectly, 10 percent or more of its voting securities if the enterprise is incorporated or an equivalent interest if the enterprise is unincorporated. The affiliate is called a U.S. affiliate to denote that the affiliate is located in the U.S. (although it is owned by a foreign person).See: Foreign Person.
U.S. Munitions List – The USML identifies those items or categories of items considered to be defense articles and defense services subject to export control. The USML is similar in coverage to the International Munitions List (IML), but is more restrictive in two ways. First, the USML currently contains some dual-use items that are controlled for national security and foreign policy reasons (such as space-related or encryption-related equipment). Second, the USML contains some nuclear-related items. Under Presidential directive, most dual-use items are to be transferred from the USML to the Commerce Department’s dual- use list. State, with the concurrence of Defense, designates which articles will be controlled under the USML. Items on the Munitions List face a stricter control regime and lack the safeguards to protect commercial competitiveness that apply to dual-use items.
U.S.-Japan Semiconductor Trade Arrangement – See: Semiconductor Trade Arrangement.
U.S.N.H. – United States, North of Cape Hatteras
U.S.S.A. – United States Salvage Association
U.T. – Unlimited transhipment
U/A – Underwriting account
U/C – Under construction
U/D – Underdeck
u/o – Use and occupancy
U/R – Under repair
UCP – Uniform Customs and Practices
UDEAC – Union Douaniere et Economique de l’Afrique Centrale
UIT – Union Internationale des Telecommunications
ULCC – Ultra large crude carrier
Ultimate Beneficial Owner – The UBO of a U.S. affiliate is that person, proceeding up the affiliate’s ownership chain beginning with and including the foreign parent, that is not owned more than 50 percent by another person. The UBO consists of only the ultimate owner, other affiliated persons are excluded. If the foreign parent is not owned more than 50 percent by another person, the foreign parent and the UBO are the same. A UBO, unlike a foreign parent, may be a U.S. person.
Ultimate Consignee – The ultimate consignee is the person located abroad who is the true party in interest, receiving the export for the designated end-use.
UMA – Union du Maghreb Arabe
UMOA – Union Monetaire Ouest-Africaine
UMR – Usual Marketing Requirements
UN – United Nations
UNCDF – United Nations Capital Development Fund
UNCED – United Nations Conference on Environment and Development
UNCITRAL – United Nations Commission on International Trade Law
UNCSTD – United Nations Conference on Science and Technology for, Development
UNCTAD – United Nations Conference on Trade and Development
UNCTAD – United Nations Conference on Trade and Development
UND – United Nations Disaster Relief Organization
UNDP – United Nations Development Program
UNDP – United Nations Development Programme
UNEP – United Nations Environment Program
UNESC – United Nations Educational, Scientific and Cultural, Organization
Unfair Trade Practice – This term refers to any act, policy, or practice of a foreign government that: (a) violates, is inconsistent with, or otherwise denies benefits to the U.S. under any trade agreement to which the United States is a party; (b) is unjustifiable, unreasonable, or discriminatory and burdens or restricts United States commerce; or (c) is otherwise inconsistent with a favorable section 301 determination by the U.S. Trade Representative.
UNFPA – United Nations Fund for Population Activities
UNGA – United Nations General Assembly
UNHCR – United Nations High Commissioner for Refugees
UNICEF – United Nations Children’s Fund
UNID – United Nations Industrial Development Organization
UNIDROIT – International Institute for the Unification of Private Law
Union de Paises Exportadores de Banano – See: Union of Banana Exporting Countries.
Union Douaniere et Economique de l’Afrique Centrale – See: Central African Customs and Economic Union.
Union du Maghreb Arabe – See: Arab Maghreb Union.
Union Internationale des Telecommunications – See: International Telecommunication Union.
Union Monetaire Quest-Africaine – See: West African Monetary Union.
Union of Banana Exporting Countries – The Union (Spanish: Union de Pa¡ses Exportadores de Banano, UPEB) promotes the banana industry among membes. The Union was established in 1974; headquarters are in Panama. Members include: Colombia, Costa Rica, Dominican Republic, Guatemala, Honduras, Nicaragua, Panaman, and Venezuela.
