- m - meter
- M A R form - The standard of marine insurance policy
used in the London market by both Lloyd's and companies
- M. & D.P. - Minimum and deposit premium
- M. & W. - Marine and war risks
- m. pack - Missing package
- M.A.V.I.S. - Marine Audio-Visual Instruction Systems
- M.B.D. - Machinery breakdown
- M.C. - Machinery certificate
- M.F.C. - Maximum foreseeable loss
- M.H. - Main Hatch
- M.H.W.S. - Mean High Water Spring
- M.I.P. - Marine Insurance Policy
- M.L.W.S. - Mean Low Water Springs
- m.m. - Made merchantable
- M.M. - Mercantile Marine
- M.M.A. - Merchandise Marks Act
- M.N.S.C. - Managed Network Steering Committee
- M.O.H. - Medical Officer of Health
- M.P.L. - Maximum probable loss
- M.R. - Mate's receipt
- M.S. - Motor ship, Machinery survey
- M.T. - Mean Time
- M.T.L. - Mean tidal level
- M/C - Metalling clause (marine insurance), Machinery
certificate
- M/d - Malicious damage
- M/D - Memorandum of deposit
- M/s - Months after sight
- Maastricht Treaty - The Maastricht Treaty (named for
the Dutch town in which the treaty was signed) is also known as
the Treaty of European Union. The treaty creates a European Union
by: (a) commiting the 12 member states of the European Economic
Community to both European Monetary Union (EMU) and political
union; (b) introducing a single currency (European Currency Unit,
ECU); (c) establishing a European System of Central Banks (ESCB);
(d) creating a European Central Bank (ECB); and (e) broadening
EEC integration by including both a common foreign and security
policy (CFSP) and cooperation in justice and home affairs (CJHA).
The treaty, negotiated in 1991 and signed in February 1992, entered
into force on November 1, 1993.The Maastricht Treaty envisioned
EMU being achieved in three stages: - A first stage (encompassing
treaty negotiations and lasting through January 1, 1994) concludes
with ratification of treaty amendments needed to establish EMU,
including participation by all 12 EEC member states in the Exchange
Rate Mechanism; - A second stage (January 1, 1994 through no later
than January 1, 1999) involves establishment of the European Monetary
Institute (EMI) to support development of a single currency (the
ecu) and development of the ECB; - A third stage (starting no
later than January 1, 1999) involves irrevocable fixing of exchange
rates and the debut of the ECB with transfer of powers necessary
for administering economic and monetary union. See: European Central
Bank European Currency Unit European Monetary Institute European
System of Central Banks Exchange Rate Mechanism.
- Machy - Machinery
- Maghreb States - The Maghreb states include the three
nations of Algeria, Morocco, and Tunisia. The European Community
concluded a trade and aid agreement in 1976 with these states.
The term Maghreb states sometimes also includes Libya and Mauritania.
The five Maghreb states created the Arab Maghreb Union. See: Arab
Maghreb Union Comite Permanent Consultatif du Maghreb.
- main port - Port that handles a significant proportion
of a country's seaborne trade. It normally can accommodate many
ships and has a wide range of facilities.
- Mal.d. - Malicious damage
- manifest - Document containing a full list of a ship's
cargo that is extracted from the bill of lading. A copy, known
as the outward manifest is kept with the Customs authorities at
the port of loading. Another copy, known as the inward manifest
is kept at the discharge port.
- Mano River Union - The MRU advances common policies and
cooperation on tariffs and customs regulations, on development
projects, and in other economic areas. The Union instituted a
common external tariff in 1977. The MRU was established in 1973;
headquarters are in Freetown, Sierra Leone.
- Manufactured Imports Promotion Organization - MIPRO is
a non-profit organization, established in 1978 by the joint efforts
of the Japanese Government and the private sector to promote imports
of foreign manufactured products by hosting exhibitions and providing
a wide range of market information. MIPRO's activities are broadly
classified into three categories: (a) holding imported product
trade exhibitions for buyers and the general public; (b) disseminating
information regarding imported products and the Japanese market;
and (c) promoting sales of foreign products to Japanese consumers
to promote recognition of the quality of imported goods.
- 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.
