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E - EXW
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- East African Development Bank - The EADB was created in 1967
to promote economic development among Kenya, Tanzania, and Uganda.
Bank headquarters are in Kampala, Uganda.
- E. - East
- e. & e.a. - Each and every accident
- e. & e.l. - Each and every loss
- e. & e.o. - Each and every occurrence
- E. & O.E. - Errors and omissions excepted
- E.C.A. - Economic Commission for Africa
- E.C.C.P. - East coast coal port
- E.C.E. - Economic Commission for Europe
- E.C.G.B. - East coast of Great Britain
- E.C.G.D. - Export Credit Guarantee Department
- E.C.I. - East coast of Ireland
- E.C.L.A. - Economic Commission for Latin America
- E.C.M.E. - Economic Commission for the Middle East
- E.C.U.K. - East Coast of United Kingdom
- E.C.V. - Each cargo voyage
- E.E. - Errors excepted
- E.E.C. - European Economic Community
- E.F.T.A. - European Free Trade Association
- E.I. - Each incident
- E.L. - Employer's liability
- E.M.L. - Estimated maximum loss
- E.M.P.L. - Estimated maximum probable loss
- E.M.S. - European Monetary System
- e.o.h.p. - Excepted otherwise herein provided
- E.P.I. - Earned premium income
- E.P.I.R.B. - Emergency position indicator radio beacon
- E.R.V. - Each round voyage
- E.S.D. - Echo-sounding device
- EAA - Export Administration Act
- EAC - Export Assistance Center
- EADB - East African Development Bank
- EAEC - East Asian Economic Caucus, European Atomic Energy Community
- EAI - Enterprise for the Americas Initiative
- EAR - Export Administration Regulations
- EARB - Export Administration Review Board
- East Asian Economic Caucus - The EAEC is a regional consultative
forum proposed by Malaysia in late 1990 under the name of East
Asian Economic Grouping. Participation would be limited to Asian
nations.
- Eastern Caribbean Central Bank - ECCB, established in October
1983, promotes economic development, monetary stability and credit
and exchange among eight member nations. Bank headquarters is
in Basseterre, St. Kitts.
- Eastern Europe Business Information Center - EEBIC provides
information on trade and investment opportunities, trade regulations
and legislation, sources of financing, and government and industry
contacts in the former Eastern Bloc. The Center is a Department
of Commerce service which was initiated in January 1990. EEBIC
is a Department of Commerce service which was established in January
1990.
- EBB - Economic Bulletin Board
- EBRD - European Bank for Reconstruction and Development
- EC - Economic Cooperation Organization
- EC - European Community
- ECA - Economic Commission for Africa
- ECAs - Export Credit Agencies
- ECASS - Export Control Automated Support System
- ECB - European Central Bank
- ECCAS - Economic Community of Central African States
- ECCB - East Caribbean Central Bank
- ECCN - Export Control Classification Number;, formerly: - Export
Commodity Classification Number
- ECE - Economic Commission for Europe
- ECGD - Export Credit Guarantee Department
- ECJ - European Court of Justice
- ECLAC - Economic Commission for Latin America and the Caribbean
- ECLS - Export Contact List Service
- Eco-Label - An eco-label is a voluntary mark awarded by the
European Community (EC) to producers who can show that their product
is significantly less harmful to the environment than similar
products. The EC environment ministers agreed to the concept of
an eco-label in March of 1992. The EC Commission and member states
are drafting proposals for eco-labelling criteria with the intention
of providing a clear commercial benefit for developing less polluting
products and processes.
- ECO/COM - Economic/Commercial Section
- Economic and Social Commission for Asia and the Pacific - See:
United Nations Regional Commissions.
- Economic and Social Commission for Western Asia - See:United
Nations Regional Commissions.
- Economic and Social Council - ECOSOC was created in 1945 to
coordinate the economic and social work of the United Nations.
The Council undertakes studies and makes recoomendations on development,
world trade, industrialization, natural resources, human rights,
the status of women, population, narcotics, social welfare, science
and technology, crime prevention, and other issues. The Council
structure includes five regional commissions and six functional
commissions. The functional commissions include: - Commission
on Human Rights - Commission on Narcotic Drugs - Commission for
Social Development - Commission on the Status of Women - Population
Commission - Statistical Commission. See: United Nations Regional
Commissions.
- Economic Bulletin Board - The EBB is a personal computer-based
economic bulletin board operated by the U.S. Department of Commerce
in Washington, D.C. The EBB is an online source for trade leads
and statistical releases from the Bureau of Economic Analysis,
the Census Bureau, the International Trade Administration, the
Bureau of Labor Statistics, the Federal Reserve Board, Department
of the Treasury, and other Federal agencies.
- Economic Commission for Africa - See:United Nations Regional
Commissions.
- Economic Commission for Europe - See:United Nations Regional
Commissions.
- Economic Commission for Latin America and the Caribbean - See:
United Nations Regional Commissions.
- Economic Community of Central African States - The Economic
Community of Central African States (French: Communaute Economique
des Eats de l'Afrique Centrale, CEEAC) was created by the Customs
and Economic Union of Central Africa to promote regional economic
cooperation, eliminate trade restrictions, and establish a Central
African Common Market. Members include: Burundi, the Cameroon,
Central African Republic, Chad, Congo, Equatorial Guinea, Gabon,
Rwanda, Sao Tome and Principe, and Zaire. The Community was established
in 1983 (became operational in 1985); headquarters are in Libreville,
Gabon.
- Economic Community of the Great Lakes Countries - The Economic
Community of the Great Lakes Countries (French: Communaute Economique
des Pays des Grands Lacs, CEPGL) was created in September 1976
to promote regional economic cooperation and integration. The
Community is associated with the Great Lakes States Development
Bank (Banque de Developpement des Etats des Grands Lacs). Community
members include: Burundi, Rwanda, and Zaire. Headquarters are
in Gisengi, Rwanda. See: Development Bank of the Great Lakes States.