UNITAR – United Nations Institute for Training and Research

V.C. – Valuation clause
V.L.C.C. – very large crude carrier
v.o.p. – Value as in original policy
V.T.S. – Vessel Traffic Systems
Validated Export License – A document issued by the U.S. government authorizing the export of commodities for which written export authorization is required by law. Two types exist: an Individual Validated License (IVL) and a Special License.
Value Added Counseling – Valued added counseling is defined as assessing a company’s current international business operations and assisting a client in one or more of the following: (a) identifying and selecting the most viable markets; (b) developing an export market strategy; (c) implementing the export market strategy; and (d) increasing market presence.
Value Added Tax (VAT) – A tax which is assessed at each stage of production on the amount of value contributed at each stage to the final product.
Value Date – The date on which payment must be made by the named bank. This date is determined by the payee, the payer or the bank.
Value for Customs Purposes Only – The U.S. Customs Service defines “value for Customs purposes only” as the value submitted on the entry documentation by the importer which may or may not reflect information from the manufacturer but in no way reflects Customs appraisement of the merchandise.
Value-Added Tax – A European Community (EC) tax assessed on the increased value of goods as they pass from the raw material stage through the production process to final consumption. The tax on processors or merchants is levied on the amount by which they increase the value of items they purchase. The EC charges a tax equivalent to the value added to imports and rebates value-added taxes on exports.
Variable Levy – A tariff subject to alterations as world market prices change, the alterations are designed to assure that the import price after payment of the duty will equal a predetermined “gate” price.
VAT – Value-Added Tax
Vd. – Valued
VER – Voluntary Export Restriction
Vertical Export Trading Company – An export trading company that integrates a range of functions taking products from suppliers to consumers.
vessel – Ship or boat.
Visa – Visas are required by many countries for entry of a foreigner. A visa is a stamp in a foreign national’s passport issued by a U.S. consular officer which creates a legal presumption that there are no apparent reason to deny entry into the U.S. Regardless of the stamp, the final decision to grant admission is made by an officer of the U.S. Immigration Service at the port of entry.
Visa Waiver – A program of selected countries to eliminate the visa requirement on a test basis.
Visit USA Committee – A committee of U.S. tourism managers located in foreign markets. Visit USA Committees work with USTTA and the U.S. & Foreign Commercial Service in planning and promoting travel to the U.S.
VL – Variable Levy
VLCC – Very large crude carrier
VO-MTO – Vessel-operating multimodal transport operator
VOA – Voice of America
Voluntary Export Restriction – An understanding between trading partners in which the exporting nation, in order to reduce trade friction, agrees to limit its exports of a particular good. Also called voluntary restraint agreement.
Voluntary Restraint Agreement – Informal bilateral or multilateral understandings in which exporters voluntarily limit exports of certain products to a particular country destination in order to avoid economic dislocation in the importing country and the imposition of mandatory import restrictions. These arrangements do not involve an obligation on the part of the importing country to provide “compensation” to the exporting country, as would be the case if the importing country unilaterally imposed equivalent restraints on imports. See: Voluntary Export Restriction.
Voluntary Restraint Agreements (VRAs) – Generally, a bilateral arrangement whereby an exporting country agrees to reduce or restrict exports without the importing country having to make use of quotas, tariffs or other import controls. These agreements are generally undertaken to avoid action by the importing country against imports that may major or in some way threaten the positions of domestic firms in the industry in question.