- Marine Cargo Insurance - Broadly, insurance covering
loss of, or damage to, goods at sea. Marine insurance typically
compensates the owner of merchandise for losses in excess of those
which can be legally recovered from the carrier that are sustained
from fire, shipwreck, piracy, and various other causes. Three
of the most common types of marine insurance coverage are "free
of particular average" (f.p.a.), "with average" (w.a.), and "All
Risks Coverage."
- 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.
- Market Access - 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.
- Market Promotion Program - The Market Promotion Program
(MPP) was authorized by the Food, Agriculture, Conservation, and
Trade Act of 1990 and is administered by the U.S. Department of
Agriculture's Foreign Agricultural Service. Under the MPP, surplus
stocks or funds from the Commodity Credit Corporation are used
to partially reimburse agricultural organizations conducting specific
foreign market development projects for eligible products in specified
countries. Proposals for MPP programs are developed by trade organizations
and private firms. Activities financed by the programs vary from
commodity to commodity, and include activities such as market
research, construction of a three-story wood demonstration building,
construction of a model feed mill, and consumer promotion activities.
(MPP is broader in scope than the Targeted Export Assistance [TEA]
program, repealed by the 1990 Farm Bill, whose purpose was to
assist exports of commoditis hurt by unfair foreign trade practices.)
- Market-Oriented Cooperation Plan - The MOCP, established
in 1990, is aimed at improving long-term business relations between
Japan's automotive manufacturers and U.S. auto parts suppliers.
- Market-Oriented Sector-Selective - The MOSS talks were
begun in January 1985 as bilateral trade discussions between the
U.S. and Japan in an effort to remove many trade barriers at once
in a given sector. MOSS talks have focused on five sectors: (a)
telecommunications, (b) medical equipment and pharmaceuticals,
(c) electronics, (d) forest products, and (e) auto parts. Overall,
the talks focus high-level attention on reducing certain market
obstacles opening communication channels to resolve follow-up
disputes.
- Marks of Origin - The physical markings on a product
that indicate the country of origin where the article was produced.
Customs rules require marks of origin of most countries.
- Matchmaker Events - Matchmaker trade delegations are
organized and led by the International Trade Administration to
help new-to-export and new-to-market firms meet prescreened prospects
who are interested in their products or services in overseas markets.
Matchmaker delegations usually target two major country markets
and limit trips to a week or less. This approach is designed to
permit U.S. firms to interview a maximum number of prospective
overseas business partners with a minimum of time away from their
home office. The program includes U.S. embassy support, briefings
on market requirements and business practices, and interpreter
services. Matchmaker events, based on specific product themes
and end-users, are scheduled for a limited number of countries
each year.
- MC - Minister Counsellor
- MCCA - Mercado Com£n Centroamericano
- MCTL - Militarily Critical Technologies List
- MDBs - Multilateral Development Banks
- Mdse. - Merchandise
- Memoranda of Understanding - See: International Agreements.
- Mercado Com£n Centroamericano - See: Central American
Common Market.
- Merchandise Trade Balance - See: Balance of Payments.
- merchant - Term often used in liner bills of lading to
describe the shipper, receiver or consignee, bill of lading holder
or the agent of any of these.
- merchant marine - All the ships of a country carrying
goods.
- Mercosur - Mercosur (Spanish; Mercosul in Portuguese;
or Southern Common Market) is comprised of Argentina, Brazil,
Paraguay, and Uruguay. Mercosur is scheduled to enter into force
in December 1994 for Argentina and Brazil and to enter into force
in December 1995 for Paraguay and Uruguay. Mercosur, modeled similarly
to the European Community's Treaty of Rome, will establish a common
external tariff and eliminate barriers to trade in services. While
in the Southern Cone, Chile has not sought entry to Mercosur,
but does have an agreement with Argentina which will provide for
some similar benefits.
- metric ton - 1,000 kilograms.
- MFA - Arrangement Regarding International Trade in Textiles
(Multifibre Arrangement)
- MFA - Multi-Fiber Arrangement
- MFN - Most Favored Nation Treatment
- MHW - Ministry of Health and Welfare
- MHz - Megahertz
- MIA - Marine Insurance Act
- MIF - Multilateral Investment Fund
- MIGA - Multilateral Investment Guarantee Agency
- Military Assistance Program - See: Conventional Arms
Transfer.
