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1. Compensatory Tax A special import levy imposed by the European Economic Community upon certain agricultural imports when the entry price of such products falls below a reference, or minimum target, price and the import is priced so as to reflect an export subsidy. Compensatory taxes are institutionalized in the [...]...
2. 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......
3. Restitutions Export and producer subsidies granted by the European Economic Community to EEC farmers and processors. The subsidies are a feature of the Common Agricultural Policy (read this and related legal terms for further details......
4. Variable Import Levy A duty applicable to imports of certain significant agricultural commodities into the European Economic Community. The Common Agricultural Policy (read this and related legal terms for further details). of the EEC specif......
5. Additional Product Aid A feature of the Common Agricultural Policy of the European Economic Community, which provides price supports to EEC producers affected by import competition. The "community preference" mechanism of the CAP eliminates external competition for most items but does not respond for certain pro......
6. Terms of Trade Summary of Terms of Trade An export-import price ratio derived by dividing indices of export prices by indices of import prices. For example, when export indices are 105 percent of a base period, and import indices are 98 percent of the same base period, then the terms of trade [...]...
7. Common Financing A feature of the Common Agricultural Policy (read this and related legal terms for further details) of the European Economic Community.......
8. Common Pricing A feature of the COMMON AGRICULTURAL policy (read this and related legal terms for further details) of the European Economic Community.......
9. Variable Levy Variable Levy and the GATT Policy Negotiations In relation to the GATT Policy Negotiations, Christopher Mark (1993) provided the following explanation and/or definition of Variable Levy: An import duty that is subject to alteration as world market prices change, designed to ensure that the [...]...
10. 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 [...]...
11. Montant De Soutien A plan devised by the European Economic Community in 1963 as the basis of agricultural trade negotiations during the Kennedy round. The plan is predicated upon a reference price for a given agricultural commodity; any imports below the reference price would incur a levy equal to the spread between t......
12. 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......
13. Financial Solidarity A component principle of the Common Agricultural Policy (read this and related legal terms for further details) of the European Economic Community.......
14. Supplementary Levy An additional tax that may be imposed upon imports of pork, poultry, or eggs into the European Economic Community when the purchase price of such items falls below the Gate Price ("https://lawin.org/list-of-international-trade-law-terms/">read this and related legal terms for [...]...
15. Buyer's Premium A subsidy offered by a member state of the European Economic Community to domestic tobacco processors to encourage the use of EEC, rather than imported, tobaccos. The program, which is a feature of the common AGRICULTURAL POLICY (...
16. Chicken War A protracted dispute between the United States and the European Economic Community arising from the adoption of Europe's COMMON AGRICULTURAL POLICY (read this and related legal terms for further details) on chicken i......
17. 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 ......
18. 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......
19. 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......
20. 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 (...
21. Section 204 A provision of the Agricultural Act of 1956 authorizing the president to negotiate bilateral agreements to limit exports to the United States of "any agricultural commodity or product manufactured therefrom or textiles or textile products." The president is also empowered to take steps to ......
22. 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......
23. Intervention Summary of Intervention A process within the framework of the Common Agricultural Policy (read this and related legal terms for further details) of the European Economic Community whereby the EEC will purchase certain commodities currently selling below a stipulated target price. The price [...]...
24. Trade Agreements Act Of 1979 An act of Congress implementing certain agreements negotiated under the Tokyo Round (read this and related legal terms for further details). The act replaced the Countervailing Duty Law and Antidumping Act of 1921 and ab......
25. 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 [...]...
26. 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......
27. Ocean Freight Differential A sum rep resenting the difference in freight costs associated with moving subsidized agricultural exports on American rather than cheaper foreign vessels. The differential is provided for shipments under the Agricultural Trade Development And Assistance Act (...
28. United States Value A basis for assessing duties predicated upon the wholesale price of the imported product (or a like domestic product if the value of the imported product cannot be ascertained), less normal markups, transportation costs, insurance, and duties. This method of valuation has been supplanted by the cust......
29. 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 (...
30. Oligopoly Summary of Oligopoly Literally, a market in which there are only a few sellers of a given product or service. Under oligopolistic conditions, no one seller can establish market prices, except in concert with the other suppliers; if such concerted action develops, the suppliers are operating [...]...
