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IC2X
Select the first letter of the topic you need from the
list above to jump to appropriate section of the
Export Reference Directory
- G -
Gambia River Basin Development Organization - The Organization (French:
Organization 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.
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 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.
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.
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.
General export license - Any of various export licenses covering export commodities for which Individually validated export licenses are not required. No formal application or written authorization is needed to ship exports under a general export license.
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.
Gesellschaft mit beschrnker 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).
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.
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.
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.
Groupement d'Intrt conomique - Groupement d'intrt conomique (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.
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 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 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 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.
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.
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.
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- H -
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.
Harmonized Schedule Number - The HTSA provides the applicable tariff rates and statistical categories for all
merchandise imported into the United States or exported from the US; it is based on the international Harmonized System, the global classification
system that is used to describe most world trade in goods. At the 10-digit
level, it identifies all US Exports. At the 6-digit level it is used for
purposes of Customs classification and duty evaluation.
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.
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.
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- I -
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.
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 the 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.
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.
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.
Import license - A document required and issued by some national governments authorizing the importation of goods into their individual countries.
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.
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).
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. For
more information, please check our companion guide: Hows Your Quotation - Incoterms.
A downloadable, printable chart is available
here.
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.
Individually validated export license - A required document issued by the U.S. Government authorizing the export of specific commodities. This license is for a specific transaction or time period in which the exporting
is to take place. Compare General export license.
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 resources 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.
Industrial List - See: International Industrial List.
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:
- Aerospace Equipment
- Capital Goods
- Chemicals and Allied Products
- Consumer Goods
- Electronics and Instrumentation
- Energy
- Ferrous Ores and Metals
- Footwear, Leather, and Leather Products
- Building Products and Other Materials
- Lumber and Wood Products
- Nonferrous Ores and Metals
- Paper and Paper Products
- Services
- Small and Minority Business
- Textiles and Apparel
- Transportation, Construction, and Agricultural Equipment
- 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.
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.
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. Compare Air waybill, Ocean bill of lading, and
Through bill of lading.
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. For more information, please see our companion guide: Preshipment Inspection.
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.
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.
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.
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.
International freight forwarder - See Freight forwarder.
For additional information, please see our companion guides: Questions for Your Forwarder
and How to Select a Forwarder for Exhibits.
Interest Rate Swaps - See: Swaps.
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.
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 Agricultural Research Centers - See: Consultative Group on
International Agricultural Research.
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 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
accounts that are segregated from domestic activity and limited to financing
international trade. IBFs are exempted from such requirements as: reserve levels
and obligations to make some insurance premiums. In the U.S., eligibility
requirements limit IBFs to business with other IBFs and with non-U.S. residents.
U.S. banks may structure operations to draw foreign customer deposits and loans
to their domestic offices. See: Offshore Banking Unit.
International Business Opportunities Service - IBOS is a World Bank
subscription package which includes information on upcoming projects and
business opportunities. The Service includes: (a) the Monthly Operational
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 primarialy
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: Comit
International d'Enregistrement des Frquences) 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: Comit
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 Association works closely with the International Labor Organization (ILO).
The ISSA secretariat is located 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 Tlcommunications, 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: Comit Consultatif International Tlgraphique et Tlphonique) studies and
issues recommendations on standards and specifications on technical, 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.
Issuing Bank - the bank that opens or initiates a letter
of credit transaction.
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 direction and funding from the Minsitry of Foreign
Trade (Ministero del Commercio con l'Estero), it functions as an autonomous
public corporation. The Ministry of Foreign Affairs (Ministero degli Affari
Esteri) provides additional support through its overseas embassies and
consulates, though ICE's overseas officers are independent of these
organizations.
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- J -
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.
"J" Curve and Real Exchange Rates - The current account may
initially worsen before improving in response to real depreciation in exchange
rates, because it takes time for the growth of import volumes to decline in
response to higher import prices. This phenomenon is known as the "J-curve
effect," because the downward movement followed by an upward movement in
the current account resembles the letter "J."
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.
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- K -
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'Amnagement et le Dveloppement 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.
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.
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.
Kreditanstalt fr 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 fr Beteilgungen in Entwicklungslndern
GmbH, Deutsche Gesellschaft fr 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.
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- L -
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.
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.
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.
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.
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.
Licensing - A business arrangement in which the manufacturer of a product (or a firm with proprietary rights over certain technology, trademarks, etc.) grants permission to some other group or individual to manufacture that product (or make use of that proprietary material) in return for specified royalties or other payment.
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.
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.
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.
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.
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.
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) intermittent 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.
Lom Convention -The Convention is an agreement concluded at Lom, Togo in
February 1975 and which entered into force
in April 1976. The original Convention has been followed by several
additional Lom 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. Lom
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-Dated Forward - The long-dated forward is a foreign exchange contract
whose maturity exceeds one year; a few have extended over ten years.
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.
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.
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Date
Updated:
October 02, 2008
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