VRA – Voluntary Restraint Agreement

W.A. – With Average
W.A. – With average
W.B. – Water ballast, Warehouse Book, Way Bill
W.B./E.I. – West Britain/East Ireland
w.b.s. – Without benefit of salvage
W.C. – West Coast
W.C.I. – World Confederation of Labor
W.C.S.A. – West coast of South America
W.D.F. – Wireless direction finder
W.E.C.M. – Warranted existing class maintained
W.E.U. – Western European Union
W.F.T.U. – World Federation of Trade Unions
w.g. – Weight guaranteed
W.H.O. – World Health Organization
W.M.O. – World Meteorological Organization
W.N.A. – Winter North Atlantic
w.o.b. – Washed overboard
W.O.L. – Wharfowners’ liability
w.p. – Without prejudice, Weather permitting
W.P.A. – With particular average
w.p.p. – Waterproof paper packing
W.R. – Warehouse receipts
w.r.o. – War risk only
W.R.T.D. – Without reference to date
W.T.B.A. – Wording to be agreed
w.w.d. – Weather working days
W/d – Warranted
W/M – Weight and /or Measurement
W/W – Warehouse warrant
WACH – West African Clearing House
WADB – West African Development Bank
WAEC – West African Economic Community
WAMU – West African Monetary Union
WAOB – World Agricultural Outlook Board
WARC – World Administrative Radio Conference
WARDA – West Africa Rice Development Association
waybill – Document used as a receipt for goods. Unlike a bill of lading it is not a document of title. This document is also synonymous with liner waybill, ocean waybill, or sea waybill.
WCL – World Confederation of Labor
Wdg. – Wording
Webb-Pomerene Association – Associations engaged in exporting that combine the products of similar producers for overseas sales. These associations have partial exemption from U.S. anti-trust laws but may not engage in import, domestic or third country trade or combine to export services.
West Africa Economic Community – CEAO (French: Communaute Economique de l’Afrique de l’Ouest), created in 1974, includes: Benin, Burkina Faso, Cote d’Ivoire, Mali, Mauritania, Niger, and Senegal. (Togo has observer status). The CEAO operates as a free trade area for agricultural products and raw materials and as a preferential trading area for approved industrial products, with a regional cooperation tax (TCR) replacing import duties and encouraging trade among members. A Community fund (FOSIDEC) promotes private lender Community participation in advancement of the Community’s least developed nations (Burkina Faso, Mali, Mauritania, and Niger). CEAO envisions eventual creation of a customs union and coordination of fiscal policies. Community headquarters are in Ouagadougou, Burkina Faso.
West Africa Rice Development Association – WARDA conducts research on rice improvement in mangrove swamps, inland swamps, upland conditions, and irrigated conditions. The Association is one of several centers associated with the Consultative Group on International Agricultural Research. WARDA was established in 1970; headquarters are in Bouake, C”te d’Ivoire. Members include 16 West African countries: Benin, Burkina Faso, Chad, C”te d’Ivoire, Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Mali, Mauritania, Niger, Nigeria, Senegal, Sierra Leone, and Togo. See: Consultative Group on International Agricultural Research.
West African Clearing House – WACH (French: Chambre de Cooperation de l’Afrique de l’Ouest, CCAO) provides settlement of payments services among central bank and other monetary authorities in West Africa. WACH was established in 1975 (began operations in 1976); headquarters are in Freetown, Sierra Leone. Membership includes the Central Bank of West African States (representing Benin, Burkina Faso, C”te d’Ivoire, Mali, Niger, Senegal, and Togo) as well as The Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Mauritania, Nigeria, and Sierra Leone.
West African Development Bank – The West African Development Bank, WADB, (French: Banque Quest-Africaine de Developpement, BOAD) promotes regional economic development and integration in West Africa. The Bank was established in 1973 (began operations in 1976); headquarters are in Lome, Togo. WADB members include: Benin, Burkina Faso, C”te d’Ivoire, Mali, Niger, Senegal, and Togo.
West African Monetary Union – WAMU (French: Union Monetaire Quest Africaine, UMOA) began operation in 1963 and was revised in 1973. The Union comprises seven French-speaking African countries: Benin, Burkina Faso, Cote d’Ivoire, Mali, Niger, Senegal, and Togo which share a: (a) central bank (Banque Centrale des Etats de l’Afrique de l’Ouest) which coordinates the Union’s monetary and credit policies; (b) common currency (CFA Franc) which is freely convertible into the French Franc at a fixed parity; and (c) a common regional development bank, the West African Development Bank. WAMU headquarters are in Daka, Senegal.
