There are multiple ways to explore this glossary:
Agency for International Development - "AID was created in 1961 to administer foreign economic assistance programs of the U.S. Government. AID has field missions and representatives in approximately 70 developing countries in Africa, Latin America, the Caribbean, and the Near East." Website
Barter - Trade in which merchandise is exchanged directly for other merchandise or services without use of money.
Cost of Production - A term used to refer to the sum of the cost of materials, fabrication and/or other processing employed in producing the merchandise sold in a home market or to a third country together with appropriate allocations of general administrative and selling expenses. COP is based on the producer's actual experience and does not include any mandatory minimum general expense or profit as in "constructed value." See: Tariff Act of 1930.
Dairy Export Incentive Program - DEIP, one of four export subsidy programs operated by the Department of Agriculture, helps U.S. exporters meet prevailing world prices for targeted dairy products and destinations. USDA pays cash to U.S. exporters as bonuses, allowing them to sell certain U.S. dairy products in targeted countries at prices below the exporter's costs of acquiring them. DEIP is used to help products produced by U.S. farmers meet competition from subsidizing countries.
Derivatives - Derivatives are leveraged instruments that are linked to either specific financial instruments or indicators (such as foreign currencies, government bonds, share price indices, or interest rates) or to particular commodities (such as gold, sugar, or coffee) that may be purchased or sold at a future date. Derivatives may also be linked to a future exchange, according to contractual arrangement, of one asset for another. The instrument, which is a contract, may be tradable and have a market value. Among derivative instruments are options (on currencies, interest rates, commodities, or indices), traded financial futures, warranties, and arrangements such as currency and interest rate swaps.
Direct Exporting - Sale by an exporter directly to a buyer located in a foreign country.
Direct Investment - Direct investment is defined in the International Monetary Fund's Balance of Payments Manual as "investment that is made to acquire a lasting interest in an enterprise operating in an economy other than that of the investor, the investor's purpose being to have an effective voice in the management of the enterprise." In the United States, direct investment is defined for statistical purposes as the ownership or control, directly or indirectly, by one person of 10 percent of more of the voting securities of an incorporated business enterprise or an equivalent interest in an unincorporated business enterprise. Direct investment transactions are not limited to transactions in voting securities. The percentage ownership of voting securities is used to determine if direct investment exists, but once it is determined that it does, all parent-affiliate transactions, including those not involving voting securities, are recorded under direct investment. See: Foreign Direct Investment in the United States Foreign Person U.S. Affiliate.
Domestic Exports - Exports of domestic merchandise include commodities which are grown, produced, or manufactured in the United States, and commodities of foreign origin which have been substantially changed in the United States, including U.S. Foreign Trade Zones, from the form in which they were imported, or which have been enhanced in value by further manufacture in the United States.
Dumping - Dumping is generally seen as an unfair trading practice. It occurs when a good is sold for less than its "fair value", generally meaning it is exported for less than it is sold in the domestic market or third country markets, or it is sold for less than production cost. Article VI of the GATT permits the imposition of special anti-dumping duties against dumped goods, equal to the difference between their export price and their ''fair value'' in the export market, if dumping causes injury in the importing country. The sale of a commodity in a foreign market at less than fair value. Dumping is generally recognized as unfair because the practice can disrupt markets and injure producers of competitive products in an importing country. Article VI of the GATT permits imposition of antidumping duties equal to the difference between the price sought in the importing country and the normal value of the product in the exporting country. With price-to-price dumping, the foreign producer can use its sales in the high-priced market (usually the home market) to subsidize its sales in the low-priced export market. The price difference is often due to protection in the high-priced market. Price-cost dumping indicates that the foreign supplier has a special advantage. Sustained sales below cost are normally possible only if the sales are somehow subsidized.
Duty - A tax imposed on imports by the customs authority of a country. Duties are generally based on the value of the goods (ad valorem duties), some other factors such as weight or quantity (specific duties), or a combination of value and other factors (compound duties). A tax levied by a government on the import, export or use and consumption of goods.
