Related Entries of the International Encyclopedia:

1. Transaction Value Of Similar Goods Sold An alternative method of valuing goods for customs purposes under the Customs Valuation Agreement (read this and related legal terms for further details).......
2. Column 2 Rate The rate of duty applied by U.S. Customs to imports from nations not enjoying Most Favored Nation (read this and related legal terms for further details) status. The Column 2 rate is the statutory rate of duty provided i......
3. Customs Enforcement Area An area not to extend more than fifty miles seaward, beyond the CUSTOMS WATERS (read this and related legal terms for further details). Within this zone customs officers are authorized to enforce U.S. laws if the preside......
4. Zone Restricted Status A condition accorded to goods entered into a Foreign Trade Zone (read this and related legal terms for further details) solely for destruction or exportation to another country. These goods may not be manipulated or proc......
5. Customs Invoice Read Invoice as cross-reference.......
6. Customs Cooperation Council An international organization established for the purpose of harmonizing the customs procedures and techniques of member countries. The agency is concerned with the mechanics of customs administration and is not involved in matters relating to tariff levels or similar substantive economic [...]...
7. Transaction Value The primary method of valuing goods for customs purposes under the Customs Valuation Agreement (read this and related legal terms for further details).......
8. Developed Countries Summary of Developed Countries A generalized grouping of the industrialized nations. Customarily, the term is applied to those nations that are members of the organization for economic cooperation And Development (read this and related legal terms for further details) plus the [...]...
9. Deductive Value Method An alternative method of valuing goods for customs purposes under the Customs Valuation code (read this and related legal terms for further details).......
10. Transaction Value Of Identical Merchandise An alternative method of valuing goods for customs purposes under the CustomsValuation Agreement (read this and related legal terms for further details).......
11. Tariff (Customs) A document issued by a nation's customs authority principally for the purpose of specifying rates of duty to be applied on various imported products. A tariff customarily also includes quantitative restrictions (quotas) upon certain imports, preferential duties on products imported from specifie......
12. Counterpurchase A form of countertrade (read this and related legal terms for further details) in which two parties agree to purchase specified quantities of merchandise from each other at a fixed price. The effect is that each party si......
13. Graduation Summary of Graduation The act of recognition by the world community that formerly less developed Countries (read this and related legal terms for further details) have undergone sufficient economic development to be regarded as "developed"or industrialized nations. The recognition [...]...
14. Visby Amendment A proposed revision to the Hague Agreement (read this and related legal terms for further details) of 1924 on the liability of ocean carriers for loss and damage to cargo. The Visby Amendment does not contemplate materia......
15. Freely Offered Goods offered in the normal course of trade to all buying on essentially the same basis, e.g., with like prices, terms, discounts, et cetera. Under prior valuation schemes, the value at which the goods were "freely offered" served as the basis for the assessment of customs duties; this con......
16. Fair Market Value The value an imported product would fetch, under similar circumstances of sale, were the goods sold in the country of origin. Customs authorities are usually interested in the fair market value of imported merchandise inasmuch as sales below such value may serve as the basis of a Dumping (...
17. Nonprivileged Foreign Status The condition of imported merchandise entered into a Foreign Trade Zone (read this and related legal terms for further details), other than goods that have been granted privileged foreign status (...
18. Switching Also known as switch trading, a Countertrade (read this and related legal terms for further details) arrangement under which a purchaser in one country assigns to a seller in another country an obligation due from a thir......
19. Customs Transit The condition of merchandise that is transiting the customs territory of a nation without having been released from customs jurisdiction. Goods in customs transit are processed under an in transit entry at the time they enter the United States; the in transit, or I.T., entry is effected by filing wi......
20. Normal Price Within the scope of the Brussels Definition Of Value (read this and related legal terms for further details), the value basis upon which ad valorem duties will be assessed on imports. The normal price is the price the go......
21. Ordinary Course Of Trade A concept routinely applied in customs valuation that holds that the dutiable value of goods is the price at which they would normally sell if customary channels of distribution were observed. For example, where it was industry practice for a product to be sold directly by a manufacturer to an end u......
