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Shipping Term

A B C D E F G H I J K L M N O P Q R S T U V W XYZ

Ice Clause - An ice clause is a standard clause in the chartering of ocean vessels. It dictates the course a vessel master may take if the ship is prevented from entering the loading or discharge port because of ice, or if the vessel is threatened by ice while in the port. The clause establishes rights and obligations of both vessel owner and charterer if these events occur.
Import Certificate - The import certificate is a means by which the government of the country of ultimate destination exercises legal control over the internal channeling of the commodities covered by the import certificate.
Import License - A document required and issued by some national governments authorizing the importation of goods.
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 Quota Auctioning - The process of auctioning the right to import specified quantities of quota-restricted 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.
Imports - Imports of merchandise include commodities of foreign origin as well as goods of domestic origin reimported
Imports for Consumption - "Imports for Consumption" measure the total of merchandise that has physically cleared through U.S. Customs either entering consumption channels immediately or entering after withdrawal for consumption from bonded warehouses under Customs custody or from Foreign Trade Zones. Many countries use the term "special imports" to designate statistics compiled on this basis.
In-Flight Survey - The In-Flight Survey is administered to U.S. and foreign travelers departing the U.S. as a means of providing data on visitor characteristics, travel patterns and spending habits, and for supplying data on the U.S. international travel dollar accounts as well as to meet balance of payments estimation needs. The IFS covers about 70 percent of U.S. carriers and 35 percent of foreign carriers, who voluntarily choose to participate. Sample results are expanded to universe estimates to account for nonresponse of passengers on each sampled flight, for coverage of all flights on each major airline route, and for all international routes. The basis for the expansion is the number of passengers departing the United States, obtained from the Immigration and Naturalization Service.
Incoterms - Maintained by the International Chamber of Commerce (ICC), this codification of terms is used in foreign trade contracts to define which parties incur the costs and at what specific point the costs are incurred.
Independent European Program Group - The IEPG is an intergovernmental organization that is not formally part of NATO but whose membership includes all the EC members of the alliance, plus Norway and Turkey. Established in 1976, IEPG's objectives are to promote European cooperation in research, development, and production of defense equipment; improve transatlantic armaments cooperation; and maintain a healthy European defense industrial base.
Indexed Currency Option Note - An ICON is a debt repayment instrument whose value is partially determined by the exchange rate between two currencies. Interest payments, made in one currency, are lowered if the rate of exchange exceeds a pre-arranged rate.
Individual Validated License - An IVL is written approval by which the U.S. Department of Commerce grants permission, which is valid for 2 years, for the export of a specified quantity of products or technical data to a single recipient. IVLs also are required, under certain circumstances, as authorization for the reexport of U.S.-origin commodities to new destinations abroad.
Industrial List - See: International Industrial List.
Industrialization Fund for Developing Countries - The IFU invests in joint venture companies in the developing countries, together with Danish companies. It is a revolving Fund whose resourcs were made available by the Danish government. IFU takes part in joint ventures as a shareholder and can provide loans or guarantees for loans. The Fund was established by Denmark in 1967; headquarters are in Copenhagen. Since 1978, Fund operations have been funded solely from the return on investments in developing countries and from other financial assets, with no public financial subsidy.
Industry Consultations Program - The Industry Consultations Program for Trade Policy Matters is an advisory committee structure created by the Trade Act of 1974; expanded by the Trade Agreements Act of 1979; and amended by the Omnibus Trade and Competitiveness Act of 1988. The program is operated jointly by Commerce and the U.S. Trade Representative. Members of the committees are appointed by the Secretary of Commerce and the U.S. Trade Representative. The present structure consists of 17 Industry Sector Advisory Committees (ISACs), 3 Industry Functional Advisory Committees (IFACs), a Committee of Chairs, and an Industry Policy Advisory Committee (IPAC). The focus of the 3 Functional Advisory Committees are: (1) Customs Matters, (2) Standards, and (3) Intellectual Property Rights. The focus of the 17 Industry Sector Advisory Committees are:1 Aerospace Equipment, 2 Capital Goods, 3 Chemicals and Allied Products, 4 Consumer Goods, 5 Electronics and Instrumentation, 6 Energy, 7 Ferrous Ores and Metals, 8 Footwear, Leather, and Leather Products, 9 Building Products and Other Materials, 10 Lumber and Wood Products, 11 Nonferrous Ores and Metals, 12 Paper and Paper Products, 13 Services, 14 Small and Minority Business, 15 Textiles and Apparel, 16 Transportation, Construction, and Agricultural Equipment, 17 Wholesaling and Retailing See: Advisory Committee on Trade Policy and Negotiations.
Industry Functional Advisory Committee - See: Industry Consultations Program.
Industry Policy Advisory Committee - See: Industry Consultations Program.
Industry Sector Advisory Committee - See: Industry Consultations Program.
Industry Subsector Analysis - As used by the International Trade Administration, an industry subsector analysis is overseas market research for a given industry subsector (such as cardiological equipment for the medical equipment industry) that presents basic information about a foreign market such as market size, the competitive environment, primary end users, best prospects products, and market access information.
Inherent Vice - An insurance term referring to any defect or other characteristics of a product which could result in damage to the product without external cause. Insurance policies may specifically exclude losses caused by inherent vice.
Initial Negotiating Right - A right held by one GATT country to seek compensation for an impairment of a given bound tariff rate by another GATT country. INRs stem from past negotiating concessions and allow the INR holder to seek compensation for an impairment of tariff concessions regardless of its status as a supplier of the product in question.
Inland Bill of Lading - A bill of lading used in transporting goods overland to the exporter's international carrier. Although a through bill of lading can sometimes be used, it is usually necessary to prepare both an inland bill of lading and an ocean bill of lading for export shipments.
Inspection Certification - Some purchasers and countries may require a certificate of inspection attesting to the specifications of the goods shipped, usually performed by a third party. Inspection certificates are often obtained from independent testing organizations.