Embargo - The prohibition of commerce (division of trade) and trade with a certain country, in order to isolate it and to put its government into a difficult internal situation, given that the effects of the embargo are often able to make its economy suffer from the initiative.
Exchange Rate - The price of one currency expressed in terms of another, i.e., the number of units of one currency that may be exchanged for one unit of another currency. Influences on exchange rates include differences between interest rates and other asset yields between countries; investor expectations about future changes in a currency's value; investors' views on the overall quantity of dollar-denominated assets in circulation; arbitrage; and central bank exchange rate support. See: Exchange Rate Classifications. The rate of currency conversion between countries. For example, one American dollar can be hypothetically exchanged for six French francs.
Export Quotas - Specific restrictions or target objectives on the value or volume of exports of specified goods imposed by the government of the exporting country. These restraints may be intended to protect domestic producers and consumers from temporary shortages of certain materials, or as a means to moderate world prices of specified commodities. Commodity agreements sometimes contain explicit provisions to indicate when export quotas should go into effect among producers. Export quotas are also used in connection with orderly marketing agreements and voluntary restraint agreements. Specific restraints imposed by an exporting country on the value or quantity of a good for export purposes.
Export Subsidies - Generally, direct government payments or other economic inducements given to domestic producers of goods that are sold in foreign markets. The GATT recognizes the export subsidies may distort trade, unduly disturb normal commercial competition, and hinder the achievement of GATT fair trade objectives; but it does not clearly define what practices constitute export subsidies. See: Subsidies. Any form of government payment or benefit to an exporter or manufacturing concern contingent upon the export of goods. Under the GATT (Article XVI) subsidies, especially export subsidies, are seen as a tool that distorts the normal behavior of the market. The Tokyo Round produced an agreement on subsidies and countervailing duties that prohibits export subsidies by developed countries on manufactured and semi-manufactured goods.
Foreign Exports - Exports of foreign merchandise (re-exports), consist of commodities of foreign origin which have entered the United States for consumption or into Customs bonded warehouses or U.S. Foreign Trade Zones, and which, at the time of exportation, are in substantially the same condition as when imported.
Foreign Trade Zones - FTZs are the U.S. form of free trade zones. These zones are restricted-access sites in or near ports of entry, that operate under public utility principles to create and maintain employment by encouraging operations in the U.S. which might otherwise have been carried on abroad. Goods brought into a zone for a bona fide Customs reason are exempt from state and local ad valorem tax. The zones are licensed by the Commerce Department's Foreign-Trade Zones Board and operate under the supervision of the Customs Service. Quota restrictions do not normally apply to foreign goods stored in zones, but the Board can limit or deny zone use in specific cases on public interest grounds. Domestic goods moved into a zone for export may be considered exported upon entering the zone for purposes of excise tax rebates and drawback. A foreign trade "subzone" is a non-contiguous zone site located at a manufacturing plant. See: Free Trade Zones.
Free Trade Agreement - An FTA is an arrangement which establishes unimpeded exchange and flow of goods and services between trading partners regardless of national borders. An FTA does not (as opposed to a common market) address labor mobility across borders, common currencies or uniform standards or other common policies such as taxes. Member countries of a free trade area apply their individual tariff rates to countries outside the free trade area.
Free Trade Area - A free trade area is a cooperative arrangement among two or more nations, pursuant to the General Agreement on Tariffs and Trade, whereby trade barriers are removed among the members. The arrangement generally includes a customs union with a common external tariff, although there are exceptions in which members maintain individually separate tariff schedules for external countries.