22. Kyoto Convention An international agreement, sponsored by the Customs cooperation Council (read this and related legal terms for further details), the object of which is to harmonize the methods and procedures of national customs authori......
23. Commonwealth Preference Special preferential rates of duty applied by member states of the British Commonwealth on merchandise imported from other Commonwealth countries. In many cases, duties among Commonwealth members were totally abolished. The accession of Britain into the European Com-munities, coupled with the adopt......
24. Intermediate Goods Synonymous with Intermediate Products (read this and related legal terms for further details).......
25. Nairobi Treaty On The Protection Of The Olympic Symbol An international agreement to protect the Olympic symbol against commercial use without the approval of the International Olympic Committee (IOC). The treaty specifies that adhering states will prohibit use of the Olympic symbol on goods or advertising or as a trademark except under license from th......
26. Nonprivileged Domestic Status The condition of merchandise of U.S. origin entered into a foreign trade zone (read this and related legal terms for further details), other than goods that have been granted privileged domestic STATUS (...
27. Beneficiary Developing Country As provided in Section 501 of the Trade Act of 1974, any nation or possession of a nation authorized by the president to be accorded duty-free entry of merchandise into the United States under the GENERALIZED SYSTEM OF PREFERENCES (...
28. Commercial Risk The risk borne by an exporter that his foreign customer may be unable to pay for merchandise imported under open account terms. Commercial risk is contrasted with political risks, which arise from governmental actions and are unrelated to the financial condition or credit-wor- thiness of the [...]...
29. East- West Trade A general reference to trade between the industrial nations of the West, particularly those nations that are members of the Organization for Economic Cooperation and Development ("https://lawin.org/list-of-international-trade-law-terms/">read this and related legal terms for [...]...
30. National Flag Carrier A common car RIER (read this and related legal terms for further details)-usually a steamship line or an airline- that bears its country's flag and is viewed in the trading community as representing the commercial in......
31. Superdeductive A procedure authorized by U.S. Customs in ascertaining the deductive value of merchandise for assessment of ad valorem duties; deductive valuation is an alternative valuation method specified in the customs valuation agreement (...
32. Findley Amendment An amendment to the AGRICULTURAL TRADE DEVELOPMENT AND ASSIST-ANCE ACT (read this and related legal terms for further details) of 1954 (P.L. 480) that precludes sales of agricultural produce under Title I of the act to a......
33. Mtn Valuation Code An agreement on valuation for customs purposes, more commonly known as the customs valuation agreement (read this and related legal terms for further details).......
34. Reliquidation An amendment of a customs entry Liquidation (read this and related legal terms for further details)......
35. Green Clause A provision in a letter OF CREDIT (read this and related legal terms for further details) similar to a RED CLAUSE (read this and related legal t......
36. Notional Concept Of Valuation An approach to the application of ad valorem duties that holds that duties should be applied upon the price the goods "ought to fetch" under specified conditions; this view was widely held for many years and was embraced in the Brussels Definition Of Value (...
37. Brussels Definition Of Value A system for the valuation of imports for the application of ad valorem duties, adopted in 1953 following attempts to establish a European customs union. The European Customs Union Study Group submitted to the contracting states the Convention on the Valuation of Goods for Customs Purposes, along w......
38. Marking Duties A special duty, in addition to ordinary duties, imposed upon merchandise not properly marked so as to indicate to the ultimate purchaser the country of origin. Section 304 of the Tariff Act of 1930, as amended, requires that the country-of-origin marking be legible, indelible, and permanent. [...]...
39. Public Stores Generally, a warehouse or other facility operated by the Federal government for the storage of contraband, seized merchandise, or goods not released from Federal custody. Under the customs regulations, these storage facilities are operated by government personnel for merchandise not released from cu......
40. Customs Entry Read Entry (Customs) as cross-reference.......
41. Positive Concept Of Valuation An approach to the application of ad valorem duties that holds that duties should be applied upon the actual value of the transaction, as defined by buyer and seller. This view has been substantially fulfilled by the recent adoption of the transaction value basis of valuation in the Customs Valuatio......