- Military Critical Technologies List - The MTCL is a document
listing technologies that the U.S. Defense Department considers
to have current or future utility in military systems. The MCTL
describes arrays of design and manufacturing know-how; keystone
manufacturing, inspection, and test equipment; and goods accompanied
by sophisticated operation, application, and maintenance know-how.
Military justification for each entry is included in a classified
version of the list.
- Min. B/L - Minimum Bill of Landing
- MIN./DEP. - Minimum and deposit premium
- Ministry of Foreign Economic Relations and Trade - The
People's Republic of China (PRC) Ministry of Foreign Economic
Relations and Trade, MOFERT, was established in March 1982 by
combining former separate ministries. MOFERT implements national
trade policies through administrative actions, drafting laws and
issuing foreign trade regulations. MOFERT does not engage in foreign
trade transactions but facilitates the foreign trading corporations
(FTCs) which do.
- Ministry of Health and Welfare - Under the Pharmaceutical
Affairs Law, MHW is Japan's agency responsible for regulating
medical products. The Ministry also is charged with determining
Japanese healthcare expenditures.
- Ministry of International Trade and Industry - MITI occupies
a central position in Japan's "economic bureaucracy" and is regarded
as one of the three most powerful and prestigious ministries of
the central government (along with the Ministry of Finance and
the Ministry of Foreign Affairs). In formulating and implementing
Japan's trade and industrial policies, MITI is responsible for
funding most of Japan's export promotion programs (although operation
of these programs is left to JETRO). The Ministry also supervises
the export financing programs of Japan's Export-Import Bank, operates
several types of export insurance programs, supports research
organizations, and facilitates various types of overseas technical
and cooperation training programs. Lately, MITI has assumed a
role in encouraging imports of foreign products into Japan.
- Ministry of Posts and Telecommunications - MPT is Japan's
telecommunications regulatory agency. The Ministry is authorized
to adjust supply and demand among service providers to ensure
that there is not excessive competition in a given market. To
do so, MPT issues "administrative guidance" to the industry and
recommends "unification" when there appears to be excessive competition
in a given market.
- MIPR - Manufactured Imports Promotion Organization
- Missile Technology Control Regime - The purpose of the
MTCR is to limit the proliferation of missiles "capable of delivering
nuclear weapons," to increase regional stability, and to convey
publicly the firm resolve of the partners to address this issue.
In April 1987, Canada, France, Germany, Japan, the U.K., and the
U.S. agreed to establish the MTCR. The regime expanded to include
23 countries, with the addition of Australia, Austria, Belgium,
Denmark, Finland, Greece, Iceland, Ireland, Italy, Luxembourg,
the Netherlands, New Zealand, Norway, Portugal, Spain, Sweden,
and Swizterland. The MTCR does not have permanent organizations
but convenes regular meetings to exchange information and coordinate
member country stands. Under the MTCR, each member administers
missile-related export controls independently. After the MTCR
agrees that certain goods and technologies should be controlled
for missile proliferation reasons, each member must implement
the controls in its own domestic legislation. There is no international
entity that oversees the implementation and enforcement of MTCR
controls. Items and technology agreed by the MTCR partners to
be controlled are listed in the MTCR Annex. The Annex is divided
into two groups: Category I (consisting of complete rocket and
unmanned air vehicle systems and subsystems) and Category II (encompassing
components, equipment, technology, materials used in missile design,
development, production or use).
- MITI - Japan's Ministry of International Trade and Investment
- mixed cargo - More than one product carried on board
a ship.
- Mixed Credit - Mixed credit refers to the practice of
combining concessional and market-rate export credit as an export
promotion mechanism.
- MKR - Matchmaker Program
- mobile crane - General purpose crane capable of moving
around a port. Some types are capable of lifting very heavy loads.
- MOCP - Market-Oriented Cooperation Plan
- MOFERT - China's Ministry of Foreign Economy Relations
and Trade
- Mort. - Mortality
- MOSS - Market-Oriented, Sector-Selective
- Most Favored Nation Treatment - A commitment that a country
will extend to another country the lowest tariff rates it applies
to any other country. All contracting parties undertake to apply
such treatment to one another under Article I of GATT. When a
country agrees to cut tariffs on a particular product imported
from one country, the tariff reduction automatically applies to
imports of this product from any other country eligible for most-favored
nation treatment. This principle of nondiscriminatory treatment
of imports appeared in numerous bilateral trade agreements prior
to establishment of GATT. A country is under no obligation to
extend MFN treatment to another country unless both are bilateral
contracting parties of the General Agreement on Tariffs and Trade
or MFN treatment is specified in a bilateral agreement.