Free Trade Zones - "Free Trade Zones" (sometimes called "customs free zones" or "duty free zones") is a generic term referring to special commercial and industrial areas at which special customs procedures allow the importation of foreign merchandise (including raw materials, components, and finished goods) without the requirement that duties be paid immediately. If the merchandise is later exported, duty free treatment is given to reexports. The zones are usually located in or near ports of entry. Merchandise brought into these zones may be stored, exhibited, assembled, processed or used in manufacture prior to reexport or entry into the national customs territory. When manufacturing activity occurs in free trade zones, it usually involves a combination of foreign and domestic merchandise, and usually requires special governmental authority. Types of free trade zones include: foreign trade zones (and foreign trade subzones); free ports; and transit zones. See: Drawback Economic Zones Export Processing Zones Foreign Access Zones Foreign Trade Zones Free Ports Free Trade Area Transit Zones.
General Agreement on Tariffs and Trade - The GATT is a binding contract among over 100 governments. GATT was established in 1947 as an interim measure pending the establishment of the International Trade Organization, under the Havana Charter. The International Trade Organization (ITO) was never ratified by Congress. Operating in the absence of an explicit international organization, GATT has provided the legal framework for international trade with its primary mission being the reduction of trade barriers. Headquarters offices are in Geneva, Switzerland. See: Rounds Standards.
General Tariff - A tariff that applies to countries that do not enjoy either preferential or most-favored-nation tariff treatment. Where the general tariff rate differs from the most-favored-nation rate, the general tariff rate is usually the higher rate.
Global Quota - A global quota is a quota on the total imports of a product from all countries.
Gross Domestic Product - A measure of the market value of all goods and services produced within the boundaries of a nation, regardless of asset ownership. Unlike gross national product, GDP excludes receipts from that nation's business operations in foreign countries, as well as the share of reinvested earnings in foreign affiliates of domestic corporations.
Gross National Product - A measure of the market value of goods and services produced by the labor and property of a nation. Includes receipts from that nation's business operation in foreign countries, as well as the share of reinvested earnings in foreign affiliates of domestic corporations.
Import License - A document issued by a national government authorizing the importation of certain goods into its territory. Import licenses are considered to be non-tariff barriers to trade when used as a way to discriminate against another country's goods in order to protect a domestic industry from foreign competition. Each license specifies the volume of imports allowed, and the total volume allowed should not exceed the quota. Licenses can be sold to importing companies at a competitive price, or simple a fee.
Import Quota - A means of restricting imports by the issuance of licenses to importers, assigning each a quota, after determination of the total amount of any commodity which is to be imported during a period. Import licenses may also specify the country from which the importer must purchase the goods.
Import Restrictions - Import restriction, applied by a country with an adverse trade balance (or for other reasons), reflect a desire to control the volume of goods coming into the country from other countries may include the imposition of tariffs or import quotas, restrictions on the amount of foreign currency available to cover imports, a requirement for import deposits, the imposition of import surcharges, or the prohibition of various categories of imports.
Import Substitution - A strategy which emphasizes the replacement of imports with domestically produced goods, rather than the production of goods for export, to encourage the development of domestic industry.
Importer - The U.S. Customs Service defines "importer" as a person primarily liable for the payment of duties on the merchandise, or an authorized agent acting on the importer's behalf. The importer may be: (a) a consignee, (b) the importer of record, or (c) the actual owner of hte merchandise if the actual owner has filed with Customs a declaration acknowledging ownership along with a superseding bond. (See 119 CFR 141.20.) See: Importer of Record.
Imports - Imports of merchandise include commodities of foreign origin as well as goods of domestic origin returned to the United States with no change in condition or after having been processed and/or assembled in other countries. For statistical purposes, imports are classified by type of transaction: - Merchandise entered for immediate consumption. ("duty free" merchandise and merchandise on which duty is paid on arrival); - Merchandise withdrawn for consumption from Customs bonded warehouses, and U.S. Foreign Trade Zones; - Merchandise entered into Customs bonded warehouses and U.S. Foreign Trade Zones from foreign countries.
Intellectual Property Rights - IPR is a generic phrase encompassing intangible property rights, including, among others, patents, trade and service marks, copyrights, industrial designs, rights in semiconductor chip layout designs, and rights in trade secrets.