Instruments of International Traffic - Lift vans, cargo vans, shipping tanks, skids, pallets, caul boards, and cores for textile fabrics, arriving (whether loaded or empty) in use or to be used in the shipment of merchandise in international traffic are designated as "instruments of international traffic" (IIT) within the meaning of section 322(a0, Tariff Act of 1930, as amended. Upon Customs acceptance of a type 3 bond, covering these IIT types, such instruments may be released without entry or the payment of duty, subject to the provisions of 19 CFR 10.41a.
Insurance Certificate - This certificate is used to assure the consignee that insurance is provided to cover loss of or damage to the cargo while in transit.
Integrated Carriers - Carriers that have both air and ground fleets; or other combinations, such as sea, rail, and truck. Since they usually handle thousands of small parcels an hour, they are less expensive and offer more diverse services than regular carriers.
Integrated Tariff of the European Community - TARIC is a publication which presents the regulations pertaining to import of products into the EC as well as for some exports. TARIC adopts the provisions of Community legislation, the harmonized system, and the combined nomenclature (CN).
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.
Intelsat - See: International Telecommunications Satellite Organization.
Inter-American Commercial Arbitration Commission - The IACAC administers a system for arbitrating and conciliating international commercial disputes throughout the Western Hemisphere. The Commission, associated with the Organization of American States, follows provisions of the United Nations Commission on International Trade Law. IACAC was originally established in 1934; headquarters are in Washington, D.C.
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.
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.
Inter-Arab Investment Guarantee Corporation - The IAIGC promotes Arab development by stimulating capital transfers among members, by providing investment risk coverage, and by supporting development studies. The Corporation was established in 1965; headquarters are in Kuwait; nearly all Arab countries are members.
Inter-Governmental Authority on Drought and Development - The IGADD coordinates efforts in its members' region to build food security, stop desertification, and reclaim arid zones for food production. The Authority was formed in 1986; headquarters are based in Djibouti; members include: Djibouti, Ethiopia, Kenya, Somalia, the Sudan, and Uganda. Financing stems primarily from Djibouti and Ethiopia.
Interagency Group on Countertrade - The IGC, established in December 1988 under Executive Order 12661, reviews policy and negotiates agreements with other countries on countertrade and offsets. The IGC operates at the Assistant Secretary level, with the Department of Commerce as chair. Membership includes 11 other agencies: Agriculture, Defense, Energy, Justice, Labor, State, Treasury, the Agency for International Development, the Federal Emergency Management Agency, the U.S. Trade Representative, and the Office of Management and Budget.
Interbank Offered Rate - IBOR is the rate of interest at which banks lend to other prime banks. Terms are established for the length of loan and individual foreign currencies. A number of financial centers offer an IBOR, including: Abu Dhabi (ADIBOR), Bahrain (BIBOR), Brussels (BRIBOR), Hong Kong (HKIBOR), London (LIBOR), Luxembourg (LUXIBOR), Madrid (MIBOR), Paris (PIBOR), Saudi Arabia (SAIBOR), Singapore (SIBOR), and Zurich (ZIBOR). See: London Interbank Offered Rate.
Interest Rate Swaps - See: Swaps.
Intermediate Consignee - An intermediate consignee is the bank, forwarding agent, or other intermediary (if any) that acts in a foreign country as an agent for the exporter, the purchaser, or the ultimate consignee, for the purpose of effecting delivery of the export to the ultimate consignee.
Intermediate Credit Guarantee Program - See: Export Credit Guarantee Programs.
Intermodal Container Transfer Facility - ICTF is a site where cargo is transferred from one form of transit to another, such as rail to ship.
International Accounting Unit - NATO infrastructure projects are usually denominated in International Accounting Units. The IAU is a unit of measure based on the exchange rates of the 16 NATO member countries and is reevaluated every six months.
International Accreditation Forum - The IAF, created in January 1993, is a group of international accreditation bodies which has joined together to promotion international recognition of accreditation for quality systems (ISO 9000) registrars. Signatories include representatives of accrediting bodies in Australia, Canada, Japan, Mexico, the Netherlands, New Zealand, and the United States.
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. The title is not a controlling factor in making distinctions among arrangements. Some titles are not used consistently; and titles are often used as synonyms, with subtlety in differentiation and resulting in an inability to apply certitude in definition. In this context, the following general characteristics apply: - Treaties are international agreements and are equivalent to conventions. The Vienna Convention on the Law on Treaties defines a treaty as "an international agreement concluded between States in written form and governed by international law, whether embodied in a single instrument or in two or more related instruments and whatever its particular designation." In its restricted sense in the United States, a treaty denotes an international agreement made by the President with the advice and consent of the Senate in accordance with Article II, section 2 of the Constitution. During a year, the U.S. may be a signatory to approximately 400 international agreements; only about a dozen are treaties. Under U.S. law a treaty (or other international agreement, however designated) becomes the law of the land and is binding on federal, state and local government. This is not always the case in other nations which may require legislative action before a treaty takes the same effect as domestic law. The term "plurilateral" is sometimes used to differentiate between a treaty embracing a restricted number of states in contrast with "multilateral" as a reference to a treaty which is open to all nations. - Conventions are essentially the same as treaties. In the 1980s and beyond, the term convention has been used more in connection with multilateral, than bilateral, arrangements. Depending on the nature of the convention, the President may or may not consult the Senate. - Protocols may be any sort of international agreement. A protocol can stand alone or, more generally, it may be a supplementary agreement, or an amendment, of some sort. - Annexes are subsidiary agreements which are additional to a previously established arrangement. However, there is flexibility; the General Agreement on Tariffs and Trade (GATT) uses the term "annex" to indicate a free-standing agreement. - Accords are further from treaties than conventions. If there is any distinction to be made, an accord may suggest a non-binding agreement; there are exceptions. - Memoranda of Understanding are very detailed documents devised by Executive Branch agencies (such as aviation or major fishery agreements). An MOU may be less significant; it takes into account U.S. practice and the requirements of the other government. When a treaty or an executive agreement is first published by the United States, it is assigned a TIAS number and published in slip form in the Treaties and other International Acts Series. TIAS, published by the Department of State, is a series of individual pamphlets.