Western European Union – The WEU was created in October 1954 (began operations in May 1955) to promote mutual defense and progressive political unification of its members. The Union, which serves interests between those furthered by the European Economic Community and the North Atlantic Treaty Organization, has faced the need to change and has become focused on three missions: humanitarian aid, peacekeeping, and crisis management and some peace enforcement considerations. Membership, which included Belgium, France, Germany, Italy, Luxembourg, the Netherlands, Portugal, Spain, the United Kingdom, has been increasing toward approximately 40 nations as a result of negotiations on membership or associate status with Greece, Turkey, Norway, Iceland, Denmark, and Ireland. WEU headquarters moved from London, England to Brussels, Belgium in December 1992.
WEU – Western European Union
Wf. – Wharf
WFC – World Food Council
WFDFI – World Federation of Development Financing Institutions
WFP – World Food Program
WH – World Health Organization
wharf – Structure built alongside the water where ships berth for loading or unloading goods.
Wharfage – A charge assessed by a pier or dock owner for handling incoming or outgoing cargo.
white products – Refined products.
WIP – World Intellectual Property Organization
With Average – A marine insurance term meaning that a shipment is protected from partial damage whenever the damage exceeds 3 percent (or some other percentage). If the ship is involved in a major catastrophe, such as a collision, fire or stranding, the minimum percentage requirement is waived and the insurance company pays for all of the damage. See: Marine Cargo Insurance.
Without Reserve – A term indicating that a shipper’s agent or representative is empowered to make definitive decisions and adjustments abroad without approval of the group or individual represented.
WM – World Meteorological Organization
World Administrative Radio Conference – WARC refers to the conferences convened regularly by the United Nations’ International Telecommunications Union (ITU) to allocate and regulate radio frequencies for the purposes of television and radio broadcasting, telephone data communications, navigation, maritime and aeronautical communication, and satellite broadcasting.
World Agricultural Outlook Board – The WAOB acts as the focal point for U.S. economic intelligence related to domestic and international food and agriculture. The Board coordinates and clears all commodity and aggregate agricultural and food-related data used to develop outlook and situation material within the Department of Agriculture. WAOB was established in 1977.
World Bank – The World Bank is an integrated group of international institutions which provides financial and technical assistance to developing countries. The World Bank includes the International Bank for Reconstruction and Development and the International Development Association. World Bank affiliates, legally and financially separate, include the International Center for Settlement of Investment Disputes, the International Finance Corporation, and the Multilateral Investment Guarantee Agency. World Bank headquarters are in Washington, D.C.
World Confederation of Labor – The WCL represents the cultural, economic, political, and social interests of millions of workers in Africa, the Americas, Asia, Europe, and the Middle East. The Confederation was founded in 1920 as th International Federation of Christian Trade Unions (IFCTU .. not to be confused with ICFTU, the International Confederation of Free Trade Unions); headquarters are in Brussels, Belgium.
World Federation of Development Financing Institutions – WFDFI (Spanish: Federacion Mundial de Instituciones Financieras de Desarollo, WFDFI) promotes improved technical operations of, and coordination among, worldwide development banking activities. Federation members include development financing institutions. The Federation was established in 1979; headquarters are in Madrid, Spain.
World Food Council – The WFC is a UN body which was created in December 1974 to help eliminate hunger and malnutrition. The Council monitors world food production, consumption, and trade patterns. The Council provides a forum for international discussion and assistance on ways of improving food production in developing countries and in increasing world food security. WFC headquarters are in Rome, Italy.
World Food Program – The WFP, created in 1963, is a United Nations program with headquarters in Rome, Italy. WFP administers the International Emergency Food Reserve and supports projects which incease agricultural production, nutrition, and social and economic development in developing countries.
World Health Organization – The WHO (French: Organisation Mondiale de la Sante, OMS) is a specialized agency of the United Nations which sets standards for the quality control of drugs, vaccines, and other substances affecting health. WHO was established in July 1946; headquarters are in Geneva, Switzerland. See: Codex Alimentarius Commission.
World Intellectual Property Organization – WIPO (French: Organisation Mondiale de la Propriete Intellectuelle, OMPI) promotes protection of intellectual property around the world through cooperation among states, and administers various “Unions,” each founded on a multilateral treaty and dealing with the legal and administrative aspects of intellectual property. The Organization was established in 1967 (came into force in 1970), and became a specialized agency of the United Nations in December 1974; headquarters are in Geneva, Switzerland.