Inter-American Development Bank - IADB, or IDB, (Spanish: Banco Interamericano de Desarrollo, BID), is a regional financial institution which helps accelerate economic and social development in Latin America and the Caribbean. The Bank was established in 1959 (began operations in October 1960); headquarters are in Washington, D.C. The twenty-eight regional members include: Argentina, Bahamas, Barbados, Belize, Bolivia, Brazil, Canada, Chile, Colombia, Costa Rica, Dominican Republic, Ecuador, El Salvador, Guatemala, Guyana, Haiti, Honduras, Jamaica, Mexico, Nicaragua, Panama, Paraguay, Peru, Suriname, Trinidad and Tobago, United States, Uruguay, and Venezuela. The IDB also includes 16 non-regional members: Austria, Belgium, Denmark, Finland, France, Germany, Israel, Italy, Japan, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, and the United Kingdom. See: Caribbean Development Bank Inter-American Investment Corporation.Website
Inter-American Investment Corporation - The IIC is a multilateral investment corporation that promotes the economic development of the regional member countries by stimulating the establishment, expansion, and modernization of private enterprises, especially those of medium and small scale, in Latin America and the Caribbean. The IIC works directly with private enterprises in these countries and neither seeks nor requires government guarantees. The Corporation makes direct investments such as equity participation, loans and purhcases of debt instruments, as well as direct investment through other financial institutions. The Corporation also finances feasibility studies, underwrites securities, provides technical and managerial assistance, and helps entrepreneurs in mobilizing additional capital. The IIC is affiliated with the Inter-American Development Bank; it was established in 1986; headquarters are in Washington, D.C.
International Agreements - An international agreement is governed by international law; the term refers to a broad classification of legally binding arrangements between states. The arrangements include: treaties, conventions, protocols, annexes, accords, and memoranda of understanding. Other common titles include notes, pact, declaration, statute, constitution and process-verbal.
International Bank for Reconstruction and Development - The International Bank for Reconstruction and Development, a part of the World Bank, was established in December 1945 to help countries reconstruct their economies after World War II. Commonly referred to as the World Bank, the IBRD is an intergovernmental financial institution with the objective of raising world living standards and reducing poverty in developing countries. IBRD assists developing member countries by lending to government agencies and by guaranteeing private loans for such projects as agricultural modernization or infrastructural development. Bank headquarters are in Washington, D.C. See: World Bank. Website
International Development Association - The IDA, a part of the World Bank Group, was created in 1959 (began operations in November 1990) to lend money to developing countries at no interest and for a long repayment period. IDA provides development assistance through soft loans to meet the needs of many developing countries that cannot afford development loans at ordinary rates of interest and in the time span of conventional loans. The Association's headquarters are in Washington, D.C. See: World Bank. Website
International Monetary Fund - The IMF, established in December 1945, promotes international monetary harmony, monitors the exchange rate and monetary policies of member nations, and provides credit for member countries which experience temporary balance of payments deficits. Each member has a quota, expressed in Special Drawing Rights, which reflects both the relative size of the member's economy and that member's voting power in the Fund. Quotas also determine members' access to the financial resources of, and their shares in the allocation of Special Drawing Rights by, the Fund. This is an international financial institution that was created in 1946 after the 1944 Bretton Woods Conference. The purpose of the fund is to assist in the expansion of stable world trade while continuing to monitor exchange rate policies of member countries. As needed, the member countries are able to acquire financial resources to aid their adjustment policies. The IMF, funded through members' quotas, may supplement resources through borrowing. IMF membership is approximately 175 countries. See: Compensatory and Contingency Financing Facility Credit Tranches Enhanced Structural Adjustment Facility Extended Fund Facility General Arrangements to Borrow Reserve Tranche Special Drawing Rights Stand-By Arrangements. Website
Intellectual Property Rights (IPRs) - This is the ownership of the right to possess or otherwise use or dispose of products created by human ingenuity. Trademarks, patents and copyrights are examples of this. There are international organizations which deal solely with intellectual property.