31. Free Market The economic system of a nation in which market forces determine which goods and services are produced, and at what price they are offered. Free market economies do not contain substantial government controls on resource availability, price levels, or central planning of economic objectives.......
32. 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 (...
33. Ever-Normal Granary An agricultural price stabilization scheme predicated upon the principle that excess output in years of plenty should be taken off the market, to keep farm prices high and to avoid scarcities during periods of agricultural shortfalls.......
34. Market Disruption A condition in which foreign imports of a given product increase in quantity so rapidly as to cause, or threaten to cause, material injury to a competing domestic industry. A finding of market disruption before the International Trade Commission may result in retaliatory actions against the [...]...
35. 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......
36. 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 ......
37. Buffer Stocks Buffer Stocks and International Trade Economy In relation to international trade economy, Christopher Mark (1993) provided the following definition of Buffer Stocks: Commodity stocks managed by countries or international organizations to moderate market price fluctuations. When prices rise [...]...
38. Community Preference Summary of Community Preference A component principle of the Common Agricultural Policy (read this and related legal terms for further details) of the European Economic Community.(Main Author: William J. Miller) Community Preference and Europe There is an entry on community [...]...
39. Current Account Purchases The value of intermediate products in the national production process. An intermediate product is a manufacturing input that has not been converted into a finished product; for example, steel is an intermediate product in the manufacture of an automobile. The value of current account purchases is im......
40. 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......
41. International Reserves Gold, hard currencies, and special drawing rights (read this and related legal terms for further details) issued by the international monetary fund (...
42. Dumping Margin In those instances where a product has been dumped, that is, sold abroad at a price below the fair market value in the country of origin, the dumping margin is the difference between the home market price and the price at which the goods are sold abroad less incidental charges, such as export [...]...
43. Paper Gold A common reference to Special Drawing Rights (read this and related legal terms for further details) issued by the International Monetary Fund.......
44. 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......
45. 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 (...
46. 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......
47. Buffer Stock Summary of Buffer Stock A commodity stockpile controlled by one or more nations for the purpose of stabilizing world prices of that particular commodity. The commodity is released into the market as world prices increase and is purchased for the stockpile as prices decline. The [...]...
48. 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......
49. Economic Union Summary of Economic Union Also known as an economic community, an advanced form of economic integration on the part of several states. The economic union incorporates the features of a Common market (read this and related legal terms for further details)—unrestricted free trade among [...]...
50. 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......
51. 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......
52. Operative Instrument A letter of Credit (read this and related legal terms for further details) transmitted by cable rather than on bank stationery. Customarily a bank may send a telex notification to the beneficiary of the letter of credit ......
53. 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......
54. Fiduciary Currency A currency backed solely by the faith of the government that issues it. The term does not carry the negative import often associated with fiat money (read this and related legal terms for further details). See also Money......
55. Administered Pricing A condition in which the prices of certain goods and/or services are determined by governmental authority, supplier cartels (legal or illegal), or trade associations, and not by market forces. The purpose of administered pricing is to eliminate price competition or to maintain price stability [...]...
56. 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......
57. 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......
58. 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.......
59. Poultry War Synonymous with Chicken War (read this and related legal terms for further details).......
60. 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 [...]...
61. Tariff (Freight) A document issued, usually in booklet form, by a Common Carrier (read this and related legal terms for further details) listing its charges for transportation services. Commonly, the rate, or cost of transportation, vari......
62. 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 ......
63. Import Substitution Summary of Import Substitution The act of eliminating imports of a given product by commencing production locally, often accompanied by controls such as increased duties, quotas, or outright bans to discourage or prevent continued foreign imports. This approach is fairly common on the part [...]...
64. Two-Tier Gold Mart A system under which gold is traded at two distinct prices. A fixed price is set for transactions among governments, while a market price (subject to the supply and demand mechanism) is established for public-sector transactions. This system was reestablished in the United States in 1968. In those c......
65. 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 : [...]...
66. Allocation Cartel An agreement among firms in a particular industry by which each participant is assigned certain customers or areas within which it will be the exclusive or principal supplier.......