42. Common Pricing A feature of the COMMON AGRICULTURAL policy (read this and related legal terms for further details) of the European Economic Community.......
43. Group Of Twenty-Four A block of less developed nations that has called for the allocation of 45 percent of the voting quota at the international Monetary Fund (read this and related legal terms for further details) to Third World nations. Cu......
44. Tokyo Declaration The pronouncement of a 1973 gathering in Tokyo of foreign, finance, and trade ministers of the major industrial nations, meeting to discuss economic and trade problems. The joint communique issued by the ministers called for increased trade through the elimination of tariff and nontariff [...]...
45. Collective Reserve Unit An artificial currency unit proposed in 1965 by Valéry Giscard d'Estaing of France. The cru, as it was known, was to have been linked to gold to create international reserves. The GROUP OF ten (read this and relat......
46. Economic Integration Summary of Economic Integration The process of unifying two or more national economies through conscious coordination of trade, fiscal, and monetary activities. Economic integration is normally preceded by the reduction or abolition of tariffs, quotas, and similar constraints upon trade [...]...
47. Gold Tranche Position A drawing of foreign exchange from the international monetary FUND (read this and related legal terms for further details), by a member nation up to or equal with that country's gold on deposit with the IMF. In effec......
48. Straight Consignment Goods conveyed under a straight, i.e., nonnegotiable, Bill of lading (read this and related legal terms for further details).......
49. General Order A condition imposed upon merchandise that is imported into the customs territory of the United States but that is not promptly cleared through customs. General order merchandise is deposited in an approved warehouse pending disposition. Section 127 of the Customs Regulations governs the [...]...
50. Customs Conventions Contents Customs Conventions Convention on Temporary Admission 26.6.1990 International Convention on the Harmonisation of Frontier Controls of Goods 21.10.1982 Customs ... Read more...
51. Insular Possessions Certain offshore possessions of the United States that are considered to be beyond the Customs Territory (read this and related legal terms for further details). The insular possessions are the Virgin Islands, Guam, Amer......
52. Ata Carnet A document that can be used to effect the temporary admission of certain items into a country without completing normal customs formalities. The ATA is derived from the combination of the French and English terms Admission Temporaire-—Temporary Admission. A carnet is issued by the local [...]...
53. First World Summary of First World A general reference to the industrialized nations of the West, primarily the members of the Organization For Economic Cooperation And Development (read this and related legal terms for further details), but often including other prosperous nations as well. See Second [...]...
54. Quota-Class Merchandise Goods subject to Quota (read this and related legal terms for further details) restrictions.......
55. Contract Shipper A merchant that has executed an Exclusive Patronage Contract (read this and related legal terms for further details) with a shipping conference, thereby agreeing to ship all its goods aboard vessels of steamship lines th......
56. Privileged Domestic Status A condition that may be accorded to merchandise of U.S. origin, or to imported merchandise upon which duties have been paid, that is entered into a foreign Trade Zone (read this and related legal terms for further details...
57. Swapping A form of countertrade (read this and related legal terms for further details) by which the parties trade off goods that each controls at various locations so as to eliminate or mitigate transportation costs.......
58. General Agreements To Borrow An arrangement among the GROUP OF TEN (read this and related legal terms for further details) nations to provide supplemental financing to the International Monetary Fund (...
59. Trade Creation The substitution of lower- cost foreign goods for higher-cost domestic manufactures.......
60. Forty-Forty-Twenty A provision of the Unctad Code Of Conduct For Liner Conferences (read this and related legal terms for further details) that calls for a system of cargo preference in which 40 percent of export cargoes would move on shi......
61. Guatemala Protocol (1971) A modification of the Warsaw Convention (read this and related legal terms for further details) of 1929.......
62. Hague Protocol (1955) A modification of the Warsaw Convention (read this and related legal terms for further details) of 1929.......
63. In-bond The condition of goods that have been temporarily exempted from customs clearance and duties, in lieu of which the importer or custodian of the goods has posted a surety with customs authorities to ensure that the goods will not be released or consumed until formal examination and clearance [...]...