- Economic Community of West African States - ECOWAS, established
in May 1975 by the Treaty of Lagos (first operating in November
1976), is an economic association of 16 West African nations aimed
at creating a full customs union (not yet achieved) as well as
social and cultural fellowship. Members include: Benin, Burkina
Faso, Cape Verde, C"te d'Ivoire, Gambia, Ghana, Guinea, Guinea-Bissau,
Liberia, Mali, Mauritania, Niger, Nigeria, Senegal, Sierra Leone,
and Togo. Community headquarters are in Abuja, Nigeria.
- Economic Cooperation Organization - The ECO strengthens cooperation
to improve socio-economic conditions among the populations of
members. The Organization was founded in 1964; headquarters are
in Tehran, Iran. Members include: Afghanistan, Azerbaijan, Iran,
Kazakhstan, Kyrgyzstan, Pakistan, Tajikistan, Turkmenistan, Turkey,
and Uzbekistan.
- Economic Officers - Embassy officials who analyze and report
on macroeconomic trends and trade policies and their implications
for U.S. policies and programs. Economic Officers represent U.S.
interests and arrange and participate in economic and commercial
negotiations. See: Commercial Officers Foreign Service.
- Economic Policy Council - The EPC was established by Executive
Order in 1985 to address major trade policy issues in a single
forum as a means of reducing tensions between different groups,
such as the Trade Policy Committee and the Senior Interagency
Group. The Council was modified in the Omnibus Trade and Competitiveness
Act of 1988. Membership includes Treasury (chair pro tem), State,
Agriculture, Commerce, Labor, Transportation, the OMB, the U.S.
Trade Representative, the Council of Economic Advisers, and the
Assistant to the President for Science and Technology.
- Economic Research Service - The Agriculture Department's ERS
provides expertise, data, models and research information about
the agricultural economies and policies of foreign countries,
the agricultural trade and development relationships between foreign
countries and the United States, and U.S. agricultural policies.
Topics include: (a) agricultural trade and trade policies and
their relationship to the economic, technical, and political factors
affecting agricultural trade among countries; (b) economic and
agricultural market structure, efficiency, and performance of
foreign countries; (c) technical production systems of foreign
countries; and (d) foreign governments' production, consumption,
monetary, and trade policies.
- Economic Sanctions - Economic sanctions used for foreign policy
purposes are economic penalties, such as prohibiting trade, stopping
financial transactions, or barring economic and military assistance,
used to achieve the goal of influencing the target nation. Sanctions
can be imposed selectively, stopping only certain trade and financial
transactions or aid programs, or comprehensively, halting all
economic relations with the target nation. While sanctions can
be imposed to serve multiple goals, the measures are more successful
in achieving the less ambitious and often unarticulated goals
of: (a) upholding international norms by punishing the target
nation for unacceptable behavior and (b) deterring future objectionable
actions. Sanctions are usually less successful in achieving the
most prominently stated goal of making the target country comply
with the sanctioning nation's stated wishes.
- Economic Stabilization Fund - The ESF is is a fund used to
stabilize the U.S. dollar in times of foreign exchange volatility.
The fund is administered jointly by the Treasury Department and
the Federal Reserve Board, through its New York offices. Fund
resources, appropriated by Congress, are usually provided fifty
percent by Treasury and the Fed. Although not a major role, the
fund has also been used in swap agreements with other countries
to support their currencies. The fund was established by the Gold
Reserve Act of 1934.
- Economic Support Fund - ESF is an Agency for International
Development appropriation account for funding economic assistance
to countries based on considerations of economic and foreign policy
interests of the United States, often in conjuntion with military
base rights or access rights agreements. Country allocations are
determined by the State Department consistent with Congressional
earmarks. To the extent possible, the use of ESF conforms to the
basic policy directions underlying development assistance. Funds
can be used for commodity imports, balance of payments support
or as cash grants for budget support. See: Development Assistance.
- Economic Zones - Economic zones are designated regions in a
country which operate under rules that provide special investment
incentives, including duty free treatment for imports, for manufacturing
plants which reexport their products. The term "economic
zone" is currently used in the People's Republic of China
and the former Soviet Union. See: Free Trade Zones.
- ECOSOC - Economic and Social Council
- Ecotourism - Ecotourism is a broad term which encompasses nature
tourism, adventure tourism, ethnic tourism, responsible or wilderness-sensitive
tourism, soft-path or small-scale tourism, low-impact tourism,
responsible or wilderness tourism, and sustainable tourism. Scientific,
educational, or academic tourism (such as biotourism, archetourism,
and geotourism) are also forms of ecotourism. The definition of
the term stresses the destinations and objectives of ecotourism
from the traveler's point of view.
- ECOWAS - Economic Community of West African States
- ECSC - European Coal and Steel Community
- ECSC - European Coal and Steel Community
- ECU - European Currency Unit
- ED - Export Development Office
- EDB - Exporter Data Base
- EDC - Export Development Corporation
- Edge Act Corporations - These are banks that are subsidiaries
either to bank holding companies or other banks established to
engage in international banking and foreign investment and business
transactions.
- EDIFACT - Electronic Data Interchange for Administration, Commerce,
and Transportation EDIFACT is an international syntax used in
the interchange of electronic data. Customs uses EDIFACT to interchange
data with the importing trade community.
