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1. Offshore Finance Company Synonymous with Foreign Base Finance Company (read this and related legal terms for further details).......
2. 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......
3. Foreign Trade Antitrust Improvements Act A 1982 act of Congress, constituting Title IV of the export trading company act (read this and related legal terms for further details), which amends the Sherman Act and Federal Trade Commission Act to clarify their inap......
4. 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 (...
5. Devaluation Summary of Devaluation The official reduction of the value of a nation's money in relation to a standard (usually gold), special drawing rights, or the U.S. dollar. Inasmuch as all currencies are ultimately valued in terms of some standard, devaluation results in the conscious increase [...]...
6. 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 (...
7. 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 (...
8. Reciprocal Trade Agreements Program An act of Congress which authorized the president to reduce tariffs in exchange for like concessions by trading partners. The Reciprocal Trade Agreements Act of 1934, enacted as an amendment to the Smoot-Hawley Act (read thi......
9. Threshold Price A minimum import price for commodities established under the common Agricultural Policy (read this and related legal terms for further details) of the European Economic Community, set so as not to hamper sales of EEC pro......
10. Indicative Price Also known as the norm price, the Target Price (read this and related legal terms for further details) for producers of olive oil under the common agricultural policy (...
11. Smithsonian Agreement A largely unsuccessful effort to revive the fixed exchange rate system established by the bretton woods agreement (read this and related legal terms for further details).......
12. 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 (...
13. Green Rate A special rate of exchange used in converting agricultural prices fixed in units of account into national currencies, within the framework of the Common Agricultural Policy (read this and related legal terms for further deta......
14. Tramp A vessel that offers nonscheduled service between such ports as afford cargoes of opportunity. Unlike a Liner (read this and related legal terms for further details), a tramp seeks to acquire a full load from one shipper......
15. Single Market Summary of Single Market A component feature of the Common Agricultural policy (read this and related legal terms for further details) of the European Economic Community.(Main Author: William J. Miller) Single Market and Europe There is an entry on single market in the European [...]...
16. 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......
17. International Reserves Gold, hard currencies, and special drawing rights (read this and related legal terms for further details) issued by the international monetary fund (...
18. Sale At Less Than Fair Value The sale of merchandise to a foreign purchaser at a price below the price that would be charged for a like sale in the home market. Such sales may serve as the basis for an allegation of Dumping (read this and related legal ......
19. Basel Agreement An agreement, concluded April 24, 1972, among members of the European Economic Community for the purpose of narrowing the margins of fluctuation among community currencies. Participants in the agreement were Belgium, Germany, France, Luxembourg, Italy, and the Netherlands. The agreement served as th......
20. 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......
21. Real Property Holding Company A foreign corporation (i.e., not chartered in the United States) in which a Domestic International Sales Corporation (read this and related legal terms for further details), or DISC, controls more than 50 percent of the ......
22. 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......
23. 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......
24. 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......
25. Safeguard Measures Actions taken by a nation to protect its domestic industry and commerce from what it views as unfair or improper practices by a trading partner. For example, a trading partner's use of improper subsidies designed to artificially stimulate exports might result in such safeguard measures as the im......
26. 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......
27. 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 (...
28. Berth No Berth A stipulation that may be included in a vessel charter party (read this and related legal terms for further details) providing that if the point of loading or discharge is a berth, and if the berth is not immediately ava......
29. Turning Point A change in the economy marking transition into the next phase in the Business Cycle (read this and related legal terms for further details).......
30. Invisibles Synonymous with Invisible Exports And Imports (read this and related legal terms for further details).......
31. 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......
32. Trade Act Of 1974 An act that provided the president the negotiating authority essential to participate in the Tokyo Round (read this and related legal terms for further details) of tariff reductions. The act empowered the president to re......
33. 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 (...
34. Withdrawal Price A floor price at which European Economic Community producers of certain food products may withhold their goods from the market. The withdrawal price is generally below the base price (i.e., the target price set for a given commodity) and the purchase price at which EEC governments will intervene in ......
35. Coastwise Option A provision of the carriage OF GOODS BY SEA ACT (read this and related legal terms for further details) (COGSA) which permits COGSA to be incorporated into bills of lading covering shipments in the domestic maritime comm......
36. 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......
37. Cooley Loans Foreign-currency-denominated loans by the U.S. government to foreign nations to permit the purchase of American agricultural commodities. The loans are authorized by an amendment to the Agricultural Trade Development and Assistance Act (...