International Agricultural Research Centers - See: Consultative Group on International Agricultural Research.
International Air Transport Association - IATA, established in 1945, is a trade association serving airlines, passengers, shippers, travel agents, and governments. The association promotes safety, standardization in forms (baggage checks, tickets, weigh bills), and aids in establishing international airfares. IATA headquarters are in Geneva, Switzerland.
International Anticounterfeiting Coalition - The IACC, founded in 1978, is a non-profit organization located in Washington, D.C. The IACC seeks to advance intellectual property rights (IPR) protection on a worldwide basis by promoting laws, regulations, and directives designed to render theft of IPR unattractive and unprofitable.
International Atomic Energy Agency - The IAEA, a specialized agency of the UN, is the primary international organization that enforces a system of safeguards to ensure that non-nuclear weapons states do not divert shipments of sensitive nuclear-related equipment from peaceful applications to the production of nuclear weapons. Before a supplier state of nuclear materials or equipment may approve an export to a non-nuclear weapons NPT (Nuclear non-Proliferation Treaty) signatory state, it must receive assurances that the recipient will place the material under IAEA safeguards. Subsequent to shipment, the recipient state must allow IAEA officials to verify the legitimate end use of the exported materials or equipment. IAEA, established in July 1957, gives advice and technical assistance to developing countries on nuclear power development, nuclear safety, radioactive waste management, and related efforts. Safeguards are the technical means applied by the IAEA to verify that nuclear equipment or materials are used exclusively for peaceful purposes. IAEA headquarters are in Vienna, Austria.
International Atomic Energy List - The International Atomic Energy List is one of three lists maintained by CoCom. The AEL, comprising strictly nuclear-related items that are also of commercial value, consists of: materials, facilities, nuclear-related equipment, and software. State, which has the lead in U.S. negotiations concerning the AEL, relies on DOE experts.
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. 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.
International Banking Act - The IBA, passed in 1978, established a federal legislative framework for governing the activities of foreign banks, which previously had been governed only by state laws. The IBA established a policy of national treatment for U.S. offices of foreign banks by: (a) limiting any new multistate branching activities to activities more comparable to those of U.S. banks; (b) placing the foreign bank offices under the same reserve requirements that apply to U.S. banks; (c) limiting foreign bank involvement in U.S. securities; and (d) making federal deposit insurance available to U.S. offices of foreign banks if they chose to engage in retail banking. See: Foreign Bank Supervision Enhancement Act.
International Banking Facility - An IBF is one of four categories of foreign banking in the United States. An IBF may be a domestic bank or an office of a foreign bank. In either circumstance, the IBF maintains asset and liability accounts that are segregated from domestic activity and limited to financing international trade. IBFs are exempted from such requirements as: reserve levels and obligations to make some insurance premiums. In the U.S., eligibility requirements limit IBFs to business with other IBFs and with non-U.S. residents. U.S. banks may structure operations to draw foreign customer deposits and loans to their domestic offices. See: Offshore Banking Unit.
International Business Opportunities Service - IBOS is a World Bank subscription package which includes information on upcoming projects and business opportunities. The Service includes: (a) the Monthly Operational Summary (MOS) listing all projects in the pipeline; (b) Technical Data Sheets (TDS), published for each approved loan, listing identifying information, procurement methods, cofinancing and similar data; (c) general procurement notices, issued for projects involving international competitive bidding; (d) specific procurement notices describing specific items to be procured and bidding requirements; and (e) major contract award notices identifying successful bidders for contracts which were recently awarded. See: International Competitive Bidding Limited International Bidding Local Competitive Bidding.
International Cargo Handling Coordination Association - The ICHCA: (a) collects, edits, and disseminates technical information relating to cargo handling by all modes of transport; (b) maintains consultative status with the International Standards Organization for the development of standards relating to cargo handling equipment (such as hooks, containers, wire slings, spreaders, and pallets); (c) maintains a library for members' use; and (d) represents members' interests on an international basis. There is an ICHSA U.S. National Section. The ICHCA Secretariat General is in London, England.
International Centre for Settlement of Investment Disputes - ICSID, an affiliate of the World Bank, is a public international organization which provides facilities for the conciliation and arbitration of investment disputes between Contracting States and nationals of other Contracting States. The Centre's objective is to promote an atmosphere of mutual confidence between States and foreign investors conducive to increasing the flow of private international investment. The Centre does not itself engage in conciliation or arbitration but assists in the initiation and conduct of conciliation and arbitration proceedings. Recourse to conciliation and arbitration under the ICSID Convention is entirely voluntary. However, once the parties have consented, they are bound to carry out their undertakings and, the case of arbitration, to abide by the award. All Contracting States, whether or not parties to the dispute, are required to recognize awards rendered pursuant to the Convention as binding and to enforce the pecuniary obligations imposed thereby. The Centre also conducts and publishes research in foreign investment law. ICSID was created under a treaty, the Convenion on the Settlement of Investment Disputes Between States and Nationals of Other States (the ICSID Convention) which entered into force in October 1966. The Centre's headquarters are in Washington, D.C. See: World Bank.
International Chamber of Commerce - ICC was created in 1919 to promote free trade, private enterprise, and represent business interests at national and international levels. Members include national councils from sixty countries. ICC headquarters are in Paris, France.
International Civil Aviation Organization - The ICAO is an United Nations specialized agency which promotes international cooperation in civil aviation. The ICAO Council adopts standards and recommended practices concerning air nagivation, prevention of unlawful interference, and facilitation of border-crossing procedures for international civil aviation. Operating since 1947, ICAO includes almost all U.N. members. Headquarters are in Montreal, Canada.