- EEA - European Economic Area
- EEBIC - Eastern Europe Business Information Center
- EEC - European Economic Community, or Common Market
- EEP - Export Enhancement Program
- EEPROM - Electronically Erasable Programmable Read-Only Memory
- EEZ - Exclusive Economic Zones
- EFF - Extended Fund Facility
- EFTA - European Free Trade Association
- EFTA - European Free Trade Association
- EIB - European Investment Bank
- EIS - Export Information System
- ELAIN - Electronic License Application and Information Network
- ELAN - Export Legal Assistance Network
- Electronic License Application and Information Network - ELAIN
is a BXA 24-hour on-line service which allows exporters to submit
license applications electronically through value-added network
vendors.
- ELVIS - Export License Voice Information System
- EMC - Export Management Company
- EMCF - European Monetary Cooperation Fund
- EMS - European Monetary System
- EMU - European Monetary Union
- EN - European Norm
- Enabling Clause - Part I of the General Agreement on Tariffs
and Trade (GATT) framework which permits developed country members
to give more favorable treatment to developing countries and special
treatment to the least developed countries, notwithstanding the
most-favored-nation provisions of the GATT.
- Enhanced Proliferation Control Initiative - In December 1990,
the United States announced a series of measures -- collectively
referred to as the Enhanced Proliferation Control Initiative (EPCI)
-- to reduce certain proliferation risks. Under the initiative,
the U.S. requires licenses for exports of: (a) precursor chemicals
that can be used in making chemical weapons and whole chemical
plants to make such precursors; (b) potential chemical and biological
weapon-related industrial facilities, related designs, technologies,
and equipment; and (c) any items to destinations that raise proliferation
concerns when the exporter knows, or is informed by the Commerce
Department, of such concerns. The initiative also calls for: (d)
penalties on U.S. firms and individuals that promote the spread
of chemical weapons and missile technology; (e) control lists
of (i) dual-use equipment and technologies related to chemical
and biological weapons and missiles, and (ii) countries to which
exports of such items should be controlled; and (f) multilateral
adoption of the initiative's measures.
- Enhanced Structural Adjustment Facility - The ESAF is a system
by which the International Monetary Fund loans concessional resources
to assist poor countries. These countries have extended balance
of payments deficits and pursue an orderly plans for correcting
the deficits and promoting medium-term economic structural adjustment
and macroeconomic programs. While similar to the Structural Adjustment
Facility (SAF), ESAF has triple the resources available for supporting
structural adjustment and monitors performance more closely. Both
facilities use the Policy Framework Paper as a means for attracting
additional support structural adjustment. SAF was established
in March 1986, ESAF in December 1987; both facilities require
repayments to be made in 5« to 10 years. More than 60 countries
are eligible for assistance under these facilities. See: International
Monetary Fund Policy Framework Paper.
- Enterprise for the Americas Initiative - The EAI, launched
in June 1990, supports development of a new economic relationship
between the United States and Latin America. The EAI has trade
investment, debt, and environment aspects. Trade aspects include
efforts to advance free trade agreements with markets in Latin
America and the Caribbean, particularly with groups of countries
that have associated for purposes of trade liberalization. As
part of this process, the U.S. seeks to enter into "framework"
agreements on trade and investment with interested countries or
groups of countries. These agreements set up intergovernmental
councils to discuss and, where appropriate, to negotiate the removal
of trade and investment barriers. Investment aspects include the
establishment of an Investment Sector Loan program and the Multilateral
Investment Fund to support investment reforms. See: Investment
Sector Loan Program Multilateral Investment Program.
- Enterprise Unipersonnelle e Responsabilite Limitee - EURL (French:
"sole ownership limited liability company") combines
features of both a corporation and a partnership. This form of
organization can be established with only one shareholder.
- Entrepot - An intermediary storage facility where goods are
kept temporarily for distribution within a country or for reexport.
- Entry (Customs) - A statement of the kinds, quantities and
values of goods imported together with duties, if any, declared
before a customs official.
- Entry Papers - Those documents which must be filed with the
Customs officials describing goods imported, such as consumption
entry, Ocean Bill of Lading or Carrier Release, and Commercial
Invoice.
- Entry Summary Selectivity System - The Entry Summary Selectivity
System, a part of Customs' Automated Commercial System, provides
an automated review of entry data to determine whether team or
routine review is required. Selectivity criteria include an assessment
of risk by importer, tariff number, country of origin, manufacturer,
and value. Summaries with Census warnings, as well as quota, antidumping
and countervailing duty entry summaries are selected for team
review. A random sample of routine review summaries is also automatically
selected for team review.
- Entry Summary System - An entry is the minimum amount of documentation
needed to secure the release of imported merchandise. The Entry
Summary System, a part of Customs' Automated Commercial System,
contains data on release, summary, rejection, collection, liquidation,
and extension or suspension.
- Entry Value - The U.S. Customs Service defines entry value
(or entered value) as the value reflected on the enry documentation
submitted by the importer. (see 19 CFR 141.61 for how shown on
entry. )
- EOP - European Patent Office
- EOTC - European Organization for Testing and Certification
- EP - European Parliament
- EPC - Economic Policy Council, European Patent Convention
- EPCI - Enhanced Proliferation Control Initiative
- EPROM - Erasable Programmable Read-Only Memory
- EPS - Export Promotion Services
- EPZs - Export Processing Zones
- ERLC - Export Revolving Line of Credit
- ERM - Exchange Rate Mechanism
- ERS - Economic Research Service
- ESA - European Space Agency
- ESAF - Enhanced Structural Adjustment Facility
- ESCAP - Economic and Social Commission for Asia and the Pacific
- Escape Clause - The escape clause, which can be invoked under
GATT Article XIX, allows countries to temporarily violate their
GATT obligations to the degree and time necessary to protect a
domestic industry from serious injury. Countries taking such actions,
however, must consult with affected contracting parties to determine
appropriate compensation for the violation of GATT rights, or
be subject to retaliatory trade actions. Section 201 of the Trade
Act of 1974 requires the U.S. International Trade Commission to
investigate complaints filed by domestic industries or workers
claiming that they are injured or threatened by rapidly rising
imports. Section 203 of the Act provides that if the ensuing investigation
establishes that the complaint is valid, relief may be granted
in the form of adjustment assistance, which may be training, technical,
and financial assistance, or temporary import restrictions in
the form of tariffs, quotas, tariff rate quotas, and/or orderly
marketing agreements. Import restrictions imposed under the escape
clause authority are limited in duration. They may last no longer
than five years but can be extended by the President for a three-year
period.