38. Merchant's Contract In steamship usage, a Loyalty Agreement (read this and related legal terms for further details).......
39. 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 (...
40. Floor In the case of a variable rate loan (read this and related legal terms for further details), a prearranged minimum rate of interest that will be imposed, irrespective of how low the money market index falls.......
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. Warrant A warehouse receipt (read this and related legal terms for further details) containing Trust Receipt ("https://lawin.org/list-of-international-trade-law-terms/">read this and related legal terms for furt......
43. 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 [...]...
44. 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......
45. 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 [...]...
46. 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......
47. Monetary Compensatory Amounts Settlements between member states of the European Economic Community to reflect the market rate of currencies used in agricultural transactions and the periodically revised Green Rate (read this and related legal terms for f......
48. 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 [...]...
49. Berth A stipulation in a vessel charter party (read this and related legal terms for further details) that laytime ("https://lawin.org/list-of-international-trade-law-terms/">read this and related legal terms ......
50. Reconstitution A regulation of the International Monetary Fund (read this and related legal terms for further details) relating to the use of Special Drawing Rights (...
51. Computed Value Method An alternative method of valuing imports for the imposition of ad valorem duties, as provided in the customs VALUATION AGREEMENT (read this and related legal terms for further details).......
52. Subpart F A provision of the Internal Revenue Code (Sections 951-64) that imposes U.S. income taxes on the undistributed earnings of "controlled foreign corporations." Subpart F was incorporated into the Code by the Revenue Act of 1962; prior to that time, earnings by foreign subsidiaries of U.S. fi......
53. Underdevelopment Summary of Underdevelopment A condition in which a nation's per capita real income is significantly below that enjoyed in the industrialized world, and where national income is inadequate to provide the investment capital essential to expand the economy. In addition, most underdeveloped [...]...
54. International Patent Classification Agreement A system for the classification of patents, created to promote uniformity in classifying technological innovations. The International Patent Classification System segments technology into eight categories, with a total of 52,000 subdivisions, each of which consists of Roman letters and Arabic numer......
55. Key Currency The currency of a major trading nation widely accepted in settlement of international accounts. At present, eight currencies are regarded as key currencies and are known as the Big Eight ("https://lawin.org/list-of-international-trade-law-terms/">read this and related legal [...]...
56. Organization For European Economic Cooperation Organization For European Economic Cooperation Summary of Organization For European Economic Cooperation A post-World War II organization established to coordinate the reconstruction of Europe. The OEEC arose in response to an Anglo-French declaration in 1947 calling for European [...]...
57. Column 1 Rate The rate of duty applied by U.S. Customs to imports from nations enjoying Most Favored Nation (read this and related legal terms for further details) status. See TARIFF (CUSTOMS); Tariff Schedules of the United States.......
58. Domestication The process whereby foreign investors are forced, by governmental sanction, to relinquish their control or interest in local enterprises to local nationals. The term can be applied to an Expropriation (read this and related ......
59. 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......
60. Group Of Ten Also known as the Paris Club, the ten principal trading nations. The group, consisting of the United States, Great Britain, Federal Republic of Germany, France, Japan, Italy, Belgium, the Netherlands, Canada, and Sweden, derived the name from a 1962 General Agreement to Borrow signed to make U.S. $6......
61. Yugen Kaisha A form of limited company organization used in Japan for small or family-con- trolled corporations. This form, usually identified by the letters YK, resembles the American dosed corporation and usually includes restrictions on the transfer of stock. A large or public company is usually organized as ......
62. Gold Sterilization A governmental policy to prevent the expansion of a nation's money supply by preventing the accumulation of gold. In the case of a nation on the Gold Standard (read this and related legal terms for further details), ......
63. Gross Terms Synonymous with Gross Charter (read this and related legal terms for further details).......
64. 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......
65. 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).......
66. Snake A medium for the stabilization of the exchange rates of European currencies. In October 1970 the Werner Plan addressed the adoption of a common European currency as a vehicle for the full economic and political integration of Europe. The demise of the bretton woods agreement (...
67. Special And Differential Treatment The concept that developing nations require special consideration in bilateral and multilateral trade negotiations, and that concessions should be granted to the developing nations without reciprocity. Although this concept has been advanced in various individual multilateral trade agreements, the T......
68. Trademark Registration Treaty An international agreement which provides for the protection of trademarks in adhering states by means of a single international filing. The Trademark Registration Treaty (TRT) is similar in many respects to the Madrid AgreementConcerning The International Registration Of Marks (...