International Coffee Agreement - An agreement signed by 67 countries, representing all of the world's major exporters and importers of coffee. The International Coffee Organization, ICO, acted as a forum for market participants since the early 1960s, but has not regulated markets since July 1989, when consuming and exporting country members were unable to agree on export quotas. Since suspending export quotas, the ICO has been acting mainly as a center for meetings and as a collector of statistics on the coffee market. The forum scheduled a September 1994 decision on future directions for the ICO. The Association of Coffee Producing Countries, a new pact comprising 28 members which account for 85 percent of world coffee exports, has been seeking to strengthen world prices through an export-retention plan.
International Commodity Agreement - An ICA is an international understanding, usually reflected in a legal instrument, relating to trade in a particular basic commodity, and based on terms negotiated and accepted by most of the countries that export and import commercially significant quantities of the commodity. Some commodity agreements (such as exists for coffee, cocoa, natural rubber, sugar, and tin) center on economic provisions intended to defend a price range for the commodity through the use of buffer stocks or export quotas or both. Other commodity agreements (such as existing agreements for jute and jute products, olive oil, and wheat) promote cooperation among producers and consumers through improved consultation, exchange of information, research and development, and export promotion.
International Competitive Bidding - ICB is one of several forms of procurement made with World Bank financing. While the World Bank provides financing from its loans for the contracts and ensures that agreed procurement procedures are observed, the borrower, not the World Bank, is always responsible for procurement. ICB requires that: (a) all goods or works to be procured through ICB be internationally advertised through the United Nations (in the publication: Development Business) and at least one major local newspaper; (b) bids be entertained in the bidder's or other currencies in which expenses would normally be occurred on in an international currency specified by the borrower; (c) payments be made in the currencies in the bids, without requirement to accept any portion of payment in countertrade; (d) documents be in an international language (English, French, or Spanish); (e) bids be openly reviewed; and (f) contracts be awarded to the lowest evaluated responsive bid. ICB permits a margin of preference to be given to domestic goods and, under certain conditions, to domestic contracting services in developing countries. See: International Business Opportunities Service Limited International Bidding Local Competitive Bidding.
International Confederation of Agricultural Credit - See: Confederation Internationale du Credit Agricole.
International Confederation of Free Trade Unions - ICFTU was established in 1949 to promote the trade union movement by recognizing workers' organizations and through other means of support for the rights of workers to bargain. Members include more than 140 national organizations from nearly 100 countries. ICFTU organizes and educates free trade unions in the developing world primarly through its three regional organizations: APRO for Asia and the Pacific located in New Delhi, India; AFRO in Afria, and ORIT in Latin America, located in Mexico City. ICFTU headquarters are in Brussels, Belgium.
International Congress Office - The ICO is a U.S. Travel and Tourism Administration office that persuades international associations to select the U.S. as venues for their meetings. The ICO operates out of the American Embassy in Paris.
International Convention on the Simplification and Harmonization of Customs Procedures - This Convention, developed by the Customs Cooperation Council, seeks to foster international trade and cooperation by simplifying and harmonizing customs procedures and operations. (The term "customs procedure is not used in the narrow sense of the treatment assigned to imported goods; it covers all provisions relating to a particular sphere of customs activity.) The Convention (also known as the "Kyoto Convention") was adopted in May 1973 in Kyoto, Japan as a core legal instrument with three original annexes on customs procedures. Nearly thirty additional annexes (each covering a different area of customs procedures and operations) have since been created. To ensure worldwide harmonization, the convention is also open to non-members of the CCC which are state members of the United Nations or its specialized agencies. A country is only required to accept the convention itself and at least one of the annexes to become a contracting party. (When the U.S. became party to the Covnention, effective January, 1984, it accepted twenty of the annexes and entered certain reservations with respect to some of their provisions.) The annexes contain definitions, standards, and recommended practices; and countries can reserve against any standard or recommended practice in a particular annex. There is also a provision obligating countries to review their national legislation every three years to determine if reservations can be removed. See: Customs Cooperation Council.
International Council of Scientific Unions - The International Research Council (a predecessor organization to ICSU) was created in 1919 to coordinate international activity in the different branches of science and their applications. ICSU, founded in 1931, is a non-governmental organization with two categories of members: (a) national, multidisciplinary scientific academies or research councils which promote cooperation and research and (b) international organizations which promote cooperation in a single field of science (scientific unions). A small headquarters office is in Paris, France. The Council seeks to break the barriers of specialization through international interdisciplinary programs and research bodies.
International Court of Justice - The ICJ, established in 1945, is the principal judicial organ of the UN. The ICJ decides cases submitted to it by states and gives advisory opinions on legal questions submitted to it by the General Assembly or Security Council or by UN specialized agencies. The court is composed of 15 judges elected by the General Assembly and the Security Council from a list of persons nominated by the national groups in the Permanent Court of Arbitration. The seat of the Court is in The Hague, Netherlands.
International Data Base - The IDB, which is maintained by the Center for International Research, is an automated data bank containing statistical tables of demographic, economic, and social data for all countries of the world. Data categories include: population; vital statistics; health and nutrition; fertility, migration; foreign-born and refugee statistics; provinces and cities; marital status; family planning; ethnic, religious and language groups; literacy and education; labor force, employment, income and gross national product; and household size and housing indicators. IDB data users include the U.S. government, private firms, research institutions, and international organizations. See: Center for International Research.
International Depository Receipt - An IDR is a negotiable bank-issued certificate representing ownership of stock securities by an investor outside the country of origin. The securities backing the receipt remain in the custody of the issuing bank or a correspondent.
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.