64. Common Financing A feature of the Common Agricultural Policy (read this and related legal terms for further details) of the European Economic Community.......
65. Cross Bill Synonymous with re-draft (read this and related legal terms for further details).......
66. Invisibles Synonymous with Invisible Exports And Imports (read this and related legal terms for further details).......
67. Clause Paramount A provision in an ocean bill of lading that incorporates by reference laws or international agreements into the bill. The term is most commonly used with reference to the enacting clause of the CARRIAGE OF GOODS BY SEA ACT (......
68. Clearing Summary of Clearing An arrangement by which two firms in different countries agree to purchase goods from each other over a specific period of time, thereby balancing out obligations to each other. Clearing is not synonymous with barter, which implies a simultaneous or near simultaneous [...]...
69. Economic Nationalism A conscious, articulated national drive toward economic self-sufficiency. Economic nationalism is comparable to Autarchy (read this and related legal terms for further details) but does not mandate the economic isolation......
70. Webb-Pomerance Act An act of 1918 authorizing exemptions from the Sherman Act (read this and related legal terms for further details) to certain combinations of firms for the purpose of promoting exports. The combinations formed under the ......
71. Central African Customs and Economic Union Central African Customs And Economic Union Central African Customs and Economic Union Outline The Central African Customs and Economic Union (CACEU or UDEAC: Union Douanier et Economique de l'Afrique Centrale) The union came into existence in 1966 pursuant to a treaty signed in 1964 by [...]...
72. Entry of Goods Entry of Goods and the Laws of International Trade Entry of goods: Overview Customs Trade Law The entry process Evidence of right to make entry Entry for consumption Entry documents Surety Entry summary documentation Electronic entry: Automated Commercial [...]...
73. Cash Price The same as SPOT price (read this and related legal terms for further details), as used in grain transactions.......
74. Credit Currency Synonymous with Fiduciary Currency (read this and related legal terms for further details).......
75. Hague Agreement The product of a 1924 conference on ocean carrier liability sponsored by the International Chamber of Commerce. The agreement embraced various defenses to carrier liability for loss or damage to cargo and established a limitation of liability at one hundred pounds sterling (approximately five hundre......
76. Invoice A statement of charges, usually on a preprinted form, given by a seller to a buyer covering a specific transaction. Invoices commonly contain the following data: name and address of purchaser; description of merchandise, including prices; place at which goods were delivered or point to which they we......
77. Unilinear Tariff Synonymous with general TARIFF (read this and related legal terms for further details). Union D'Assureurs Des Credits Inter- Nationaux. The full, formal name of the Berne Union (...
78. Country Controlled Buying Agent A governmental agency or quasi-official corporation that is the sole or primary entity authorized to trade with foreign countries for the purchase of certain goods. Very often the buying agent is also the state monopoly for the sale of such goods within the country.Country controlled buy......
79. Less Than Fair Value An export sale price below that charged on like sales in the country of origin. Such sales are usually regarded as dumping (read this and related legal terms for further details), which may result in the imposition by th......
80. Sacrifice The economic loss sustained when cargo, rigging, or other property is jettisoned or destroyed in the course of saving an imperiled ship; sacrifice losses are usually recoverable in General Average (read this and related lega......
81. Sterling Balances The official reserves of a national monetary authority held in pounds sterling, both in sterling AREA (read this and related legal terms for further details) countries and in others.......
82. United States Trade Representative An office, with ambassadorial rank, created by Congress to direct U.S. trade negotiations during the Kennedy and Tokyo Rounds. Known previously as the special trade representative and the special representative for trade negotiations, the office was reorganized with expanded powers by Executive [...]...
83. Madrid Agreement For The Repression Of False Or Deceptive Indications Of Source On Goods An international agreement, commonly known as the Madrid Union, concluded for the purpose of suppressing false or misleading origin markings on goods sold in international commerce. Adhering states are obligated to seize and deny importation to merchandise bearing false markings indicating origin in......
