Related Entries of the International Encyclopedia:

1. 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......
2. State-Controlled Trading Company An instrumentality of a foreign government charged with the exclusive importation or exportation of a specific group of products. Such entities are most common in communist or centrally planned economies.......
3. Caribbean Community and Common Market Caribbean Community and Common Market (CARICOM), organization established in 1973 to promote regional unity and to coordinate economic and foreign policy among Caribbean nations. Member countries include Antigua and Barbuda, Barbados, Belize, Dominica, G......
4. 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 [...]...
5. Mercosur The Mercosur treaty creates something of a free trade zone among countries in the southern part of South America. The related Mercosur organization posts materials in Spanish. For information about Mercosur materials, see A Guide to MERCOSUR Legal Research: Sources and Documents. [...]...
6. 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......
7. 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 [...]...
8. 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 (...
9. 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 [...]...
10. 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......
11. 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 [...]...
12. 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 ......
13. Tie-In Contract An arrangement by which a desired product (tying product) can be purchased only upon agreement to purchase certain other products (tied products). Tie-in contracts are largely forbidden by the antitrust Clayton Act. ......
14. Export Value Summary of Export Value The price at which a foreign manufacturer customarily freely offers for sale a given product for export to the United States in the usual wholesale quantities, less export discounts, packing, and costs of preparing the goods for export. The use of this value [...]...
15. Most-favored-nation A privilege granted to a nation to have customs duties levied upon its products at the lowest rate offered to any other nation. Customarily, the extension of most favored nation status is reciprocal. See tariff (Customs).......
16. Customs Classification Customs Classification and the GATT Policy Negotiations In relation to the GATT Policy Negotiations, Christopher Mark (1993) provided the following explanation and/or definition of Customs Classification: The determination of the appropriate category in which a traded product is classified for [...]...
17. 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......
18. 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......
19. Free Trade Agreement Free Trade Agreement and the GATT Policy Negotiations In relation to the GATT Policy Negotiations, Christopher Mark (1993) provided the following explanation and/or definition of Free Trade Agreement: An agreement between two or more countries establishing a free trade area (FTA)....
20. Customs Clearance In the United States For information about Customs clearance in the context of international trade, click here...
21. Export Subsidy Summary of Export Subsidy A direct payment, tax relief, or other incentive provided by a government to encourage export sales. The use of such devices is apt to be regarded as undesirable by the importing nation and may result in the imposition of Countervailing Duties (read this legal term [...]...
22. 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......
23. Export Management Company A private company that serves as the export department of other firms, usually small- and medium-size manufacturers. An EMC will provide a variety of services for its clients, to include locating customers abroad, arranging transportation and financing for the merchandise, developing foreign [...]...
24. 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).......
25. Trade Creation The substitution of lower- cost foreign goods for higher-cost domestic manufactures.......
26. 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 ......
27. 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......
28. 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 [...]...
29. Caricom Caricom Caricom in International Trade Meaning of Caricom, according to the Dictionary of International Trade (Global Negotiator): The Caribbean Community Market (CARICOM) is an organization of 15 Caribbean nations established in 1973 whose main purposes are to promote economic integration and [...]...
30. Customs Entry Read Entry (Customs) as cross-reference.......
31. 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 [...]...
32. Foreign Assets Control Regulations A pronouncement issued under authority of Section 5 (b) of the trading with the enemy act (read this and related legal terms for further details) that prohibits importation of products manufactured in, or containing comp......
33. 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 [...]...
34. Southern Common Market Southern Common Market in relation with International Trade In the context of trade organizations, Christopher Mark (1993) provided the following definition of Southern Common Market: Mercado Common del Sur (MERCOSUR) or Mercado Comum do Sui (MERCOSUL). A common market including Argentina, [...]...
35. 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......
36. Offshore Trading Company Synonymous with foreign base trading company. See subpart f.......
37. Arab Common Market Arab Common Market Outline The ACM came into existence in 1965, pursuant to an agreement signed in 1964 by the Arab League states. Its initial members included Egypt, Iraq, Jordan, Kuwait, Libya, Mauritania, Palestine Liberation Organisation, Somalia, Sudan, Syria, United Arab Emirates, Yeme......
38. History of Foreign Trade until the 20th Century ContentsHistory of Foreign Trade until the 20th CenturyEmergence of Modern Foreign TradeEarly Advantages of TradeSee Also History of Foreign Trade ... Read more...