International Electrotechnical Commission - The International Electrotechnical Commission was established in 1906 to deal with questions related to international standardization in the electrical and electronic engineering fields. The members of the IEC are the national committees, one for each country, which are required to be as representative as possible of all electrical interests in the country concerned: manufacturers, users, governmental authorities, teaching, and professional bodies. They are composed of representatives of the various organizations which deal with questions of electrical standardization at the national level. Most of them are recognized and supported by their governments.
International Emergency Economic Powers Act - The International Emergency Economic Powers Act (IEEPA) was enacted in 1977 to extend emergency powers previously granted to the President by the Trading with the Enemy Act of 1917 (which still authorized the President to exercise extraordinary powers when the United States is at war). IEEPA enables the President, after declaring that a national emergency exists because of a threat from a source outside the United States, to investigate, regulate, compel or prohibit virtually any economic transaction involving property in which a foreign country or national has an interest.
International Energy Agency - The IEA was founded in 1974 as a forum for energy cooperation among 21 member nations. The IEA helped participating countries prepare to reduce the economic risks of oil supply disruptions and to reduce dependence on oil through coordinated and cooperative research efforts.
International Executive Service Corps - The IESC is a non-profit, Agency for International Development-funded organization which recruits retired U.S. executives and technical advisers to counsel businesses in developing nations on a volunteer basis. IESC's program includes short-term technical and managerial assistance and long-range trade and investment services. IESC was founded in 1964; headquarters is in Stamford, Connecticut.
International Exhibitions Bureau - The IEB governs the frequency of international exhibitions and oversees the guarantees and facilties which the host nation is required to offer. By agreement, member states may mount international exhibitions only after the events have been registered with IEB. Member states are also precluded from participating in exhibitions in non-member states in the absence of agreement by the Bureau. IEB, originally created in in 1928, was revised in 1972; headquarters are in Paris, France.
International Finance Corporation - The IFC was established in 1956 as a member of the World Bank Group. The IFC promotes private sector investment in developing countries. The IFC charges market rates and seeks profitable returns. See: Africa Enterprise Fund Africa Project Development Facility African Management Services Company Caribbean/Central America Business Advisory Service World Bank.
International Frequency Registration Board - The IFRB (French: Comite International d'Enregistrement des Frequences) is an organizational entity under the International Telecommunication Union (ITU). Located in Geneva, IFRB is composed of five full-time elected officials with a rotating chairmanship. IFRB maintains the International Frequency Register, monitors and analyzes all ITU records of frequency use around the world, and makes determinations as to whether or not certain systems are in compliance with the Radio Regulations.
International Fund For Agricultural Development - IFAD, created in 1976 (began operations in December 1977), provides financial support for programs which improve agricultural policies and increase food production among members. The Fund also seeks to improve nutrition in developing countries. IFAF membership includes over 140 nations; headquarters are in Rome, Italy.
International Industrial List - The CoCom industrial list contains dual-use items whose export are controlled for strategic reasons.
International Institute for the Unification of Private Law - UNIDROIT studies methods for coordinate and unify the private and trade laws of member countries. The Institute (originally established in 1926 at the initiative of Italy and associated with the League of Nations) is independent, with headquarters in Rome, Italy.
International Intellectual Property Alliance - The IIPA represents U.S. copyright-based industries in bilateral and multilateral efforts to improve international protection of copyrighted works. IIPA is composed of trade associations each representing a significant segment of the U.S. copyright community. IIPA was formed in 1984; headquarters are in Washington, D.C.
International Investment - See: Foreign Direct Investment in the United States Portfolio Investment.
International Labor Organization - The ILO, set up in 1919, became a specialized agency of the United Nations in 1946. The ILO seeks to promote improved working and living conditions by establishing standards that reduce social injustice in areas such as employment, pay, health, working conditions, and freedom of association among workers. Headquarers are in Geneva, Switzerland.
International Maritime Organization - The IMO was established as a specialized agency of the United Nations in 1948. The IMO facilitates cooperation on technical matters affecting merchant shipping and traffic, including improved maritime safety and prevention of marine pollution. Headquartrers are in London, England.
International Maritime Satellite Organization - INMARSAT is an international partnership of signatories from 67 nations. The partnership provides mobile satellite capacity to its signatories, who, in turn, use the capacity to provide worldwide mobile satellite services to their maritime, aeronautical and land-mobile customers -- including shipping, cruise, fishing, research and offshore exploration industries, and airlines. INMARSAT began service in 1976. COMSAT is the U.S. signatory to INMARSAT.
International Market Research - See: Industry Subsector Analysis.
International Market Insights - International Market Insight, IMI, reports are prepared by staff at American embassies and consulates. An IMI covers developments in a single country that are of interest to traders and investors. Topics may include: new laws, policies and procedures, new trade regulations, and marketplace changes.
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. 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.
International Munitions List - The International Munitions List, IML, is one of three lists controlled by the 17-member Coordinating Committee on Multilateral Export Controls (CoCom). The IML contains 23 categories and is similar in coverage, but less restrictive, than the U.S. Munitions List (USML).
International Organization for Migration - The IOM assists countries in meeting individual needs arising from immigration and emigration. The Organization was established in 1951; headquarters are in Geneva, Switzerland.
International POW WOW - The International POW WOW promotes foreign tourism to the United States. It is an annual trade fair, sponsored by the Travel Industry Association of America, which brings together over 1,200 international buyers (tour operators and wholesalers) from 55 countries. The buyers are chosen through international selection criteria and purchase packages which they sell to their respective travel retailers.
International Radio Consultative Committee - CCIR (French: Comite International des Radiocommunications) studies and issues recommendations on technical and operating questions connected with radiocommunications. CCIR, a subsidiary organization of the International Telecommunications Union, is located in Geneva, Switzerland. The Department of State is the U.S. member. See: International Telecommunications Union.
International Service for National Agricultural Research - See: Consultative Group on International Agricultural Research.