67. Compulsory Cartel A cartel formed by or under governmental sanction, adherence to which is required by all firms in the affected industry.......
68. Quota Cartel An agreement among firms in a particular industry by which each participant is assigned a portion of market demand.......
69. Price Supports A program of governmental action designed to stabilize or lift the price that producers receive for their products. These actions may include direct cash payments, government purchase of output to force up market prices, or special financing. Such supports are most commonly applied to agriculture.......
70. Price Base Price or Basic Price and International Trade Resources See Also Further Reading Information related to price in the Max Planck Encyclopedia of International Law(MPEPIL), Germany, United Kingdom Resources See Also Common Agricultural Policy Gate Price and International Trade Resources [...]...
71. Arm's Length Price The price at which a given commodity would sell in a sale between an unrelated buyer and seller. Arm's length pricing is the functional opposite of transfer pricing, in which the buyer and seller are related and the price is influenced by that relationship.......
72. Cash Price The same as SPOT price (read this and related legal terms for further details), as used in grain transactions.......
73. Constructed Price A value for customs purposes that ignores the invoice price of the merchandise but is derived by computing the cost inputs of the product (materials plus reasonable manufacturing expenses in the country of origin plus a profit factor), to which are added the normal costs associated with preparing th......
74. Purchase Price Defined in 19 U.S.C. 162 as the price at which imported merchandise has been purchased, or will be purchased, prior to exportation. It is usually based on the ex factory price excluding any export duties levied in the country of manufacture. Within the framework of the European Economic Community......
75. Spot Price The price of a commodity in the Spot Market (read this and related legal terms for further details), i.e., the price quoted for immediate sale and delivery. ......
76. World Price The price at which a given commodity is selling internationally under market conditions in effect at the time of sale. To provide a valid comparison between prices, the world price quoted must normally include quality, location, and perhaps other factors, depending upon the commodity.......
77. Price Discrimination Price Discrimination and International Trade Economy In relation to international trade economy, Christopher Mark (1993) provided the following definition of Price Discrimination: The practice of charging unequal prices to different buyers of products that are essentially identical, when such [...]...
78. Price Competitiveness Price Competitiveness and International Trade Economy Resources See Also competitiveness...
79. Price Bands Price Bands and the GATT Policy Negotiations In relation to the GATT Policy Negotiations, Christopher Mark (1993) provided the following explanation and/or definition of Price Bands: A form of variable levy linked to a system of domestic price controls. Countries such as Chile and Colombia [...]...
80. Price Undertaking Price Undertaking and the GATT Policy Negotiations In relation to the GATT Policy Negotiations, Christopher Mark (1993) provided the following explanation and/or definition of Price Undertaking: An agreement by an exporting firm with the government of an " importing country to raise the [...]...
81. Price Restrictions In the United States For information about Price restrictions in the context of international trade, click here...
82. Price Differentiation Price Differentiation in International Trade Meaning of Price Differentiation, according to the Dictionary of International Trade (Global Negotiator): Price strategy for international markets that allows each local subsidiary or partner (agent, distributor. etc.) to set a price that is [...]...
83. Price Standardization Price Standardization in International Trade Meaning of Price Standardization, according to the Dictionary of International Trade (Global Negotiator): Price strategy for international markets based on setting a price for the product as it leaves de factory. At its simplest it involves setting [...]...
84. Price Policy Related Fields Related topics include: Economic Development Find this subject in this World legal encyclopedia. Social development Find this subject in this World legal encyclopedia. Price Policy Find this subject in this World legal encyclopedia. Price Control Find this subject in this World [...]...
85. Price Control Resources See Also Price Policy Price Control Pricing Strategy Dumping...
86. Price Stabilization Resources See Also Price Policy Price Control Pricing Strategy Dumping...
87. Price Support Resources See Also Price Policy Price Control Pricing Strategy Dumping...
88. American Selling Price A method formerly employed in the United States to establish the value for duty of a limited number of imported products. Under the ASP scheme, an imported product's value for duty was based upon the selling price of like products manufactured in the United States, irrespective of the price the ......
89. Commodity Price Index An index of prices for a stipulated list of commodities. Prices may be on a spot or futures basis. Customarily, major commodities are traded on exchanges (although there are some exceptions), and price fluctuations can be monitored accordingly. The U.S. Department of Labor maintains an index of twen......