69. 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......
70. Financial Accounting Standards Board Statement No 8 A far-reaching and controversial pronouncement by the Financial Accounting Standards Board governing accounting practices used by American firms in transactions involving foreign currencies. The pronouncement, known commonly as FASB 8, came into effect for fiscal years beginning January 1, 1976. Am......
71. 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 [...]...
72. Guest Currency The currency in which a Eurobond (read this and related legal terms for further details) or other financial obligation is issued. The currency is selected to be acceptable to both the foreign borrower and the lender, and......
73. Intervention Price The price at which the European Economic Community, in accordance with the Common Agricultural Policy (read this and related legal terms for further details), will intervene in the market to buy excess agricultural produ......
74. 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......
75. Poultry War Synonymous with Chicken War (read this and related legal terms for further details).......
76. Selective Safeguards In European usage, a synonym for a bilateral restraint agreement (read this and related legal terms for further details).......
77. Trade Barrier Summary of Trade Barrier Constraints upon the exchange of goods among nations imposed by governments; such constraints are manifested in the form of tariffs, quotas, exchange controls, and a variety of so-called nontariff barriers. Barriers usually arise to protect domestic industries, [...]...
78. Mixed Regulations Regulations that require that certain imported raw or processed products be mixed with a specified portion of equivalent domestic products as a condition of sale.......
79. Mixed Enterprise Resources See Also Economy Economic System Legal System Capitalism...
80. Mature Economy A developed economy in which population growth is declining and new capital investment is slowing. Mature economies tend to be highly urban and industrial. Many economists hold that limited new investment in productive capital will, over time, result in economic stagnation and high unemployment.......
81. Articles Of Mixed Status Merchandise manufactured within a foreign trade zone (read this and related legal terms for further details) of components of more than one status. The status of merchandise is the product of several factors. An item in ......
82. Mixed Tariff Mixed Tariff and International Trade Resources See Also compound tariff...
83. Mixed Container Load Mixed Container Load in International Trade Meaning of Mixed Container Load, according to the Dictionary of International Trade (Global Negotiator): A container load with different articles in a single consignment....
84. Mixed Courts Or Tribunals Mixed Courts or Tribunals Embracing mainstream international law, this section on mixed courts or tribunals explores the context, history and effect of the area of the law covered here. Resources Further Reading The entry "mixed courts or tribunals" in the Parry and Grant [...]...
85. Mixed Courts of Appeal The Mixed Court of Appeal (Egypt) Name of this Court The Mixed Court of Appeal (Egypt) is the standarized name of one of the National Courts - see the entries in the corresponding legal Encyclopedia (of this project) about court rules and procedural law for more information on some aspects of [...]...
86. Mixed Action Description of Mixed Action Resources See Also Action...
87. Mixed Agreement Meaning of Mixed agreement Here is a very short concept of mixed agreement in the European Union framework: An agreement falling within the competence both of the EU and of the member states. Resources Notas y References See Also...
88. Mixed Farming Resources See Also Rural Development Rural Community Land Law Farm Agricultural Law Agriculture...
89. Closed Economy The economy of an isolated area that engages in virtually no trade beyond its own borders. This condition is usually the product of geographic remoteness rather than design. See also AUTARCHY.......
90. Nonmarket Economy Essentially, an economy that is centrally planned, i.e., allocation of resources is directed by a governmental authority, rather than by market forces. For purposes of trade reporting and other reasons, the U.S. government defines the following states as nonmarket economies:China Bulgari......
91. Centrally Planned Economy An economy in which basic economic decisions are made by a central planning commission or a similar state agency. Price mechanism does not determine the allocation of resources; instead the planning agency assesses resource availability and reports this to the level of government that determines pri......
92. Command Directed Economy An economy in which the questions of which goods are to be produced, how they will be produced, and who will receive them are established by governmental fiat. See Centrally Planned Economy.......
93. Mixed Theories of Law Contents Mixed Theories of Law Papers and Books Aulis Aarnio (ed.) (1998). On Coherence Theory of Law. Distribution, Akademibokhandeln I ... Read more...
94. Mixed Credits Mixed Credits and the GATT Policy Negotiations In relation to the GATT Policy Negotiations, Christopher Mark (1993) provided the following explanation and/or definition of Mixed Credits: Exceptionally liberal financing terms for an export sale. Ostensibly provided for foreign aid purposes, [...]...
