Ultimate Beneficial Owner - The UBO of a U.S. affiliate is that person, proceeding up the affiliate's ownership chain beginning with and including the foreign parent, that is not owned more than 50 percent by another person. The UBO consists of only the ultimate owner, other affiliated persons are excluded. If the foreign parent is not owned more than 50 percent by another person, the foreign parent and the UBO are the same. A UBO, unlike a foreign parent, may be a U.S. person.

Ultimate Consignee - The ultimate consignee is the person located abroad who is the true party in interest, receiving the export for the designated end-use. 

Union Douanire et Economique de l'Afrique Centrale - See: Central African Customs and Economic Union.

Union du Maghreb Arabe - See: Arab Maghreb Union.

Union Internationale des Tlcommunications - See: International Telecommunication Union.

Union Montaire Quest-Africaine - See: West African Monetary Union.

Union of Banana Exporting Countries - The Union (Spanish: Union de Pa¡ses Exportadores de Banano, UPEB) promotes the banana industry among membes. The Union was established in 1974; headquarters are in Panama. Members include: Colombia, Costa Rica, Dominican Republic, Guatemala, Honduras, Nicaragua, Panaman, and Venezuela.

United Nations - The UN is an international organization which was established in 1945 to: (a) maintain international peace and security; (b) develop friendly relations among nations, (c) achieve international cooperation in solving economic, social, cultural, and humanitarian problems and in promoting respect for human rights and fundamental freedoms; and (d) be a center for harmonizing the actions of nations in attaining these common ends. UN membership includes approximately 170 nations. UN headquarters are located in New York City. The UN structure includes six principal organs, specialized agencies, major programs, autonomous agencies, committees, subsidiary organs, and approximately a dozen peace-keeping forces. Some of the specialized agencies and other bodies were established before the UN was created. The six principal UN organs are:

1. The General Assembly (composed of all UN member nations)
2. Security Council
3. Economic and Social Council (ECOSOC)
4. Trusteeship Council
5. International Court of Justice (seated in The Hague, Netherlands)
6. The Secretariat (which provides studies, information, and facilities for UN bodies)

Some of the UN programs and specialized agencies are:

Headquarters

• Food and Agricultural Organization (FAO) Rome, Italy
• International Atomic Energy Agency (IAEA) Vienna, Austria
• International Bank for Reconstruction and Development (IBRD) Washington, D.C.
• International Civil Aviation Organziation (ICAO) Montreal, Canada
• International Development Association (IDA) Washington, D.C.
• International Finance Corporation (IFC) Washington, D.C.
• International Fund for Agricultural Development (IFAD) Rome, Italy
• International Labor Organization (ILO) Geneva, Switzerland
• International Maritime Organization (IMO) London, England
• International Monetary Fund (IMF) Washington, D.C.
• International Telecommunication Union (ITU) Geneva, Switzerland
• United Nations Center for Human Settlements (UNCHS) Nairobi, Kenya
• United Nations Children's Fund (UNICEF) New York City
• United Nations Commission on International Trade Law (UNCITRAL)
• United Nations Conference on Trade and Development (UNCTAD) Geneva, Switzerland
• United Nations Development Program (UNDP) New York City
• United Nations Educational, Scientific, Cultural Organization (UNESCO) Paris, France
• United Nations Environment Program (UNEP) Nairobi, Kenya
• United Nations High Commissioner for Refugees (UNHCR) Geneva, Switzerland
• United Nations Industrial Development Organization (UNIDO) Vienna, Austria
• United Nations Institute for Training and Research (UNITAR) New York City
• United Nations Regional Commissions (part of ECOSOC): 

• Economic Commission for Africa (ECA) Addis Ababa, Ethiopia
• Economic Commission for Europe (ECE) Geneva, Switzerland
• Economic Commission for Latin America and the Caribbean
• (ECLAC) Santiago, Chile
• Economic and Social Commission for Asia and the Pacific (ESCAP)Bangkok, Thailand
• Economic and Social Commission for Western Asia (ESCWA) Amman, Jordan

• United Nations Relief and Works Agency (UNRWA) Vienna, Austria
• United Nations Population Fund (UNFPA) New York City
• United Nations University (UNU) Tokyo, Japan
• Universal Postal Union (UPU) Bern, Switzerland
• World Food Council (WFC) Rome, Italy
• World Food Program (WFP) Rome, Italy
• World Health Organization (WHO) Geneva, Switzerland
• World Intellectual Property Organization (WIPO) Geneva, Switzerland
• World Meterological Organization (WMO) Geneva, Switzerland