- Escape Clause - A provision within the GATT (Article XIX) that
allows a country try to suspend tariff or other concessions when
certain imports injure or threaten to injure domestic producers
of competitive goods or services. Section 201 of The Trade Act
of 1974 codifies Article XIX in U.S. law
- ESCB - European System of Central Banks
- Escrow Account - An escrow account is a special bank account
into which earnings from sales (e.g., convertible currency proceeds
from exports) are accumulated. These revenues are set aside for
subsequent acquisition of goods and services from a foreign supplier.
The escrowed money, usually interest-bearing, is disbursed by
the bank to the foreign supplier under payment terms and against
documents specified in the supplier's sale contract.
- ESCWA - Economic and Social Commission for Western Asia
- ESF - Economic Stabilization Fund, Economic Support Fund
- ESP - Exporter's Sale Price
- ESPRIT - European Strategic Program for Research and Development
in, Information Technologies
- est. - Estimated
- ETA - European Technical Approval
- ETA - Estimated time of arrival
- ETC - Export Trading Company
- ETC - Export Trade Company
- ETSI - European Telecommunications Standards Institute
- ETUC - European Trade Union Confederation
- EU - European Union
- EUCLID - European Cooperation for the Long-term in Defense
- EURAM - European Research in Advanced Materials
- EURATOM - European Atomic Energy Community
- EUREKA - European Research Coordination Agency
- EURL - Entreprise Unipersonnelle e responsabilite limitee
- Eurobond - See: Eurodollars.
- Eurocurrency - See: Eurodollars.
- Eurodollars - Eurodollars are deposits of U.S. dollars in banks
or other financial institutions which are located outside the
borders of the Un Central Bank - The ECB, as envisioned by the
Treaty of Maastricht, would be created to oversee performance
of economic policy and exchange rate policy tasks conferred on
the European System of Central Banks. The ECB would have the exclusive
right to issue bank-notes within the European Community. The national
central banks would be the sole subscribers to and holders of
the capital of the ECB. The funding formula for the ECB would
be based both on a Member State's population and on its gross
domestic product. The ECB will form, together with the national
central banks, the European System of Central Banks. See: Maastricht
Treaty.
- European Coal and Steel Community - See: European Community.
- European Coal and Steel Community - The ECSC (French: Communaute
Europeenne du Charbon et de l'Acier, CECA) undertakes activities
to operate a common market in coal and steel; to remove barriers
to trade in coal, coke, steel, pig-iron, and scrap iron.
- European Commission - One of the five major institutions of
the European Community, the Commission is responsible for ensuring
the implementation of the Treaty of Rome and Community rules and
obligations; submission of proposals to the Council of Ministers;
execution of the Council's decisions; reconciliation of disagreements
among Council members; administration of EC policies, such as
the Common Agricultural Policy and coal and steel policies; taking
necessary legal action against firms or member governments; and
representing the Community in trade negotiations with non-member
countries.
- European Committee for Electrotechnical Standardization - The
European Committee for Electrotechnical Standardization, CENELEC,
is a non-profit-making international organization under Belgian
law. CENELEC seeks to harmonize electrotechnical standards published
by the national organizations and to remove technical barriers
to trade that may be caused by differences in standards. CENELEC
members include: Austria, Belgium, Denmark, Finland, France, Germany,
Greece, Iceland, Ireland, Italy, Luxembourg, Netherlands, Norway,
Portugal, Spain, Sweden, Switzerland, and the United Kingdom.
- European Committee for Standardization - The European Committee
for Standardization, or CEN (from Comite Europeen de Normalisation),
is an association of the national standards organizations of 18
countries of the European Economic Communities (EEC) and of the
European Free Trade Association (EFTA). CEN membership is open
to the national standards organization of any European country
which is, or is capable of becoming, a member of the EEC or EFTA.
CEN develops voluntary standards in building, machine tools, information
technology, and in all sectors excluding the electrical ones covered
by CENELEC. CEN is involved in accreditation of laboratories and
certification bodies as well as quality assurance.
- European Community - A regional organization created in 1958
providing for gradual elimination of intraregional customs duties
and other trade barriers, applying a common external tariff against
other countries, and providing for gradual adoption of other integrating
measures, including a Common Agricultural Policy (CAP) and guarantees
of free movement of labor and capital. The original 6 members
were Belgium, France, West Germany, Italy, Luxembourg, and the
Netherlands. Denmark, Ireland, and the United Kingdom became members
in 1973; Greece acceded in 1981; Spain and Portugal in 1986. The
term European Community (EC) refers to three separate regional
organizations which operate under separate treaties: - European
Coal and Steel Community (ECSC), established in 1952 - European
Atomic Energy Community (EURATOM), established in 1958, and -
European Economic Community (EEC), established in 1958. Since
1967, the European Community have been served by four common institutions
-- the EC Commission, the EC Council, the European Parliament,
and the Court of Justice of the European Community. The present
12 member states of the EC are also members of the ECSC and Euratom.
While the expression "European Community" (or "EC")
was meant to refer to the three Communities, frequent use of the
expression "European Community" (or "EC")
has become common as a reference to the European Economic Community
(EEC). Prior to November 1, 1993 (the date on which the Maastricht
Treaty on European Union entered into force), the acronym "EC"
was used as a reference to "European Community" and
"European Communities. " Part I, Article I of the Maastricht
Treaty on European Union formalized "EC" as a reference
to "European Community. " The Treaty also introduced
the term "European Union" as a broader legal entity
than the European Community. See: European Coal and Steel Community
European Union.