90. Consumer Price Index Summary of Consumer Price Index An index of the retail price of four hundred consumer products and services, computed monthly by the Bureau of Labor Statistics. Formerly known as the Cost of Living Index, the compilation includes retail price inputs of given items from many cities across [...]...
91. Equilibrium Relative Price Of Currencies Synonymous with rate of exchange, i.e., the price, in terms of one national currency, at which another currency can be purchased under market conditions.......
92. Foreign Market Price For purposes of customs valuation comparisons, generally the price of like merchandise sold for consumption in the country of origin.......
93. International Price Index A price index that serves as a standard to measure inflation in industrialized countries. The index consists of the C.I.F. value (in U.S. dollars) of exports of industrial country manufactures to developing countries.......
94. Trigger Price Mechanism A program of import surveillance instituted by the U.S. government in 1977. Under this scheme, a floor price is established for designated import items; this floor is predicated upon the production cost of the most efficient foreign producer, with adjustments for freight and currency [...]...
95. Uniform Delivered Price A single delivered price that is offered to all customers within a defined geographic area, irrespective of the actual cost of delivering the merchandise.......
96. Price-Fixing Agreement Price-Fixing Agreement and International Trade Economy Resources See Also cartel...
97. Adjusted Cif Price A factor in determining the variable import levy imposed by the European Economic Community on grain imports. The adjusted C.I.F. (cost, insurance, and freight) price is derived by assigning a quality factor to grain imported from non-EEC countries so as to put the import on a quality basis comparab......
98. Base Price As used in conjunction with the Common Agricultural Policy of the European Economic Community, a trigger price for specific commodities at which member states will intervene to support the market price of a commodity. Member states may respond to a decline in market prices below the base price by la......
99. Entry Price Under the common agriculture POLICY (read this and related legal terms for further details) of the European Economic Community, the price at which certain imported agricultural products enter EEC commerce. If the entry p......
100. Exercise Price The price at which the holder of an option contract may buy or sell a specified quantity of a given commodity, security, or currency.......
101. Gate Price The minimum price at which pork, poultry, and eggs werw permitted to enter the European Economic Community under the common AGRICULTURAL POLICY (read this and related legal terms for further details) without imposition o......
102. Guide Price As used in conjunction with the European Economic Community's Common Agricultural Policy on cattle and calves, it is synonymous with Orientation Price (read this and related legal terms for further details).......
103. 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 (...
104. 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......
105. 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......
106. Orientation Price As used in conjunction with the Common Agricultural Policy of the European Economic Community it is the target price (read this and related legal terms for further details) for cattle and calves, i.e., the equilibrium pr......
107. Standard Price The target price (read this and related legal terms for further details) for tobacco under the Common Agricultural Policy of the European Economic Community.......
108. Target Price An important concept within the common agricultural policy (read this and related legal terms for further details) of the European Economic Community. It represents an optimum wholesale price within the community for a g......
109. 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......
110. 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 ......
111. Minimum Import Price As used in conjunction with the Common Agricultural Policy of the European Economic Community, Gate price (read this and related legal terms for further details).......
112. Resale Price Method Synonymous with Arm's Length Price (read this and related legal terms for further details).......
113. Net Price Net Price in International Trade Meaning of Net Price, according to the Dictionary of International Trade (Global Negotiator): The price paid or payable after all discounts and rebates have been applied....
114. Going Price Resources See Also Fair market value...
115. Reference Price A mechanism of the Common Agricultural policy (read this and related legal terms for further details) of the European Economic Community designed to prevent disruptive import competition for certain vegetables, fruits, f......
116. Norm Price Norm Price and International Trade Resources See Also Common Agricultural Policy...
117. Strike Price Strike Price in International Trade Meaning of Strike Price, according to the Dictionary of International Trade (Global Negotiator): Price at which the option buyer obtains the right to purchase (call option) or sell (put option) the underlying security or currency....
118. Current Price Resources See Also Current market value Fair market value...
119. Call Price Resources See Also Redemption...
120. Agricultural Price Resources See Also Farming Farm Bill Agricultural Law Agriculture Reform Agriculture...