LAFTA - Latin American Free Trade Association
Life-Cycle Processing - An accounting approach in which a company sets product prices based on recovering costs over the life cycle of the product. U.S. authorities dispute the validity of this approach because projections of future yield improvements cannot be verified at the time of dumping calculations.
Maquiladora - The maquiladora (or "in-bond" industry) program allows foreign manufacturers to ship components into Mexico duty-free for assembly and subsequent reexport. Industry established under the maquiladora program is Mexico's second largest source of foreign revenue (following oil exports). The maquiladora programs was established in 1965; in December 1989, the Mexican government liberalized the maquiladora program to make this a more attractive and dynamic sector of the economy. As a result, maquiladora operations may import, duty and import license free, products not directly involved in production, but that support production, including computers and other administrative materials and transportation equipment.
Market Access - Market access refers to the openness of a national market to foreign products. Market access reflects a government's willingness to permit imports to compete relatively unimpeded with similar domestically produced goods. The ability of a domestic industry to penetrate a related market in a foreign country. The extent to which the foreign market is accessible generally depends upon the existence and extent of trade barriers.
Market Disruption - Market disruption refers to the situation which is created when a surge of imports in a given product line causes sales of domestically produced goods in a particular country to decline to an extent that the domestic producers and their employees suffer major economic hardship.
Multilateral Agreement - An international compact in which three or more parties participate.
Multilateral Development Banks - There are five MDBs. See: African Development Bank Asian Development Bank European Bank for Reconstruction and Development Inter-American Development Bank World Bank.
Multilateral Investment Fund - The MIF provides program and project grants to advance investment reform and technical assistance for privatization movements in Latin America and the Caribbean and to encourage domestic and foreign investment in the area. The Fund, an outgrowth of the Enterprise for the Americas Initiative, is administered by the Inter-American Development Bank. MIF was established in January 1993. See: Enterprise for the Americas Initiative.
Multilateral Trade Negotiations - A term describing the eight multilateral rounds of negotiations held under the auspices of the General Agreement on Tariffs and Trade since 1947. Eight rounds of multilateral trade negotiations have been held under GATT auspices since 1947. Each negotiation has had the goal of reducing or eliminating tariffs among signatory countries. The Tokyo and Uruguay Rounds have focused on non-tariff measures as well.
Multinational Corporation - A multinational corporation is a business which owns or controls product or service facilities outside the country in which it is based.
Newly Industrializing Countries - The term, originated by the Organization for Economic Cooperation and Development (OECD), describes nations of the Third World that have enjoyed rapid economic growth and can be described as "middle-income" countries (such as Singapore and the Republic of Korea).
Newly Industrializing Countries (NICs) - A group of developing countries which have reached a relatively advanced stage of economic growth and have experienced high growth rates in recent years. Some of the NICs are Brazil, Hong Kong, Korea, Mexico, Singapore, and Taiwan .
Newly Industrializing Economies - NIE's is a term generally applied to the more advanced developing countries in East Asia. The reference includes Hong Kong, Korea, Singapore, and Taiwan; occasionally its use encompasses other countries as well, such as Indonesia and Thailand.
Non-Market Economy (NME) - An economy where commercial activity is centrally planned. While the GATT has some NME members, it is difficult to enforce the rules since the GATT system is based on market principles.
Non-Tariff Barriers - NTBs are market access barriers that result from prohibitions, restrictions, conditions or specific requirements and make exporting products difficult and/or costly. The term covers any restriction or quota, charge, or policy, other than traditional customs duties, domestic support programs, discriminatory labeling and health standards, and exclusive business practices which limit the access of imported goods. NTBs may result from government or private sector actions. These are measures other than tariffs imposed by governments which restrict imports with or without the intent to do so. Such barriers have become more prevalent since the end of World War II. Since that time, tariff rates have declined significantly while other forms of protection, such as licensing and quotas, have risen.