International Social Security Association - The ISSA, established in 1927, is comprised of organizations responsible for the administration of social security. ISSA aims to protect and develop social security throughout the world. The Assocation works closely with the International Labor Organization (ILO). The ISSA secretariat is locaated in the ILO building in Geneva, Switzerland.
International Standards Organization - The ISO, established in 1947, is a worldwide federation of national bodies, representing approximately 90 member countries. The scope of the International Standards Organization covers standardization in all fields except electrical and electronic engineering standards, which are the responsibility of the IEC, International Electrotechnical Commission. Together, the ISO and IEC form the specialized system for worldwide standardization -- the world's largest nongovernmental system for voluntary industrial and technical collaboration at the international level. The result of ISO technical work is published in the form of International Standards. There are, for example, ISO standards for the quality grading of steel; for testing the strength of woven textiles; for storage of citrus fruits; for magnetic codes on credit cards; for automobile safety belts; and for ensuring the quality and performance of such diverse products as surgical implants, ski bindings, wire ropes, and photographic lenses. See: International Accreditation Forum.
International Standards Organization 9000-9004 - ISO 9000 is the general name for the quality standard accepted throughout the European Economic Community. It was initially adopted in 1987. ISO is a series of documents on quality assurance published by the Geneva-based International Standards Organization. The five documents outline standards for developing Total Quality Management and a Quality Improvement Process. 9000 consists of guidelines for the selection and use of the quality systems contained in 9001-9003. 9001 outlines a model for quality assurance in design, development, production, installation, and servicing. 9002 outlines a model for quality assurance in production and installation. 9003 outlines model for quality assurance for final inspection and testing. 9004 is not a standard but contains guidelines for quality management and quality system elements.
International Standards Organization Information Network - ISONET is an agreement between standardizing bodies to make information on standards, technical regulations, and related matters readily available. ISONET links the information centers of national standards bodies with each other and with the ISO Information Centre in Geneva, Switzerland. National members of ISONET are responsible for serving as the international reference point for information about the standards, technical regulations and certification systems which operate in the individual member's country and for providing their own nationals with information on national, foreign, regional and international technical rules.
International Swaps and Derivatives Association - ISDA promotes orderly practices in the swap market, conducts research on the volume and quality of transactions, and public understanding. The Association, established in 1985, is a not-for-profit corporation, with headquarters in New York City; members include over 140 institutions worldwide representing dealers in swaps, corporations, software firms, and law firms. ISDA, formerly known as the International Swap Dealers Association, changed its name in August 1993. See: Derivatives.
International Telecommunications Satellite Organization - INTELSAT, created in 1964 under a multilateral agreement, is a nonprofit cooperative of about 120 countries that jointly own and operate a global communications satellite system serving the world. The system is used primarily for international communications, and by many countries for domestic communications. In 1991, the INTELSAT system comprised a network of 16 satellites in geosynchronous orbit over the Atlantic, Indian, and Pacific Ocean regions, with service to about 1,500 international and domestic earth station antennas. COMSAT is the United Statess representative to and participant in Intelsat.
International Telecommunications Services - These are transborder services provided via cable, radio, or satellite. These service offerings have traditionally been international message telephone service (IMTS), telex, and telegraph, but during the 1980's have grown to include private leased lines, overseas value-added services, and international 800 services.
International Telecommunication Union - The ITU (French: Union Internationale des Telecommunications, UIT) is a specialized agency of the United Nations with responsibilities for developing operational procedures and technical standards for the use of the radio frequency spectrum, the satellite orbit, and for the international public telephone and telegraph network. ITU develops telecommunications standards in the form of recommendations covering all technical aspects of systems and equipment including interfaces, methods of operation and principles governing the fixing of tariffs and rates to be charged. There are over 160 member nations of the ITU. The Radio Regulations that results from ITU conferences have treaty status and provide the principal guidelines for world telecommunications. In the case of the U.S., they are the framework for development of the U.S. national frequency allocations and regulations. The ITU has four permanent organs: the General Secretariat, the International Frequency Registration Board (IFRB), the International Radio Consultative Committee (CCIR), and the International Telegraph and Telephone Consultative Committee (CCITT). The Union is located in Geneva, Switzerland. The Department of State is the U.S. member. See: International Frequency Registration Board International Radio Consultative Committee International Telegraph and Telephone Consultative Committee.
International Telegraphy and Telephone Consultative Committee - CCITT (French: Comite Consultatif International Telegraphique et Telephonique) studies and issues recommendations on standards and specifications on techincal, operating, and tariff questions connected with telephony, data transmission, and telegraphy. CCITT, a subsidiary organization of the International Telecommunications Union, is located in Geneva, Switzerland. The Department of State is the U.S. member. See: International Telecommunication Union.
International Trade Commission - An independent U.S. Government agency concerned with imports, import duties, and the effect of imports on U.S. industry. The Commission has six commissioners who review and make recommendations concerning countervailing duty and antidumping petitions submitted by U.S. industries seeking relief from imports that benefit unfair trade practices. Known as the U.S. Tariff Commission before its mandate was broadened by the Trade Act of 1974.
International Trade Development Centers - ITDCs provide programs and services to farmers and agribusinesses to enhance exports of agricultural and forestry commodities and related products. Activities include developing and promoting programs unique to a region's products, conducting research, providing market information, and offering conferences and seminars for exports. Grants for the ITDCs are administered by the Agriculture Department's Cooperative State Research Service.
International Traffic in Arms Regulations - The International Traffic in Arms Regulations, ITAR, are administered by the State Department to control the export of U.S. defense articles and services. The provisions implemented in the ITAR are governed by the Arms Export Control Act. Direct commercial sales of U.S.-origin defense products, components, technologies, and services are controlled under the ITAR by the State's Office of Defense Trade Controls. See: Defense Trade Regulations.
International Value-Added Network Services - IVANS include advanced telecommunications services, such as voice mail and electronic banking. IVANS agreements play a growing role in maintaining the competitiveness of American firms and provide benefits for consumers worldwide.