See: Food and Agricultural Organization, International Atomic Energy Agency, International Civil Aviation Organization, International Bank for Reconstruction and Development, International Development Association, International Finance Corporation, International Fund for Agricultural Development, International Labor Organization, International Maritime Organization, International Telecommunication Union, United Nations Commission on International Trade Law, United Nations Conference on Trade and Development, United Nations Development Program, United Nations Environment Program, United Nations Fund for Population Activities, United Nations Industrial Development Organization, United Nations Regional Commissions, World Food Council, World Food Program, World Health Organization, World Intellectual Property Organization, 

United Nations Commission on International Trade Law - UNCITRAL was established in 1966 to aid in harmonizing and unifying international trade law. The Commission has focused on four principal international areas: (a) sales of goods, (b) payments, (c) commercial arbitration, and (d) legislation pertaining to shipping. The Commission issues publications and sponsors training in international trade law.

United Nations Conference on Environment and Development - UNCED promotes global cooperation between developing and industrialized countries in planning and managing environmentally responsible development in four major areas: (a) poverty and the environment; (b) growth patterns, consumption standards, demographic pressures and the environment; (c) international economic problems; and (d) policies, institutions, and sustainable development. UNCED was established in December 1989; headquarters are in Conches, Switzerland.

United Nations Conference on Trade and Development - UNCTAD was set up in December 1964 as a permanent organ of the UN General Assembly. UNCTAD promotes international trade and seeks to increase trade between developing countries and countries with different social and economic systems. UNCTAD also examines problems of economic development within the context of principles and policies of international trade and seeks to harmonize trade, development, and regional economic policies. Headquarters are in Geneva, Switzerland.

United Nations Development Program - The UNDP provides multilateral grant technical assistance -- including  expert advice, training, and limited equipment -- to developing countries.  The Program was established in 1965; headquarters are in New York City. 

United Nations Environment Program - The UNEP leads UN environmental activities and assists developing countries in implementing environmentally sound development policies. UNEP produced a worldwide environmental monitoring system to standardize international data. UNEP was established in 1972; headquarters are in Nairobi, Kenya. 

United Nations Industrial Development Organization - UNIDO promotes accelerated commercial development in developing countries and encourages industrial cooperation worldwide. As part of its activities, UNIDO identifies promising entrepreneurs in the developing world to the attention of potential partners in industrialized countries through a network of Investment Promotion Services (IPS). IPS offices  operate in Austria, China, France, Germany, Italy, Japan, Korea, Russia, Switzerland, and the United States (Washington, D.C.) Established in 1967, UNIDO became a specialized agency on the UN in 1986; headquarters are in Vienna, Austria.

United Nations Regional Commissions - There are five UN commissions which promote economic development as a regional commission for the Educational, Scientific, and Cultural Organization (UNESCO):

United States Agricultural Export Development Council - The USAEDC represents the interests of commodity organizations participating in the market development program established by the Foreign Agricultural Service. USAEDC, created in 1954, is composed predominantly of producer and agribusiness oriented non-profit organizations. 

United States-Asia Environmental Program - The US-AEP, announced in January 1992, helps U.S. companies compete in expanding Asian markets for sales of environmental products, services, technologies, and know-how. US-AEP, coordinated by AID, links the efforts of U.S. government agencies in a one-stop service.

United States Council for International Business - USCIB is the American affiliate of the International Chamber of Commerce (ICC), the Business and Advisory Council (BIAC) to the Organization for Economic Cooperation and Development, and the International Organisation of Employers (IOE). The Council advocates U.S. business positions to the U.S. Government, to United Nations bodies, and to other international organizations. The Council administers the ATA Carnet System, which issues and guarantees documents that allow duty-free, temporary importation of merchandise overseas. The Council was established in 1945; headquarters are in New York City.

United States and Foreign Commercial Service - The State Department's Foreign Commercial Service was transferred to Commerce in April of 1980. This group was merged with Commerce's domestic field operations in 1982, creating the U.S. and Foreign Commercial Service. 

United States International Trade Commission - See: International Trade Commission.

United States Price - In the context of dumping investigations, this term refers to the price at which goods are sold in the U.S. compared to their foreign market value. The comparisons are used in the process of determining whether imported merchandise is sold at less than fair value.