39. Export Diversification Summary of Export Diversification The movement of a nation away from the export of a single or limited number of products as the principal source of foreign exchange earnings. Export diversification programs are usually the priority objectives of small or underdeveloped nations, [...]...
40. 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......
41. Spot Market A market for commodities or currency in which the sale results in an immediate or nearly immediate exchange of the goods or instruments for cash, as compared with a futures market, which trades in contracts for the future delivery of the product.......
42. Statutory Rate Of Duty The rate of duty on the given product specified by the Smoot- Hawley Act (read this and related legal terms for further details) of 1930. The rates established by this act are applied to Column 2 countries, i.e., those t......
43. 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.......
44. 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 [...]...
45. Standards Agreement Officially, the Agreement on Technical Barriers of Trade, an understanding among trading nations arising from the Tokyo Round of trade negotiations, signed at Geneva in April 1979, with the object of eliminating so-called technical barriers to trade. U. S. participation in the agreement is authorize......
46. Customs Regulation Market Access: Customs Regulation in International Economic Law In international economic law, market access: customs regulation includes the following legal areas, with coverage in this world legal encyclopedia: li> Harmonised System and Schedules of Concession Modes of Multilateral Tariff [...]...
47. 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......
48. 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......
49. 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).......
50. State Trading Nations State Trading Nations and the GATT Policy Negotiations In relation to the GATT Policy Negotiations, Christopher Mark (1993) provided the following explanation and/or definition of State Trading Nations: Countries that rely on government entities instead of private corporations to conduct their [...]...
51. Customs Territory The geographical area of a country, its possessions, and surrounding waters within which the customs authority is empowered to impose duties and controls upon foreign merchandise entering therein. The customs territory need not necessarily incorporate all the territory over which a nation [...]...
52. Monopolistic Competition A condition in the marketplace wherein there are several producers of a product of a given class, but purchasers perceive differences in quality or value among the products of the various manufacturers, thereby according a unique character to each manufacturer's products. For example, there are ......
53. Oligopsony A market condition in which there are a limited number of buyers of a given product or service.......
54. Caribbean-Canadian Common Market Caribbean-Canadian Common Market (CARIBCAN) and the GATT Policy Negotiations In relation to the GATT Policy Negotiations, Christopher Mark (1993) provided the following explanation and/or definition of Caribbean-Canadian Common Market (CARIBCAN): A non-reciprocal preferential [...]...
55. Trade Act Trade Act in International Trade Meaning of Trade Act, according to the Dictionary of International Trade (Global Negotiator): In U.S. Law legislation granting the President broad authority to enter into international agreement to reduce import barriers. Major purposes are: Protect American [...]...
56. 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......
57. Government Procurement Code A multinational agreement among trading nations, concluded at Geneva in April 1979, opening government purchasing contracts to competitive bids from firms in other signatory nations. The code was adopted by the United States as Title III of the Trade Agreements Act of 1979 and provides that, [...]...
58. Havana Charter Detais can be found in General Agreement on Tariffs and Trade).......
59. Islamic Common Market Islamic Common Market in International Trade Resources See Also Economic Cooperation Organization....
60. Market Access Data Base Market Access Data Base in International Trade Meaning of Market Access Data Base, according to the Dictionary of International Trade (Global Negotiator): Database of the European Union with comprehensive information about tariffs in all countries of the world to European products and [...]...
61. Non-tariff Barriers Non-tariff Barriers (NTBS) in International Trade Meaning of Non-tariff Barriers (NTBS), according to the Dictionary of International Trade (Global Negotiator): Market access barriers that result from prohibitions, restrictions, conditions or specific requirements and make importing products [...]...
62. Consignment Summary of Consignment Goods in transit under a bill of lading (read this and related legal terms for further details)(Main Author: William J. Miller) Consignment in International Trade Meaning of Consignment, according to the Dictionary of International Trade (Global [...]...
63. Customs Invoice Read Invoice as cross-reference.......
64. 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 (...
65. 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).......
66. Andean Community Andean Community, organization of South American countries located along the Andes Mountains, whose aim is to facilitate development of member nations through economic and social cooperation. The Andean Community (also known as the Andean Group) was established in 1969 by authority of an [...]...