84. Mart And Countermart letters patent (read this and related legal terms for further details) issued by governmental authority to vessel owners authorizing them to wage war upon national enemies and to derive profit from vessels or goods acqui......
85. Pivot Charge The minimum charge imposed by an air carrier for the use of a Unit Load Device (read this and related legal terms for further details), or air container. The charge is based upon a Pivot Weight (...
86. Quantitative Restriction A limitation on the quantity of a given commodity that may be imported into a country during a specified period of time. A quantitative restriction is manifested as a Quota ("https://lawin.org/list-of-international-trade-law-terms/">read this and related legal terms for further [...]...
87. Respondentia The pledge of cargo by a vessel's master as collateral for a loan to permit the ship to continue on its journey or to make arrangements to forward the goods. The bond so created gives the lender a Maritime Lien (read thi......
88. Sliding Scale Tariff A customs tariff in which rates of DUTY (read this and related legal terms for further details) vary according to the price of a given import. Usually, as the price of the item declines, the duty is reduced. Duties may b......
89. International Commercial Law Sources Legal IssuesInternational commercial law has come from three sources: customs, domestic legislation and international treaties… It is difficult to set out an order of priority among the sources of international commercial law. Generally speaking, an international convention may prevai......
90. Ab Quai Synonymous with AB KAI (read this and related legal terms for further details).......
91. Transit Zone An entry point established by a coastal state for the benefit of a neighboring nation that is landlocked or lacking adequate port facilities for its own trade. Generally a transit zone is cordoned off from the main port facility, and goods passing through the zone are usually exempt from the [...]...
92. Harmonised System of Concession Harmonised System and Schedules of Concession This section provides an overview of harmonised system and schedules of concession within the legal context of Market Access (Customs Regulation) in international economic law (Main Regulatory Areas). Resources Further Reading Davide Rovetta, [...]...
93. Common Market Summary of Common Market A supranational organization of trading nations, created to promote economic collaboration and minimize constraints on the free movement of goods among the member states. Features of a common market include elimination of tariffs on goods moving between member [...]...
94. Compensation Summary of Compensation Trade concessions granted by one nation to another in recompense for other trade concessions that have been withdrawn or suspended.(Main Author: William J. Miller) Forms of Criminal Punishment: Compensation Introduction to Compensation Certain punishments [...]...
95. List of U.S. Court decisions applying NY Convention 1958 Contents Commercial arbitration: United States Court decisions applying New York Convention of 1958 U.S. Court decisions applying New York Convention ... Read more...
96. List of U.S. Cases applying New York Convention 1958 Contents Commercial arbitration: U.S. Cases applying New York Convention 1958 See for previous cases:Commercial arbitration: U.S. Court decisions applying NY ... Read more...
97. Cabotage Summary of Cabotage Literally, coastwise navigation, generally used to denote the proscription of foreign flag vessels in a nation's coastwise trade. Since an act of Congress in 1817 (2 Stat. 351), the coastwise trade of the United States has been reserved exclusively to American [...]...
98. Cartel Summary of Cartel An alliance among firms in the same line of business aimed at controlling or dominating their field on an international basis.(Main Author: William J. Miller) Definition of Cartel In accordance with the work A Dictionary of Law, this is a description of Cartel : [...]...
99. Central American Common Market Summary of Central American Common Market A free trade area among the nations of Central America, established in 1960 by a treaty between El Salvador, Guatemala, Honduras, and Nicaragua. The common market began operations in 1961, and Costa Rica joined the group in 1962. Honduras dropped [...]...
100. Codex Alimentarius A document published by the Codex Alimentarius Commission establishing international standards for raw and processed food products. The commission was established in 1963 by the Food and Agriculture Organization in conjunction with the World Health Organization. Member states of either the FAO [...]...
101. Commodity Summary of Commodity A nondifferentiated product produced with commonly available technology.(Main Author: William J. Miller) The Legal History of Commodity in Islamic Law This section provides an overview of Commodity in Islamic Law Commodity in International Trade Meaning of [...]...