95. Mixed Jurisdictions Contents Mixed Jurisdictions Mixed jurisdictions and mixed legal systems, their characteristics and definition, have become a subject of very considerable ... Read more...
96. Mixed Commercial Tribunals The Mixed Commercial Tribunal of Cairo (Egypt) Name of this Court The Mixed Commercial Tribunal of Cairo (Egypt) is the standarized name of one of the National Courts - see the entries in the corresponding legal Encyclopedia (of this project) about court rules and procedural law for more [...]...
97. Market Economy Resources See Also Economy Economic System Legal System Capitalism...
98. Cultural Political Economy Contents Cultural Political Economy W.H. Sewell argued, in “The Concept(s) of Culture” (in V. Bonnell, and L. Hunt (eds.) Beyond ... Read more...
99. Mixed Legal System Contents Mixed Legal System Legal systems generally are ‘mixed’ in the sense that they have been influenced by a variety ... Read more...
100. History of Mixed Governments History and Theory of Mixed Governments In relation to the history and theory of mixed governments and constitutional law, Cesare Pinelli[1] made the following observation: The concept of mixed government originated in the second century BC with the Greek historian Polybius' attempt to [...]...
101. Economy Related Fields Related topics include: International Economic Law Find this subject in this World legal encyclopedia. Economy Find this subject in this World legal encyclopedia. Foreign Direct Investment Find this subject in this World legal encyclopedia. Economic Law Find this subject in this [...]...
102. Control of the Economy Totalitarianism The Party and its Tools Control of the EconomyIntroduction to Control of the EconomyThe centrally controlled economy enables the totalitarian dictatorship to exploit its population for foreign conquest and world revolution. For example, all resources can be concentr......
103. Political Economy International Political Economy The Study of International Political Economy Liberalism and Mercantilism Introduction to International Political Economy: The Study of International Political Economy Liberalism and Mercantilism Advocates of liberal policies in international economics support [...]...
104. Green Economy Green Economy (in the Human Development Area) In this context, Green Economy means: as one that results in improved human well-being and social equity, while significantly reducing environmental risks and ecological scarcities. A green economy can be thought of as one which is low carbon, [...]...
105. Hidden Economy Resources See Also Economy Economic System Legal System Capitalism...
106. Informal Economy Resources See Also Economy Economic System Legal System Capitalism...
107. Planned Economy Resources See Also Economy Economic System Legal System Capitalism...
108. International Political Economy Introduction to International Political EconomyInternational Political Economy, field of study that deals with the interaction of politics and economics among the world's nations. The most important of these interactions concerns foreign trade. Students of international political econom......
109. Global Political Economy Introduction to International Political Economy The Study of International Political EconomyThe study of international political economy developed rapidly as an academic discipline in the 1980s and 1990s. Scholars in this subject area generally adopt the theoretical perspectives of either ......
110. International Political Economy Theories Introduction to International Political Economy The Study of International Political Economy MarxismThe ideas of 19th-century German philosopher Karl Marx offer a third political approach toward understanding economic behavior and policies. Marxism focuses on the inequality of relationship......
111. International Political Economy Issues Introduction to International Political Economy Future DirectionsSince the end of the Cold War, liberalism has generally prevailed over mercantilism and Marxism in academic and policy debates regarding the international political economy. The global expansion in international trade, busines......
112. International Political Economy Trends Trends in International Political EconomyIntroduction to International Political Economy TrendsSince the end of World War II, the pace of international economic transactions has risen steadily. At the same time, different regions of the world have experienced dramatically uneven pa......
113. Black Economy Black Economy and Europe There is an entry on black economy in the European legal encyclopedia. Resources See Also Further Reading Entry "Black Economy" in the work "A Concise Encyclopedia of the European Union from Aachen to Zollverein", by Rodney Leach (Profile Books; London)...
114. Small Economy Resources See Also Legal System Country Jurisdiction Immigration Consulate...
115. Globalization of the Economy Resources See Also Economic Development Social development...
116. Collective Economy Resources See Also Political Doctrine Economic Doctrine Fundamental Right Doctrine...
117. Dual Economy Resources See Also International Economic Law Economy Foreign Direct Investment Economic Law...
118. Knowledge Economy Resources See Also International Economic Law Economy Foreign Direct Investment Economic Law...
119. Parallel Economy Resources See Also International Economic Law Economy Foreign Direct Investment Economic Law...
120. Rural Economy Resources See Also International Economic Law Economy Foreign Direct Investment Economic Law...