67. Bank Export Services Act A 1982 act of Congress that amends Federal banking laws to permit banks to acquire equity, up to 100 percent, in Export Trading Companies. The act forms Title II of the Export Trading Company Act. See export TRADING COMPANY ACT.......
68. Bilateral Restraint Agreement Any agreement, understanding, or program involving governmental authorities, producers, trade associations, or labor unions in one country and their counterparts in another country to control or limit trade in specified products. Generally, such agreements arise where one nation finds that [...]...
69. 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......
70. 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 [...]...
71. Comparative Advantage Revealed Comparative Advantage and International Trade Economy In relation to international trade economy, Christopher Mark (1993) provided the following definition of Revealed Comparative Advantage: A measure of relative competitive performance of a country's exporters of a particular [...]...
72. Customs Trade Regulations Law of Similars and the GATT Policy Negotiations In relation to the GATT Policy Negotiations, Christopher Mark (1993) provided the following explanation and/or definition of Law of Similars: Regulations limiting importation of a product or altering its tariff treatment if a "similar" [...]...
73. Preferences Preferences and the GATT Policy Negotiations In relation to the GATT Policy Negotiations, Christopher Mark (1993) provided the following explanation and/or definition of Preferences: Special trade advantages granted by an importing country to certain trading partners, in contrast to [...]...
74. Carribbean Community And Common Market Commonly known as Caricom, the successor organization to the defunct Caribbean Free Trade Association (Carifta). The object of CARICOM was to stimulate regional development through the adoption of a common external tariff and uniform protectionist measures, harmonization of fiscal affairs, and conce......
75. Duty A tax imposed by governmental authority on goods imported. The amount of the duty imposed on any given article is prescribed in the nation's [...]...
76. 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.......
77. Tokyo Round The seventh, and latest, round of multilateral trade negotiations sponsored by the General Agreement on Tariffs and Trade (read about the GATT for further details). Running from 1973 to 1979, the Tokyo Round resulted in......
78. Trade Facilitation Trade Facilitation in International Trade Meaning of Trade Facilitation, according to the Dictionary of International Trade (Global Negotiator): Removing obstacles to the movement of goods across borders (e.g. simplification of customs procedures). The International Law of Customs: Trade [...]...
79. European Free Trade Association Summary of European Free Trade Association A free trade area consisting of seven European countries among which tariffs and quantitative restrictions on industrial imports have been eliminated. Established in 1960 by the Stockholm Convention, EFTA originally included Austria, Denmark, [...]...
80. 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......
81. 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 (...
82. Commodity Agreement Commodity Agreement and the GATT Policy Negotiations In relation to the GATT Policy Negotiations, Christopher Mark (1993) provided the following explanation and/or definition of Commodity Agreement: A formal international arrangement among exporters and importers of a commodity. Such [...]...
83. 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......
84. 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......
85. Gats Gats in International Trade Meaning of Gats, according to the Dictionary of International Trade (Global Negotiator): The General Agreement on Trade Services is a World Trade Organization agreement that is the first multilateral agreement provide legally enforceable rules covering all [...]...
86. Certification of Origin Certification of Origin Form A in International Trade Meaning of Certification of Origin Form A, according to the Dictionary of International Trade (Global Negotiator): This certificate is a type of Certificate of Origin that allows imports from the countries included in the GSP (General [...]...
87. Grey Market Grey Market in International Trade Meaning of Grey Market, according to the Dictionary of International Trade (Global Negotiator): A situation that consists of unauthorized traders buying and selling a company's product in different countries. Companies confronted with a grey situation can [...]...
88. 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 [...]...
89. 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).......
90. Soft Currency A national currency that, because of exchange controls, is not freely convertible into gold or other currencies. Such controls are usually manifest in officially set rates of exchange that do not reflect the price of the soft currency, were it permitted to trade freely.......
91. Keiretsu A loose coalition of Japanese businesses, usually with equity holdings in one another. The group of companies may span several industries, and strict parent-subsidiary relationships are not usually evident. Mitsubishi, Mitsui, and Yasuda are representative of Japanese keiretsu. The keiretsu [...]...
92. World Trade Organization Unlike GATT, the WTO is a permanent body but not a specialized agency of the United Nations. Introduction to World Trade Organization World Trade Organization (WTO), international body that promotes and enforces the provisions of trade laws and regulations. The World Trade Organization has [...]...