102. Common Carrier Read Carrier as cross-reference......
103. Common External Tariff Summary of Common External Tariff The uniform customs tariff applied by all the member states of a customs union or common market to imports from nonmember nations.(Main Author: William J. Miller) Common External Tariff and the GATT Policy Negotiations In relation to the GATT [...]...
104. Complementary Exporting An arrangement in which a manufacturer markets his products internationally through the distribution channel of another firm, usually a manufacturer of similar but noncompetitive products.......
105. Complementation Agreement An agreement between a commercial entity and two or more governments to reduce or eliminate duties among themselves on specific products produced by the firm in one or more of the signatory states. The object of such an arrangement is to induce a manufacturer to establish a plant in one of the [...]...
106. Conference Summary of Conference An association of steamship lines operating over a specific trade route, formed for the purpose of setting freight rates and service standards to be applied uniformly by all the member carriers. The Shipping Act of 1916 empowers the Federal Maritime Commission to [...]...
107. Confrontation and Justification A mechanism employed during multinational trade negotiations to define the positions of the various national delegations. Typically, each participating nation submits to its trading partners a statement of views, proposed tariff cuts, et cetera. During a series of meetings each nation is [...]...
108. Consortium Summary of Consortium A multiparty commercial undertaking, differing from a joint venture by virtue of the comparatively large number of participants.(Main Author: William J. Miller) Consortium and International Trade Economy In relation to international trade economy, [...]...
109. Consul Summary of Consul A government official sent abroad to a permanent station for the purpose of sustaining trade relations between his home country and the one to which he is accredited. A consul's duties revolve around the day-to-day administration of trade-related activities, including [...]...
110. Contraband Summary of Contraband Goods that are deemed unsuitable for entry into a country and that are subject to interdiction by customs authorities. Persons attempting to enter contraband through customs may be subject to civil and/or criminal penalties, in addition to forfeiture of the [...]...
111. Convention on International Trade in Endangered Species of Flora and Fauna Known commonly by the acronym CITES, a multilateral agreement to suppress international trade in endangered species of wildlife and plants. The convention was signed at Washington in 1973; in 1984, sixty-nine nations were signatories. Adherents to the convention pledge to interdict the [...]...
112. Conventional Duty A customs duty, or rate of duty, arising out of a treaty or other international agreement, as contrasted with an autonomous duty unilaterally imposed by a government absent of any international agreement.......
113. Conventional International Law International law that has arisen as the product of treaties or formal agreements among nations, as compared with international law that has developed through custom and usage over time.......
114. Convertibility Summary of Convertibility The ability of a currency to be exchanged for other currencies in settlement of current account transactions. Currencies are convertible in varying degrees, although the ability of nonresidents freely to purchase and sell a given currency, without governmental [...]...
115. Council of Europe Hello Council Of Europe Summary of Council Of Europe An association of twenty- one European states formed to identify and collectively pursue areas of common interest, and to provide a forum for the articulation of European unity. The council was formed by treaty in London on May 5, 1949; [...]...
116. Countertrade A commercial arrangement in which the buyer pays for his purchases, wholly or partly, with something other than money. Very often countertrade deals include some cash, but a significant portion of the transaction is settled with commodities or services. Countertrade has been employed heavily [...]...
117. Country of Origin For customs tariff purposes, the country in which an imported product was manufactured, grown, or produced. When goods pass through more than one country in the process of manufacture, the country of origin does not change unless the product has been transformed substantially; minor [...]...
118. Customs Valuation Code A uniform system for valuing imports for the application of customs duties. The agreement is a product of the Tokyo Round of multilateral trade negotiations. It provides for five methods of valuing imported merchandise. Transaction value is the price actually paid or payable for the goods, with [...]...
119. Commercial arbitration: U.S. Cases on arbitration Contents Commercial arbitration: United States court decisions on arbitration See: Commercial arbitration: U.S. Court decisions applying NY Convention 1958   ... Read more...
120. Commercial arbitral legislation worldwide Contents Commercial arbitral legislation worldwide This subject of the Encyclopedia covers arbitral law in over 70 countries. This can be ... Read more...