- Most Favored Nation Treatment (MFN) - When one country
accords another most-favored-nation status, it agrees to extend
that country the same trade concessions it grants to any other
MFN recipients. For example, in the tariff area, goods from a
country accorded MFN status by the U.S. would be assessed the
lower column 1 duties in the U.S. tariff schedule. This concept
may apply to non-tariff measures as well. GATT members have agreed
to accord each other MFN status. Preferential treatment accorded
to developing countries, customs unions, and free trade areas
all represent allowable exceptions to the MFN concept.
- MOU - Memorandum of Understanding
- MPA - Major Projects Agreement
- MPP - Market Promotion Program
- MPT - Ministry of Posts and Telecommunications
- MRA - Mutual Recognition Agreement
- MRU - Mano River Union
- MSA - Multilateral Steel Agreement
- mst. - Measurement
- MT - Multilateral Trade Organization
- MTAG - Missile Technology Analysis Group
- MTCR - Missile Technology Control Regime
- MTEC - Missile Technology Export Control Group
- MTN - Multilateral Trade Negotiations
- MTO - Multimodal transport operator
- Multi-Fiber Arrangement - The MFA is an international
umbrella compact, authorized by the General Agreement on Tariffs
and Trade (GATT), that allows contracting parties to negotiate
bilaterally quantitative restrictions on textile imports (which
normally would be considered contrary to GATT provisions) to the
extent the importing country considers them necessary to prevent
market disruption. The Uruguay Round Agreement on Textiles and
Clothing contains an agreed schedule for the gradual phase-out
of quotas established pursuant to the MFA over a ten-year transition
period, after which textile and clothing trade will be fully integrated
into the GATT and subject to the same disciplines as other sectors.
See: Committee for the Implementation of Textile Agreements.
- 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 Investment Guarantee Agency - MIGA was established
in April 1988 as a part of the World Bank Group. MIGA encourages
equity investment and other direct investment flows to developing
countries through the mitigation of noncommercial investment barriers.
The agency offers investors guarantees against non-commercial
risks; advises developing member governments on the design and
implementation of policies, programs, and procedures related to
foreign investments; and sponsors a dialogue between the international
business community and host governments on investment issues.
MIGA provides coverage for equity interests, other forms of direct
investment, industrial cooperation such as management and service
contracts, licensing and franchising agreements, turnkey contracts,
and arrangements concerning transfer of technology and know-how
in which the investor assumes a stake in the performance of the
venture. See: World Bank.
- Multilateral Steel Agreement - Attainment of an MSA was
an achievement intended as part of the Steel Trade Liberalization
Program and resulting the Bilateral Consensus Agreements. The
MSA would have addressed the underlying causes of unfair trade
in steel by eliminating tariffs, nontariff measures such as quotas,
and most subsidies in the steel sector, and established a dispute-settlement
mechanism. The United States and 34 other countries participated
in negotiations for an MSA under the general auspices of the General
Agreement on Tariffs and Trade. MSA negotiations were suspended
in March 1992, coincident with the expiration of the steel voluntary
restraint agreements.
- 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. See:
Rounds.
- Multilateral Trade Negotiations (MTN) - 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.
- Mutual Recognition Agreements - MRAs are negotiated on
a sectoral basis (such as: telecommunciations, medicial devices,
pharmaceuticals, chemicals, processed foods) and allow countries
to accept each other's final test results, although quality assurances
may be required. Under MRAs, the entire testing and certification
process may occur outside the importing country. Under MRA's with
the European Community, a U.S. firm would obtain product certification
on an EC-wide basis, enabling the firms to market its products
throughout the Community. Based on private-law contractual negotiations,
subcontracting permits a notified body of the EC to delegate some
of its testing responsibilities to a third-country testing lab
or quality assessment body. However, the notified body retains
ultimate responsibility for final decisions relating to EC certification.
Formal discussions between representatives of the U.S. Government
and the European Economic Community on entering MRSs began in
October 1992
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