Investment Climate Statements - Investment climate statements, ICSs, are prepared occasionally by the commercial sections of the U.S. embassies for the U.S. and Foreign Commercial Service, covering 67 individual countries. The ICSs provide statistics and analysis of policies and issues effecting the climate for direct investment in the individual country.
Investment Sector Loan Program - The ISLP, administered by the Inter-American Development Bank (IDB) as part of the Enterprise for the Americas initiative, supports investment sector reforms in Latin America and the Caribbean. The IDB evalutes the need for reform in individual countries and, with input from several U.S. government agencies, negotiates the terms for investment sector loans. See: Enterprise for the Americas Initiative.
Investment Promotion Services - See: United Nations Industrial Development Organization.
Invisibles - This refers to areas of non-merchandise "invisible trade" that include expenses such as freight and insurance and most types of services and investment.
Irrevocable Letter of Credit - A letter of credit in which the specified payment is guaranteed by the issuing bank if all terms and conditions are met by the drawee. It is as good as the issuing bank.
Islamic Conference Organization - See: Organization of the Islamic Conference.
Islamic Development Bank - The IsDB (sometimes IDB) finances economic aid and social development in member countries. The Bank also supports Muslim communities in non-member countries. Membership is open to all countries which are members of the Islamic Conference. Members include: Afghanistan, Algeria, Bahrain, Bangladesh, Benin, Brunei, Burkina, the Cameroon, Chad, Comoros, Djibouti, Egypt, Gabon, The Gambia, Guinea, Guinea-Bissau, Indonesia, Iran, Iraq, Jordan Kuwait, Lebanon, Libya, Malaysia, Maldives, Mali, Mauritania, Morocco, Niger, Oman, Pakistan, the Palestine Liberation Organization, Qatar, Saudi Arabia, Senegal, Sierra Leone, Somalia, Sudan, Syria, Tunisia, Turkey, Uganda, the United Arab Emirates, and Yemen. The Bank was created in 1973 (began operations in October 1975); headquarters are in Jeddah, Saudi Arabia.
Istituto Nazionale per il Commercio Estero - ICE (English: Institute of Foreign Trade) is an Italian agency which promotes exports through a network of domestic and foreign offices. Although ICE obtains overall policy direction and funding from the Minsitry of Foreign Trade (Ministero del Commercio con l'Estero), it functions as an autonomous public corporation. The Ministry of Foreign Affairs (Ministero degli Affari Esteri) provides additional support through its overseas embassies and consulates, though ICE's overseas officers are independent of these organizations.
IACAC - Inter-American Commercial Arbitration Commission
IACC - International Anticounterfeiting Coalition
IADB - Inter-American Development Bank
IAEA - International Atomic Energy Agency
IAEL - International Atomic Energy List
IAF - International Accreditation Forum
IAIGC - Inter-Arab Investment Guarantee Corporation
IARCs - International Agricultural Research Centers
IATA - International Air Transport Association
IAU - International Accounting Unit
IBA - International Banking Act
IBF - International Banking Facility
IBOR - Interbank Offered Rate
IBOS - International Business Opportunities Service
IBRD - International Bank for Reconstruction and Development
IC - Import Certificate, Integrated Circuit
IC - International Coffee Organization, International Congress Office, Islamic Conference Organization
ICA - International Civil Aviation Organization
ICA - International Cocoa Agreement, International Coffee Agreement, International Commodity Agreement
ICAC - International Confederation of Agricultural Credit
ICB - International Competitive Bidding
ICC - International Chamber of Commerce
ICE - Istituto Nazionale per il Commercio Estero
ICFTU - International Confederation of Free Trade Unions
ICHCA - International Cargo Handling Coordination Association
ICON - Indexed Currency Option Note
ICS - Investment Climate Statement
ICSID - International Centre for the Settlement for Investment, Disputes
ICSU - International Council of Scientific Unions
ICTF - Intermodal Container Transfer Facility
IDA - International Development Association
IDB - Inter-American Development Bank, International Data Base, Islamic Development Bank
IDR - International Depository Receipt
IE - Infrequent Exporter
IEC - International Electrotechnical Commission
IEEPA - International Emergency Economic Powers Act
IEPG - Independent European Program Group
IESC - International Executive Service Corps
IFAC - Industry Functional Advisory Committee
IFAD - International Fund for Agricultural Development
IFC - International Finance Corporation
IFRB - International Frequency Registration Board
IFS - Industry Focused Seminar, In-Flight Survey
IFU - Industrialization Fund for Developing Countries
IGADD - Inter-Governmental Authority on Drought and Development
IGC - Interagency Group on Countertrade
IIC - Inter-American Investment Corporation
IIPA - International Intellectual Property Alliance
IIT - Instruments of International Traffic
IL - Industrial List
IL - International Labor Organization
IM - International Maritime Organization
IMF - International Monetary Fund
IMI - International Market Insight
IML - International Munitions List
INMARSAT - International Maritime Satellite Organization
INR - Initial Negotiating Right
INTELSAT - International Telecommunications Satellite Organization
IOGA - Industry-Organized, Government-Approved Mission
IOM - International Organization for Migration
IPA - Investment Promotion Services
IPAC - Industry Policy Advisory Committee
IPR - Intellectual Property Rights
IS - International Standards Organization
ISA - Industry Sub-Sector Analysis, International Sugar Agreement
ISAC - Industry Sector Advisory Committee
ISDA - International Swaps and Derivatives Association
IsDB - Islamic Development Bank
ISDN - Integrated Services Digital Network
ISLP - Investment Sector Loan Program
ISNAR - International Service for National Agricultural Research
ISONET - International Standards Organization Information Network
ISSA - International Social Security Association
ITA - International Tin Agreement, International Trade Administration
ITAR - International Traffic in Arms Regulations
ITC - International Trade Commission
ITDCs - International Trade Development Centers
ITU - International Telecommunication Union
IVL - Individual Validated License
IWC - International Whaling Commission
i. and/or o. - In and/or overdeck
I.A.E.A. - International Atomic Energy Agency