Non-Tariff Measures - While there is no specific definition of an NTM, some of the most commonly-used NTMs include import quotas or other quantitative restrictions, non-automatic import licensing, customs surcharges or other fees and charges, customs procedures, export subsidies, unreasonable standards or standards-setting procedures, government procurement restrictions, inadequate intellectual property protection, and investment restrictions. Participants in the Tokyo Round attempted to address these barriers through the negotiations of a number of GATT codes, open for signature to all GATT members. Seven codes were negotiated during the Tokyo Round, covering customs valuations, import licensing, subsidies and countervailing duties, antidumping duties, standards, government procurement, and trade in civil aircraft. - Although the Tokyo Round codes had alleviated some of the problems caused by non-tariff measures, overall use of NTMs has increased since conclusion of the Tokyo Round. These differ from NTBs only in that they are actions by governments that may eventual have restrictive implications on goods traded in the world market. Though it cannot always be proven as such, an NTM is perceived as having a restrictive effect.
North American Development Bank - The NADBank, to be capitalized and governed by the United States and Mexico, is intended to provide financing related to the North American Free Trade Agreement. The NADBank will finance projects certified by the Border Environment Cooperation Commission and support for community adjustment and investment. Up to 10 percent of NADBank resources may be made available for community adjustment and investment which need not be in the border region. See: Border Environment Cooperation Commission. Website
North American Free Trade Agreement - NAFTA, which entered into force in January 1994, is a free trade agreement comprising Canada, the United States and Mexico. NAFTA exceeds 360 million consumers and a combined output of $6 trillion --approximately 20 percent larger than the European Community. NAFTA's consumer population is slightly smaller than the European Economic Area which has over 380 million consumers. The Agreement: - Progressively eliminates almost all U.S.-Mexico tariffs over a 10-year period, with a small number of tariffs for trade-sensitive industries phased out over a 15-year period. Mexico-Canada tariffs are also phased out over a 10-year period. Tariff reduction schedules between the United States and Canada negotiated in the Canadian Free Trade Agreement are retained. - Eliminates other barriers to trade such as import licensing requirements and Customs user fees. - Establishes the principle of national treatment, for ensuring that NAFTA-origin products trade between NAFTA countries will receive treatment equal to similar domestic products. - Guarantees service providers of the three countries equal treatment in the NAFTA area, including the right to invest and the right to sell services across borders. - Establishes five basic principles to protect foreign investors and their investment int he free trade area: (a) nondiscriminatory treatment, (b) freedom from performance requirements, (c) free transference of funds related to an investment, (d) expropriation only in conformity with international law, and (e) the right to seek international arbitration f or a violation of the agreement's protections. The Agreement contains special provisions for sensitive economic sectors, including agriculture, automotive products, energy, and textiles and apparel. The Agreement also created a Border Environment Cooperation Commission and a North American Development Bank. See: Border Environment Cooperation Commission North American Development Bank Performance Requirements.
Protectionism - The use of restrictions to discourage imports and artificially help domestic producers compete with foreign suppliers.
Purchasing Power Parity - Purchasing power parity is a theory which states that exchange rates between currencies are in equilibrium when their purchasing power is the same in each of the two countries.
Quotas and Quota System - Absolute quotas permit a limited number of units of specified merchandise to be entered or withdrawn for consumption during specified periods. Tariff-rate quotas permit a specified quantity of merchandise to be entered or withdrawn at a reduced rate during a specified period. Quotas are established by Presidential Proclamations, Executive Orders, or other legislation. The Quota System, a part of Customs' Automated Commercial System, controls quota levels (quantities authorized) and quantities entered against those levels. Visas control exports from the country of origin. Visa authorizations are received from other countries and quantities entered against those visas are transmitted back to them. Control of visas and quotas simplify reconciliation of other countries' exports and U.S. imports. See: International Monetary Fund.