United States Travel and Tourism Administration - USTTA is an agency in the Commerce Department; it's principal mission is to implement broad tourism policy initiatives for the development of international travel to the U.S. as a stimulus for economic stability. 

Uruguay Round - See: Rounds.

U.S. Affiliate - A U.S. affiliate is a U.S. business enterprise in which there is foreign direct investment -- that is, in which a single foreign person owns or controls, directly or indirectly, 10 percent or more of its voting securities if the enterprise is incorporated or an equivalent interest if the enterprise is unincorporated. The affiliate is called a U.S. affiliate to denote that the affiliate is located in the U.S. (although it is owned by a foreign person).  See: Foreign Person.

U.S.-Japan Semiconductor Trade Arrangement - See: Semiconductor Trade Arrangement.

U.S. Munitions List - The USML identifies those items or categories of items considered to be defense articles and defense services subject to export control. The USML is similar in coverage to the International Munitions List (IML), but is more restrictive in two ways. First, the USML currently contains some dual-use items that are controlled for national security and foreign policy reasons (such as space-related or encryption-related equipment). Second, the USML contains some nuclear-related items. Under Presidential directive, most dual-use items are to be transferred from the USML to the Commerce Department's dual- use list. State, with the concurrence of Defense, designates which articles will be controlled under the USML. Items on the Munitions List face a stricter control regime and lack the safeguards to protect commercial competitiveness that apply to dual-use items. 

Validated Export License - A document issued by the U.S. government authorizing the export of commodities for which written export authorization is required by law. Two types exist: an Individual Validated License (IVL) and a Special License. 

Value Added Counseling - Valued added counseling is defined as assessing a company's current international business operations and assisting a client in one or more of the following: (a) identifying and selecting the most viable markets; (b) developing an export market strategy; (c) implementing the export market strategy; and (d) increasing market presence. 

Value-Added Tax - A European Community (EC) tax assessed on the increased value of goods as they pass from the raw material stage through the production process to final consumption. The tax on processors or merchants is levied on the amount by which they increase the value of items they purchase. The EC charges a tax equivalent to the value added to imports and rebates value-added taxes on exports.

Value for Customs Purposes Only - The U.S. Customs Service defines "value for Customs purposes only" as the value submitted on the entry documentation by the importer which may or may not reflect information from the manufacturer but in no way reflects Customs appraisement of the merchandise.

Variable Levy - A tariff subject to alterations as world market prices change, the alterations are designed to assure that the import price after payment of the duty will equal a predetermined "gate" price.

Vertical Export Trading Company - An export trading company that integrates a range of functions taking products from suppliers to consumers.

Visa - Visas are required by many countries for entry of a foreigner. A visa is a stamp in a foreign national's passport issued by a U.S. consular officer which creates a legal presumption that there are no apparent reason to deny entry into the U.S. Regardless of the stamp, the final decision to grant admission is made by an officer of the U.S. Immigration Service at the port of entry.

Voluntary Restraint Agreement - Informal bilateral or multilateral understandings in which exporters voluntarily limit exports of certain products to a particular country destination in order to avoid economic dislocation in the importing country and the imposition of mandatory import restrictions. These arrangements do not involve an obligation on the part of the importing country to provide "compensation" to the exporting country, as would be the case if the importing country unilaterally imposed equivalent restraints on imports.  See: Voluntary Export Restriction.

West Africa Economic Community - CEAO (French: Communaut Economique de l'Afrique de l'Ouest), created in 1974, includes: Benin, Burkina Faso, Cote d'Ivoire, Mali, Mauritania, Niger, and Senegal. (Togo has observer status). The CEAO operates as a free trade area for agricultural products and raw materials and as a preferential trading area for approved industrial products, with a regional cooperation tax (TCR) replacing import duties and encouraging trade among members. A Community fund (FOSIDEC) promotes private lender Community participation in advancement of the Community's least developed nations (Burkina Faso, Mali, Mauritania, and Niger). CEAO envisions eventual creation of a customs union and coordination of fiscal policies. Community headquarters are in Ouagadougou, Burkina Faso.

West African Development Bank - The West African Development Bank, WADB, (French: Banque Quest-Africaine de Dveloppement, BOAD) promotes regional economic development and integration in West Africa. The Bank was established in 1973 (began operations in 1976); headquarters are in Lom, Togo. WADB members include: Benin, Burkina Faso, Cte d'Ivoire, Mali, Niger, Senegal, and Togo.