- European Community (EC) - Coming into operation in 1958 and
based on the Treaty of Rome, the EC originally consisted of the
following countries who joined together to establish a customs
union and other forms of economic integration: France, Italy,
the Federal Republic of Germany, Belgium, the Netherlands and
Luxembourg. The United Kingdom, Denmark and Ireland joined in
1973. Greece joined in 1981, followed by Portugal and Spain in
1986.
- European Conference of Postal and Telecommunications Administrations
- See: Conference Europeenne des Administrations des Postes et
des Telecommunications.
- European Cooperation for the Long-term in Defense - EUCLID
is a coordinated defense R&D initiative which was approved
in a June 1989 meeting of the Independent European Program Group
(IEPG). EUCLID was designed to overcome deficiencies in European
defense R&D spending, minimize individual nation's duplicative
efforts, improve planning, and overcome legal and administrative
obstacles. EUCLID is divided into 11 technological categories:
(a) modern radar technology, (b) microelectronics, (c) composite
structures, (d) modular avionics, (e) electric gun, (f) artificial
intelligence, (g) signature manipulation, (h) opto-electronic
devices, (i) satellite surveillance technologies (including verification),
(j) underwater acoustics, and (k) "human factors," including
technology for training and simulation. Each of the 11 categories
is assigned a lead coordinating nation.
- European Court of Justice - The ECJ, located in Luxembourg,
was established in 1958 to support interpretation and application
of European Community law. The Court has jurisdiction to settle
actions brought by: (a) the Commission against member states for
failing to implement EC legislation, (b) the member states against
EC institutions, referrals for interpreations from national courts
where a question of EC law is at issue, and individuals under
a provision of EC law.
- European Currency Unit - The ecu is a "basket" of
specified amounts of each E. C. currency. Amounts were determined
according to the economic size of EC members, all of whose currencies
participate in the ecu basket. In the European Monetary System
(EMS), the ecu is used as a basis for setting central rates in
the exchange rate mechanism, as an accounting unit, and as a reserve
instrument and means of settlement among EMS central banks. The
ecu is not used by persons. Under provisions of the Maastricht
Treaty, the ecu is scheduled to be adopted as the single European
currency in Stage III of European Monetary Union (by 1999 at the
latest). The composition of the basket comprising the ecu was
frozen on November 1, 1993 in accordance with a provision of the
Maastricht Treaty which entered into force also on November 1.
See: Maastricht Treaty.
- European Development Fund - The EDF is the principal means
by which the European Economic Community provides aid, concessionary
finance, and technical assistance to developing countries. The
Fund was originally established in 1958 to grant financial aid
to dependencies of the six nations which founded the EEC
- European Economic Area - The EEA, which became effective in
January 1994, consists of Austria, Finland, Iceland, Norway, Sweden
and the 12 member nations of the European Union. The EEA, encompassing
an area inhabited by 370 million people, allows for the free movement
of goods, persons, services and capital throughout all 17 countries.
It also opens cooperation possibilities in many areas, including
research and development, environment, promotion of tourism, social,
and consumer policy. Following the negative result of the Swiss
referendum in December 1992, the remaining six countries of the
European Free Trade Association (Austria, Finland, Iceland, Liechtenstein,
Norway, and Sweden) signed an Adjusting Protocol in March 1993
with the intent to proceed without Switzerland. The Adjusting
Protocol contains provisions which allow Switzerland to participate
in the EEA at a later stage if it so wishes. Liechtenstein will
remain a Contracting Party to the European Economic Area Agreement,
but it will not be part of the EEA until the EEA Council decides
that the accord's good functioning will not be impaired. Liechtenstein's
status in the EEA accord was reviewed following Switzerland's
negative vote on the EEA in a December 1992 referendum. In particular,
Liechtenstein's customs union with Switzerland requires renegotiation.
Significant differences exist between the EEA and full membership
in the European Economic Community (EEC). The EEA is a free trade
area, not a customs union. Border controls between the EEC and
EFTA, while relaxed, are expected to continue. EFTA will not adopt
the EEC's Common Customs Tariff nor participate in the Common
Commercial Policy or Common Agricultural Policy. EFTA nations
will continue to set their own tariffs for third countries subject
to GATT and OECD agreements. Further change is anticipated with
Austria, Finland, Norway, and Sweden expected to join the European
Economic Community by January 1995 or shortly afterwards. See:
European Economic Community European Free Trade Association European
Union.
- European Free Trade Association - EFTA is a regional organization
established in December 1959 by the Stockholm Convention as an
alternative to the Common Market. EFTA was designed to provide
a free trade area for industrial products among member countries.
In contrast with the EC, EFTA does not have a common external
tariff and nor a common agricultural trade policy. Original EFTA
members included the United Kingdom, Austria, Denmark, Norway,
Portugal, Sweden, and Switzerland. The UK, Denmark, and Portugal
left the Association when they joined the EC. EFTA currently has
seven members: Austria, Finland, Iceland, Liechtenstein, Norway,
Sweden, and Switzerland -- Austria and Sweden have applied for
EC membership. Association headquarters are in Geneva, Switzerland.
- European Free Trade Association (EFTA) - Formed in 1960, the
regional grouping which includes Austria, Iceland, Norway, Sweden,
Switzerland. and Finland (an associate member). Member countries
have eliminated tariffs on manufactured goods and agricultural
products that originate in and are traded among member countries.
- European Investment Bank - The Luxembourg-based EIB, established
in 1957, is an independent public institution set up the Treaty
of Rome to contribute to balanced and steady development in the
European Community. The EIB provides loans and guarantees to companies
and public institutions to finance regional development, structural
development, and achieve cross-border objectives. The EIB has
emphasized regional development and energy, with Italy, Greece,
and Ireland receiving major support.