World Intellectual Property Organization (WIPO) – One of the 15 ‘specialized agencies’ of the United Nations system of organizations. WIPO, located in Geneva, is responsible for the promotion of the protection of intellectual property (copyrights, trademarks, patents) throughout the world through cooperation among states, and for the administration of various ‘Unions,’ each founded on a multilateral treaty and dealing with the legal and administrative aspects of intellectual property.
World Meteorological Organization – Originally established under another name in 1875, the WMO was reconstituted and renamed in 1951. The WMO facilitates worldwide cooperation in establishing a network for meteorological, hydrological, and geophysical observations, for exchanging meteorological and related information, and for promoting standardization in meteorological measurements. Organization headquarters are in Geneva, Switzerland.
World Tourism Organization – The WTO, associated with the United Nations, is an intergovernmental technical body dealing with all aspects of tourism. The Organization promotes and develops tourism as a means of contributing to economic development, international understanding, peace, and prosperity. The WTO provides a world clearing house for the collection, analysis, and dissemination of technical tourism information and it offers national tourism administrations and organizations a means for multilateral approaches to international discussions and negotiations on tourism policy and practice. The Organization was established in November 1974; headquarters are in Madrid, Spain.
World Trade Organization – Provisions to establish the WTO were reached in the Uruguay Round of the General Agreement on Tariffs and Trade (GATT). The WTO is scheduled to be established no later than 1997 as an international organization of comparable stature to the World Bank and the International Monetary Fund. The Organization is expected to facilitate implementation of trade agreements reached in the Uruguay Round by bringing them under one institutional umbrella, requiring full participation of all countries in one new trading system, and providing a permanent forum to discuss new issues facing the international trading system. The WTO system will be available only to countries which: (a) are contracting parties to the GATT, (b) agree to adhere to all of the Uruguay Round agreements, and (c) submit schedules of market access commitments for industrial goods, agricultural goods, and services.
World Traders Data Reports – WTDR is an International Trade Administration fee-based service which provides a confidential background report on a specific foreign firm, prepared by commercial officers overseas. WTDRs provide information about the type of organization, year established, relative size, number of employees, general reputation, territory covered, language preferred, product lines handled, principal owners, financial references, and trade references. WTDRs include narrative information about the reliability of the foreign firm.
WT – World Tourism Organization, World Trade Organization
wt. – Weight
Wtd. – Warranted
WTDR – World Trade Data Report
WTDR – World Traders Data Report
Wties – Warranties
WTM – World Tourism Market
Wty – Warranty

x.c. – Ex coupon
x.d. – Ex dividend
x.in – Ex interest
XS pt. – Excess point
XS Loss – Excess loss reinsurance

Y.A.R. – York/Antwerp Rules, 1950
Yt – Yacht
yaw (to) – Failure of a ship to steer a straight course.

Zangger Committee – The Zangger Committee of the Nonproliferation Treaty Exporters examines controls enacted pursuant to the Nuclear Nonproliferation Treaty by refining the list of items requiring nuclear safeguards. The Zangger Committee consists of 23 Nuclear Non-Proliferation Treaty (NPT) nuclear supplier nations which includes all nuclear weapons states except France and China. Through a series of consultations in the early 1970’s, the countries of the Zangger Committee compiled a “trigger list” of nuclear materials and equipment. The shipment of any item on the list to a non-nuclear weapons state “triggers” the requirement of International Atomic Energy Agency (IAEA) safeguards. Since the Zangger Committee is associated with the NPT, its members are obligated to treat all non-nuclear weapons parties to the treaty alike. For fear of discrediting the NPT, the Zangger countries cannot target strict nuclear controls toward certain nations with questionable proliferation credentials; the NPT binds them to assist non-nuclear weapons states with peaceful atomic energy projects.
ZEP – Zone d’Exchanges Preferentiels pour les Etats de l’Afrique, de l’Est et de l’Afrique Australe
ZF – La Zone Franc
Zone d’Exchanges Preferentiels pour les Etats de l’Afrique de l’Est et de l’Afrique Australe – See: Preferential Trade Area for Eastern and Southern African States.

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