I.A.T.A. - International Air Transport Association
I.B. - Invoice book. In bond
I.B.C. - Institute Builders' Clauses
I.B.N.R. - Incurred but not reported
I.B.R.D. - International Bank for Reconstruction and Developement
I.C. & C. - Invoice coast and charges
I.C.A.O. - International Civil Aviation Organization
I.C.C. - International Chamber of Commerce, Institute Cargo Clauses
I.C.E.S. - International Council for the Exploration of the Sea
I.C.F.U. - International Confederation of Free Trade Unions
I.C.S. - Institute of Chartered Shipbrokers, International Chamber of Shipping
I.C.S.U. - International Council of Scientific Unions
I.D.A. - International Development Association
i.f. - In full
I.F.C. - Institute Freight Clauses, International Finance Corporation
I.F.F. - Institute of Freight Forwarders
I.F.V.C. - Institute Fishing Vessel Clauses
I.H.P. - Indicated Horse-Power
I.I.L. - Insurance Institute of London
I.L.A. - International Longshoremen's Association
I.L.O. - International Labor Organization
I.L.U. - Institute of London Underwriters
I.M.F. - International Monetary Fund
I.M.I.F. - International Maritime Industry Forum
I.M.O. - Intrnational Maritime Organization
I.M.R.O. - Investment Management Regulatory Organization
I.M.T.A. - International Meat Trade Association
i.p.f. - Intaken piled fathom
I.P.R.C. - Institute Port Risks Clauses
I.R. - Inland Revenue
i.r.o. - In respect of
I.R.S. - Indian Register of Shipping
I.S.F. - International Shipping Federation
I.T.C. - Institute Time Clauses
I.T.U. - International Telecommunications Union
i.v. - Invoice value. Increased value
I.V.C. - Institute Voyage Clauses (Hulls)
I.Y.C. - Institute Yacht Clauses
i/o - In and/or overdeck
IAPH - International Association of Ports and Harbours
ICC - International Chamber of Commerce
ICD - Inland clearance depot
ICHCA - International Cargo Handling Co-ordination Association
IMF - International Monetary Fund
Ince. - Insurance
Inst. Wties - Insurance warranties
Int. - Interest
Inter Arr - Internal arrangements
IRR - Internal rate of return
ISO - International Organization for Standardization
Immediate Transportation Entry - A customs form declaring goods for transportation by a bonded carrier from a port of entry to a bonded warehouse at an inland port, or another port of entry.
Import Merchant - A merchant who buys overseas for his own account for the purpose of later resale, handling all details of import documentation and transportation. Usually the merchant is specialized in one or two commodities.
Import Rate - A rate established specifically for application on import traffic and generally less, when so published, than a domestic rate.
Import Surcharge - A charge on imports over and above regular tariffs or customs fees.
Importer Distributor - A merchant who imports goods, usually on an exclusive territory arrangement, maintains an inventory and, through a sales staff, sells to retailers.
In Bond - Goods are held or transported in bond under customs control either until import duties or other charges are paid, or in order to avoid paying such duties or charges. (Example: Canadian goods are transported in bond through the United States for export to a third country to avoid paying United States customs duties.) Bonded warehouses are available at more ports for storing goods awaiting payment of import duty, or export.
Indent - A requisition for goods, enumerating conditions of the sale. Acceptance of an indent by a seller constitutes his agreement to the conditions of the sale.
Indirect Exporting - Sale by the exporter to the buyer through a domestically located intermediary.
Indirect Tax - A tax that is levied on expenditures, i.e., a sales tax, excise tax or value added tax.
Infant Industry - This term derives from the idea that temporary protection in the form of tariffs or non-tariff barriers can help establish an industry and ensure its eventual competitiveness in world markets. Although a case may be made for restricting trade due to the infant industry argument under the GATT, the company may be required to compensate adversely affected signatories. Article XVIII outlines where Balance of Payments and Infant Industry restrictions may be legitimately used.
Initial Negotiating Right (INR) - A right held by one GATT country to seek compensation for an impairment of a given bound tariff rate by another GATT country. INRs stem from past negotiating concessions and allow the INR holder to seek compensation for an impairment of tariff concessions regardless of its status as a supplier of the product in question.
Injury - In U.S. law, a finding by the U.S. International Trade Commission that imports are causing harm to a U.S. industry. An injury determination is the basis for Section 201 case. It is also a requirement in all antidumping (AD) and most countervailing duty (CVD) cases. In conjunction with Commerce Department, determinations on dumping and subsidization, the ITC determines whether there is serious injury to U.S. industry in a 201 case, while in AD/ CVD cases it investigates whether there is material injury.
Inland Carrier - A transportation line which hauls export or import traffic between ports and inland points.
Instalment Shipments - Successive shipments permuted under letters of credit. Usually they must take place within a given period of time. If not shipped within that period, the credit ceases to be available automatically unless otherwise authorized in the letter of credit.
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.
International And Territorial Operations - In general, operations outside the territory of the United States, including operations between U.S. points separated by foreign territory or major expanses of international waters.
International Bank for Reconstruction and Development (IBRD) - 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.
International Monetary Fund (IMF) - 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.
Irrevocable - This the most common instrument of credit in international trade, carries an irrevocable obligation of the issuing bank to pay the beneficiary when drafts and documents are presented in accordance with the terms of the letter of credit. An irrevocable letter of credit, once issued, cannot be amended or canceled without the agreement of all named parties. As such, it must have a fixed expiration date.
Issuing Bank - A bank which opens a straight or a negotiable letter of credit. This bank assumes the obligation to pay the beneficiary or a correspondent bank if the documents presented are in accordance with the terms of the letters of Edit.

Shipping Terms - I