- European Monetary and Cooperation Fund - The EMCF, originally
created in 1973, was revised and linked with the European Monetary
System in 1979. While intended to support the European Currency
Unit and support a reserve system of central banks, the Fund has
been used to keep account of short-term borrowings and support
currencies through intervention in foreign exchange markets at
the request of member states. The Fund uses the Bank for International
Settlements as its agent.
- European Monetary Institute - Under provisions of the Maastricht
Treaty, the EMI will manage the national currency reserves of
EC central banks and encourage international acceptance of the
European Currency Unit (ECU). The EMI is also intended to strengthen
coordination of monetary policies among European Community member
states and to study and develop the infrastructure and procedures
required for the conduct of single monetary policy. The EMI will
be established on January 1, 1994. See: Maastricht Treaty.
- European Monetary System - The EMS was created in 1979 to support
monetary stability, move Europe toward closer economic integration,
and avoid disruptions in trade resulting from fluctuations in
currency exchange rates. EMS members deposit gold and dollar reserves
with the European Monetary Cooperation Fund (EMCF) in exchange
for the issuance of European currency units (ecu). The EMS has
three main features: the ecu, an exchange rate and intervention
mechanism, and credit mechanisms to support member countries.
All EC members except Greece and the United Kingdom participate
in the exchange rate mechanism of the EMS. See: European Currency
Unit, Exchange Rate Mechanism.
- European Monetary Union - See: Maastricht Treaty.
- European Norm - The "EN" mark is a designation of
a stnadards directive issued by CEN (Comite Europeen de Normalisation)
or CENELEC (Comite Europeen de Normalisation Electrotechnique).
Notations regarding En generally don't appear on the product.
See: Conformite Europeene.
- European Organization for Testing and Certification - The EOTC
promotes mutual recognition of tests, test and certification procedures,
and quality systems within the European private sector for product
areas or characteristics not covered by EC legislative requirements.
The Organization was created in April 1990 by the European Community
Commission under a memorandum of agreement with CEN/CENELEC and
the European Free Trade Association countries. EOTC headquarters
are in Brussels, Belgium.
- European Patent Convention - The European Patent Convention,
EPC, is an agreement between European nations to centralize and
standardize patent law and procedure. The EPC, which took effect
in 1977, established a single "European patent" through
application to the European Patent Office in Munich. Once granted,
the patent matures into a bundle of individual patents -- one
in each member country designated by the patent applicant. Patent
applicants must indicate the countries to which they wish to have
pante protection.
- European Patent Office - The EPO (German: Europaeisches Patentamt;
French: Office Europeen de Brevets) promotes easier, cheaper,
and more reliable patent protection by establishing a single procedure
for granting patents on the basis of a single European patent
law. Standards are available in English from the World Intellectual
Property Organization. The Office was established in October,
1973; its headquarters are in Munich, Germany. EPO membership
is not open to the U.S., but close relations are maintained through
the Commerce Department's Patent and Trademark Office.
- European Research Coordination Agency - The European Research
Coordination Agency, EUREKA, coordinates advanced technology projects
being carried out by European industry. The Agency was created
in 1985; headquarters are in Brussels, Belgium; membership includes
the European Community countries, plus Norway, Sweden, Finland,
Switzerland, Austria, Iceland, and Turkey.
- European Space Agency - The ESA designs and coordinates construction
of satellite and launching systems. Members include: Austria,
Belgium, Denmark, France, Germany, Ireland, Italy, the Netherlands,
Norway, Spain, Sweden, Switzerland, and the United Kingdom.
- European System of Central Banks - The ESCB, as envisioned
by the Treaty of Maastricht, would be created for the primary
purpose of maintaining price stability within the European Community.
The ESCB would be composed of the European Central Bank and of
the central banks of the Members States. It would be independent
of national governments and Community authorities. See: Treaty
of Maastricht.
- European Technical Approval - An ETA is a favorable technical
assessment of the fitness for use of a product for an intended
use, based on the fulfillment of the essential requirements for
building works for which the product is used, as provided for
under the EC Construction Products Directive (89/106/EEC). A European
technical approval may be granted to products for which there
is neither a harmonized European standard, nor a recognized national
standard, nor a mandate for a harmonized standard; and to product
which differ significantly from harmonized or recognized national
standards. Such approval permits free circulation of the products
within the member countries of the European Community and the
European Free Trade Association.
- European Telecommunications Standards Institute - ETSI (French:
Institut Europeen des Normes des Telecommunication; German: Europaisches
Institut fur Telekummonikationsstandards) was established in March
1988 in response to the inability of the European Conference of
Postal and Telecommunications Administrations (CEPT) to keep up
with the schedule of work on common European standards and specifications
agreed to in the 1984 Memorandum of Understanding between CEPT
and the EC. ETSI has a contractual relationship with the EC to
pursue standards development for telecommunications equipment
and services, and it cooperates with other European standards
bodies such as CEN/CENELEC. ETSI membership includes the telecommunications
administrations that constitute the CEPT as well as manufacturers,
service providers, and users. See: Confernece Europeenne des Administrations
des Postes et des Telecommunications.
- European Trade Union Confederation - ETUC, founded in 1973,
is the primary organization which speaks for European trade unions.
ETUC consists of more than 30 organizations in 20 Western European
countries and has over 40 million members. The Confederation's
principal goal is to influence European policies affecting workers;
it is active with the European Community, the Council of Europe,
the European Free Trade Association, and the OECD Trade Union
Advisory Committee. ETUC headquarters are in Brussels, Belgium.