93. Protectionism Protectionism Definition Protectionism may be defined as government policies that favor domestic products over imported goods. The debate between protectionism and free trade has been a continuing issue in United States politics. Meanings For information on: * systematic protectionism [...]...
94. ACP Countries Acp Countries Summary of Acp Countries An acronym for African- Caribbean-Pacific countries. The term originated in conjunction with the LOME CONVENTIONS (read this and related legal terms for further details).(Main Author: William J. Miller) ACP (African, Caribbean, and Pacific) [...]...
95. Association of Natural Rubber Producing Countries See the International Commodity Organization......
96. Balance of Payments Balance Of Payments Summary of Balance Of Payments The sum owed to or by a nation as the result of its international transactions during a given time period, usually one year. The balance of payments is calculated by subtracting the nation's total payments to foreigners from total [...]...
97. Barter Summary of Barter A direct exchange of products without cash. In some cases, a third party is brought into the transaction to dispose of some or all of the goods in a third country; this practice is known as switch trading. See Countertrade.(Main Author: William J. Miller) Barter [...]...
98. Blockade Summary of Blockade An interdiction of maritime traffic to and/or from a given port or nation by the naval forces of another nation. Blockades usually arise out of declared war or other belligerent condition between the country whose area is blockaded and the country whose forces have [...]...
99. Boycott Summary of Boycott A conspiracy or coalition for the purpose of impeding the commerce of another. Boycotts are often attempts to advance political objectives by economic means and fall into two categories; the primary boycott, in which a party to the boycott refrains from trading with the [...]...
100. 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 [...]...
101. Capital Account Entries in a nation's balance of payment accounts reflecting long- or shortterm loans made to other countries, or by other countries to the recording nation. See Balance of Payments.......
102. 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 : [...]...
103. 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 [...]...
104. Certificate of Origin A document presented to customs authorities at the time of importation to authenticate the national origin of merchandise. The certificate is customarily issued by a recognized chamber of commerce or governmental authority in the country of origin.......
105. 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 [...]...
106. Common Carrier Read Carrier as cross-reference......
107. 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 [...]...
108. 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 [...]...
109. 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 [...]...
110. 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 [...]...
111. Current Account Summary of Current Account An entry in a nation's balance of payments accounts reflecting the purchase of goods or services for consumption immediately or in the near future. See Balance of Payments.(Main Author: William J. Miller) Current Account and International Trade [...]...
112. Customs Valuation For importers, the process of estimating the value of a product at customs presents problems that can be just as serious as the actual duty rate charged. The WTO agreement on customs valuation aims for a fair, uniform and neutral system for the valuation of goods for customs purposes — a system that conforms to commercial realities, and which outlaws the use of arbitrary or fictitious customs values. The Committee...
113. Delivery Summary of Delivery The act whereby the owner of a vessel gives operational control over to the charterer.(Main Author: William J. Miller) In the United States For information about Delivery in the context of international trade, click here Delivery in International Trade Meaning [...]...
114. 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 [...]...
115. Discrimination Summary of Discrimination Unequal treatment in the duties, quotas, or administrative controls accorded to the products of one or more nations. Generally speaking, any nation which does not enjoy most FAVORED NATION (read this and related legal terms for further details) status is the subject [...]...
116. Economic Community of West African States Economic Community Of West African States Summary of Economic Community Of West African States An organization of sixteen West African states committed to the elimination of trade barriers among the member states and the promotion of economic development in the region. Formed at Lagos, [...]...
117. 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 [...]...
118. Embargo Summary of Embargo A suspension of trade between nations, usually for political reasons. The term embargo is also applied to a governmental edict prohibiting entry or departure from the nation's ports of vessels flying the flag of a particular country. In those cases where ports are closed [...]...
119. Free Trade Area Summary of Free Trade Area An association of states that seeks to overcome impediments to trade among members by reducing or eliminating tariffs among the participants. The members of a free trade area do not maintain a common external tariff nor do they (usually) provide for the free flow [...]...
120. GATT Accession GATT Accession Summary of GATT Detais can be found in General Agreement on Tariffs and Trade). Accession Process The process was described by Christopher Mark in 1993: "Joining the GENERAL AGREEMENT ON TARIFFS AND TRADE is rarely a simple or straightforward matter --especially if the [...]...