Subsidies - GATT does not directly define subsidies. The U.S. regards a subsidy as a bounty or grant paid for the manufacture, production, or export of an article. Export subsidies are contingent on exports; domestic subsidies are conferred on production without reference to exports. While governments sometimes make outright payments to firms; subsidies usually take a less direct form (R&D support, tax breaks, loans on preferential terms, and provision of raw materials at below-market prices).
Subsidy - There are two general types of subsidies: export and domestic. An export subsidy is a benefit conferred on a firm by the government that is contingent or exports. A domestic subsidy is a benefit not linked to exports, conferred by the government upon a specific industry or enterprise or group of industries or enterprises.
Tariff - A tax assessed by a government in accordance with its tariff schedule on goods as they enter (or leave) a country. May be imposed to protect domestic industries from imported goods and/or to generate revenue. Types include ad valorem, specific, variable, or some combination.
Tariff Quota - A tariff that remains at the same level until a certain quantitative limit (quota) is reached. The duty on imports ports in excess of that level will be higher.
Tariff Quotas - Application of a higher tariff rate to imported goods after a specified quantity of the item has entered the country at a lower prevailing rate.
Unfair Trade Practice - This term refers to any act, policy, or practice of a foreign government that: (a) violates, is inconsistent with, or otherwise denies benefits to the U.S. under any trade agreement to which the United States is a party; (b) is unjustifiable, unreasonable, or discriminatory and burdens or restricts United States commerce; or (c) is otherwise inconsistent with a favorable section 301 determination by the U.S. Trade Representative.
Visa - Visas are required by many countries for entry of a foreigner. A visa is a stamp in a foreign national's passport issued by a U.S. consular officer which creates a legal presumption that there are no apparent reason to deny entry into the U.S. Regardless of the stamp, the final decision to grant admission is made by an officer of the U.S. Immigration Service at the port of entry.
Visa Waiver - A program of selected countries to eliminate the visa requirement on a test basis.
Voluntary Export Restraint - An understanding between trading partners in which the exporting nation, in order to reduce trade friction, agrees to limit its exports of a particular good. Also called voluntary restraint agreement. "Voluntary" export restriction is a government imposed limit on the quantity of goods that can be exported out of a country during a specified period of time.
World Bank - The World Bank is an integrated group of international institutions which provides financial and technical assistance to developing countries. The World Bank includes the International Bank for Reconstruction and Development and the International Development Association. World Bank affiliates, legally and financially separate, include the International Center for Settlement of Investment Disputes, the International Finance Corporation, and the Multilateral Investment Guarantee Agency. World Bank headquarters are in Washington, D.C. Website
World Health Organization - The WHO (French: Organisation Mondiale de la Sante, OMS) is a specialized agency of the United Nations which sets standards for the quality control of drugs, vaccines, and other substances affecting health. WHO was established in July 1946; headquarters are in Geneva, Switzerland. See: Codex Alimentarius Commission. Website
World Trade Organization - Provisions to establish the WTO were reached in the Uruguay Round of the General Agreement on Tariffs and Trade (GATT). The WTO is scheduled to be established no later than 1997 as an international organization of comparable stature to the World Bank and the International Monetary Fund. The Organization is expected to facilitate implementation of trade agreements reached in the Uruguay Round by bringing them under one institutional umbrella, requiring full participation of all countries in one new trading system, and providing a permanent forum to discuss new issues facing the international trading system. The WTO system will be available only to countries which: (a) are contracting parties to the GATT, (b) agree to adhere to all of the Uruguay Round agreements, and (c) submit schedules of market access commitments for industrial goods, agricultural goods, and services. Website
|Keywords:||Glossary definition||Doc ID:||785|
|Owner:||Michel W.||Group:||Dairy Science 375|
|Created:||2010-04-11 19:00 CDT||Updated:||2010-04-13 19:00 CDT|
|Sites:||Dairy Science 375|