- European Union - The EU is an umbrella reference to the European
Community (EC) and to two European integration efforts introduce
by the Maastricht Treaty: Common Foreign and Security Policy (including
defense) and Justice and Home Affairs (principally cooperation
between police and other authorities on crime, terrorism, and
immigration issues). The term "European Union" was introduced
in November 1993 (when the Maastricht Treaty on European Union
entered into force). The term "European Community" (EC)
continues to exist as a legal entity within the broader framework
of the EU. See: European Community Maastricht Treaty.
- EUROSTAT - Statistical Office of the European Community
- EUROTOM - European Atomic Energy Community
- Evidence Account - An evidence account is an umbrella agreement
contracted between a Western supplier and a government agency
in a developing country (e.g., an industrial ministry, or a provincial
or state authority), which is designed to facilitate reciprocal
trade flows. The agreement stipulates trade conditions between
the Western firm, other independent firms designated by it, and
commercial organizations under the jurisdiction of the developing
country signatory. It also requires that the cumulative payment
turnovers for the trade goods, not payments of individual transactions,
be balanced in an agreed-upon proportion within a specified period
of time (typically 1 to 3 years). Trade flows are monitored and
financial settlements occur through banks designated by the agreement's
signatories.
- Evidence of Origin - Information presented in the Exporter's
Certificate of Origin (or Customs Form 353) that certifies that
the goods described are eligible for a preferential rate of duty
under a trade program.
- Ex Dock (Import Usage Only) - The seller is obligated to place
the specified goods at the specified price on the import dock
clear of all customs and duty requirements. The buyer must do
nothing further than pick up the goods within a prescribed time
limit.
- Ex Mill (Ex Warehouse, Ex Mine, Ex Factory) - The seller is
obligated to place the specified quantity of goods at the specified
price at his mill loaded on trucks, railroad cars or any other
specified means of transport. The buyer must accept the goods
in this manner and make all arrangements for transportation.
- Ex Quay - "Ex Quay" means that the seller makes the
goods available to the buyer on the quay (wharf) at the destination
named in the sales contract. The seller has to bear the full cost
and risk involved in bringing the goods there. There are two "Ex
Quay" contracts in use: (a) Ex Quay "duty paid"
and (b) Ex Quay "duties on buyer's account" in which
the liability to clear goods for import is to be met by the buyer
instead of by the seller.
- Ex Ship - "Ex Ship" means that the seller will make
the goods available to the buyer on board the ship at the destination
named in the sales contract. The seller bears all costs and risks
involved in bringing the goods to the destination.
- Ex Works - Ex Works (EXW) at a named point of origin (examples
are: ex factory, ex mill, ex warehouse). Under this term, the
price quoted applies only at the point of origin and the seller
agrees to place the goods at the disposal of the buyer at a specified
place on the date or within the period fixed. All other charges
are for the account of the buyer
- Ex-"From" - When used in pricing terms such as "Ex
Factory" or "Ex Dock," it signifies that the price
quoted applies only at the point of origin (in the two examples,
at the seller's factory or a dock at the import point). In practice,
this kind of quotation indicates that the seller agrees to place
the goods at the disposal of the buyer at the specified place
within a fixed period of time.
- Ex. - Excluding. Examined. Exchange. Executed. Out of. Without
- EXCEL - Export Credit Enhanced Leverage
- Excess-Currency Country - A country where the local currency
supply available to the U.S. Government for conducting official
business exceeds U.S. requirements for the 2 years following the
year for which the designation is made.
- Exchange Controls - The internal rationing of foreign currencies,
bank drafts and other financial paper to stabilize balance of
payments problems. When this occurs, an importer must obtain permission
from the government to expend foreign exchange. These measures
can distort trade and are often viewed as a non-tariff barrier.
- 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.
- Exchange Rate - The rate of currency conversion between countries.
For example, one American dollar can be hypothetically exchanged
for six French francs.
- Exchange Rate Classifications - Following are the different
types of possible exchange rate regimes and how they work: - Single
Currency Peg: the country pegs to a major currency -- usually
the U.S. dollar or the French franc -- with infrequent adjustment
of the parity; - Composite Currency Peg: the country pegs to a
basket of currencies of major trading partners to make the pegged
currency more stable than if a single currency peg were used.
The weights assigned to the currencies in the basket may reflect
the geographical distribution of trade, services, or capital flows.
They may also be standardized, as in the Special Drawing Right
(SDR) and the European Currency Unit (ECU); - Limited Flexibility
vis-a-vis a Single Currency: the value of the currency is maintained
within certain margins of the peg; - Limited Flexibility Through
Cooperative Agreements: this applies to countries in the exchange
rate mechanism of the European Monetary System and is a cross
between a peg of individual EMS currencies to each other and a
float of all these currencies jointly vis-a-vis non-EMS currencies;
- Greater Flexibility Through Adjustment to an Indicator: the
currency is adjusted more or less automatically to changes in
selected indicators. A common indicator is the real effective
exchange rate, which reflects inflation-adjusted changes in the
currency vis-a-vis major trading partners; - Greater Flexibility
Through Managed Float: the central bank sets the rate but varies
it frequently. Indicators for adjusting the rate include, for
example, the balance of payments position, reserves, and parallel
market developments. Adjustments are not automatic; - Full Flexibility
Through an Independent Float: rates are determined by market forces.
Some industrial countries have floats -- except for the EMS countries
-- but the number of developing countries in this category has
been increasing. See: Crawling Peg System Exchange Rate.
- Exchange Rate Mechanism - The ERM is a program through which
member countries of the European Economic Community agree to maintain
parity in exchange rates among their currencies. Limits are set
on the amounts by which exchange rates may vary between any two
currencies. If an exchange rate reaches the limit, the central
banks of the two countries intervene in the market to ensure that
the limit is not exceeded. The ERM was established in 1979 with
agreement by Belgium, France, West Germany, Luxembourg, the Netherlands,
and Denmark to limit fluctuation in the bilateral exchange rates
between their currencies to ñ2.25%. Italy, which was also
a member, did not limit fluctuation to ñ25% until 1990.