West African Monetary Union - WAMU (French: Union Monetaire Quest Africaine, UMOA) began operation in 1963 and was revised in 1973. The Union comprises seven French-speaking African countries: Benin, Burkina Faso, Cote d'Ivoire, Mali, Niger, Senegal, and Togo which share a: (a) central bank (Banque Centrale des Etats de l'Afrique de l'Ouest) which coordinates the Union's monetary and credit policies; (b) common currency (CFA Franc) which is freely convertible into the French Franc at a fixed parity; and (c) a common regional development bank, the West African Development Bank. WAMU headquarters are in Daka, Senegal.

West Africa Rice Development Association - WARDA conducts research on rice improvement in mangrove swamps, inland swamps, upland conditions, and irrigated conditions. The Association is one of several centers associated with the Consultative Group on International Agricultural Research. WARDA was established in 1970; headquarters are in Bouake, Cte d'Ivoire. Members include 16 West African countries: Benin, Burkina Faso, Chad, Cte d'Ivoire, Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Mali, Mauritania, Niger, Nigeria, Senegal, Sierra Leone, and Togo. See: Consultative Group on International Agricultural Research.

Western European Union - The WEU was created in October 1954 (began operations in May 1955) to promote mutual defense and progressive political unification of its members. The Union, which serves interests between those furthered by the European Economic Community and the North Atlantic Treaty Organization, has faced the need to change and has become focused on three missions: humanitarian aid, peacekeeping, and crisis management and some peace enforcement considerations. Membership, which included Belgium, France, Germany, Italy, Luxembourg, the Netherlands, Portugal, Spain, the United Kingdom, has been increasing toward approximately 40 nations as a result of negotiations on membership or associate status with Greece, Turkey, Norway, Iceland, Denmark, and Ireland. WEU headquarters moved from London, England to Brussels, Belgium in December 1992. 

Wharfage - A charge assessed by a pier or dock owner for handling incoming or outgoing cargo.

With Average - A marine insurance term meaning that a shipment is protected from partial damage whenever the damage exceeds 3 percent (or some other percentage).  If the ship is involved in a major catastrophe, such as a collision, fire or stranding, the minimum percentage requirement is waived and the insurance company pays for all of the damage. See: Marine Cargo Insurance.

Without Reserve - term indicating that a shipper's agent or representative is empowered to make definitive decisions and adjustments abroad without approval of the group or individual represented.

World Bank - The World Bank is an integrated group of international institutions which provides financial and technical assistance to developing countries. The World Bank includes the International Bank for Reconstruction and Development and the International Development Association. World Bank affiliates, legally and financially separate, include the International Center for Settlement of Investment Disputes, the International Finance Corporation, and the Multilateral Investment Guarantee Agency. World Bank headquarters are in Washington, D.C.

World Confederation of Labor - The WCL represents the cultural, economic, political, and social interests of millions of workers in Africa, the Americas, Asia, Europe, and the Middle East. The Confederation was founded in 1920 as the International Federation of Christian Trade Unions (IFCTU .. not to be confused with ICFTU, the International Confederation of Free Trade Unions); headquarters are in Brussels, Belgium.

World Federation of Development Financing Institutions - WFDFI (Spanish: Federacion Mundial de Instituciones Financieras de Desarollo, WFDFI) promotes improved technical operations of, and coordination among, worldwide development banking activities. Federation members include development financing institutions. The Federation was established in 1979; headquarters are in Madrid, Spain.

World Intellectual Property Organization - WIPO (French: Organisation Mondiale de la Proprit Intellectuelle, OMPI) promotes protection of intellectual property around the world through cooperation among states, and administers various "Unions," each founded on a multilateral treaty and dealing with the legal and administrative aspects of intellectual property. The Organization was established in 1967 (came into force in 1970), and became a specialized agency of the United Nations in December 1974; headquarters are in Geneva, Switzerland.

World Trade Organization - Provisions to establish the WTO were reached in the Uruguay Round of the General Agreement on Tariffs and Trade (GATT). The WTO is scheduled to be established no later than 1997 as an international organization of comparable stature to the World Bank and the International Monetary Fund.  The Organization is expected to facilitate implementation of trade agreements reached in the Uruguay Round by bringing them under one institutional umbrella, requiring full participation of all countries in one new trading system, and providing a permanent forum to discuss new issues facing the international trading system. The WTO system will be available only to countries which: (a) are contracting parties to the GATT, (b) agree to adhere to all of the Uruguay Round agreements, and (c) submit schedules of market access commitments for industrial goods, agricultural goods, and services.