Spain joined in 1989, the UK in 1990, and Portugal in 1992, each
agreeing to a wider band of 6% fluctuation in the bilateral exchange
rates in the value of their currencies against other ERM members.
Disruptions in September 1992 led to the withdrawal of Italy and
the UK and to some parity realignments. The ERM has since resumed,
with provisions allowing currency fluctuations of 15 percent.
- Exclusive Economic Zone - The EEZ refers to the rights of coastal
states to control the living and nonliving resources of the sea
for 200 miles off their coasts while allowing freedom of navigation
to other states beyond 12 miles, as agreed at the sixth session
of the Third U. N. Conference on the Law of the Sea (UNCLOS).
The EEZ also gives the coastal states the responsibility for managing
the conservation of all natural resources within the 200-mile
limit.
- Exd. - Examined
- EXIMBANK - Export-Import Bank of the United States
- Exon-Florio - The "Exon-Florio" provision (section
721 of the Defense Production Act) provides the President with
authority to investigate proposed or pending mergers, acquisitions,
and takeovers by or with foreign persons to determine their effects
on national security. The provision also grants the President
authority to suspend or block those transactions that lead to
control of a domestic firm by a foreign person if the President
determines that the foreign purchaser might take actions that
would threaten the national security. See: Committee on Foreign
Investment in the United States Foreign Direct Investment in the
United States.
- explosimeter - Instrument used to detect the presence of flammable
gases in tanker tanks.
- Export Administration Act - The EAA of 1979, as amended, authorizes
the President to control exports of U.S. goods and technology
to all foreign destinations, as necessary for the purpose of national
security, foreign policy, and short supply. As the basic export
administration statute, the EAA is the first big revision of export
control law since enactment of the Export Control Act of 1949.
The EAA is not a permanent legislation; it must be reauthorized
-- usually every three years. There have been reauthorizations
of the EAA in 1982, 1985 (the Export Administration Amendments
Act), and 1988 (Omnibus Amendments of 1988) which have changed
provisions of the basic Act. The Act was extended in 1993 until
June 30, 1994.
- Export Administration Regulations - The Export Administration
Regulations provide specific instructions on the use and types
of licenses required and the types of commodities and technical
data under control.
- Export Administration Review Board - The EARB is a cabinet-level
export licensing dispute resolution group. The EARB was originally
established in June 1970 under Executive Order 11533. Under Executive
Order 12755 of March 1991, EARB membership includes Commerce (as
chair), State, Defense, and Energy, and Arms Control and Disarmament
Agency and, as non-voting members, the Joint Chiefs of Staff and
the Central Intelligence Agency. The EARB is final review body
to resolve differences among agency views on the granting of an
export license. [Preceding EARB review are: (a) an interagency
committee and (b) the Advisory Committee on Export Policy.] National
Security Directive 53 requires escalation of disputes regarding
an export license to the Advisory Committee on Export Policy (ACEP)
not later than 100 days from the filing date of the applicant's
application. Any cases not resolved at the ACEP level must be
escalated to the EARB within a specified number of days of the
date of the ACEP meeting. Cases not resolved by the EARB must
be escalated to the President for resolution.
- Export Assistance Center - An Export Assistance Center (EAC)
system was established by the state of Texas to link agencies,
associations, and local governments in efforts to increase exports
by assisting current and prospective exporters. The US&FCS
has been considering using the Texas model to develop similar
export assistance networks.
- Export Broker - An individual or firm that brings together
buyers and sellers for a fee but does not take part in actual
sales transaction provides mailing lists of prospective overseas
customers from ITA's file of foreign firms (the Foreign Traders
Index). The ECLS identifies manufacturers, distributors, retailers,
service firms, and government agencies. A summary of the information
on the company includes contact informatiostem currently provides:
- electronic submission of application forms directly with the
use of value-added network vendors; - optical character recognition
of applications submitted on paper; - paperless workstations for
all licensing officers to review the application, route it to
other officers, branches, or exte workloads, average processing
times, counts and times by license type, destination country,
commodity code, and other data.
- Export Control Classification Number - Every product has an
export control classification number (formerly: Export Control
Commodity Number) within the Commerce Control List. Each ECCN
ication Number.
- Export Credit Enhanced Leverage - The export credit enhanced
leverage, EXCEL, program was developed in 1990 by the World Bank
in conjunction with a working group of the International Union
of Credit and Investment Insurers (the Berne Union). The objective
of EXCEL is to provide export credits at consensus rates for private
sector borrowers in highly indebted countries, which would previously
have been too great a risk for most agencies to cover.
- Export Credit Guarantee Department - The ECGD of the Department
of Industry and Trade is the primary source of official British
export credit. The ECGD helps exporters by providing: (a) insurance
against the risk of not being paid for exports and (b) guarantees
to banks for exporters of capital goods, under which finance can
be obtained for export business, often at a favorable rate of
interest. Subject to Parliamentary approval, ECDG's short-term
underwriting division, the Insurance Service Group, is to be privatized.
The medium and long-term underwriting group is introducing a new
system for assessing premiums which will more realistically reflect
the risk involved. The Department was originally established in
1919; headquarters are in London, England.
- Export Credit Guarantee Programs - See: General Sales Manager.
- Export Declaration - See: Shipper's Export Declaration.
- Export Declaration - A formal statement made to the Director
of Customs at a port of exit declaring full particulars about
goods being exported.
- Export Development Corporation - EDC is Canada's official export
credit agency, responsible for providing export credit insurance,
loans, guarantees, and other financial services to promote Canadian
export trade.
- Export Development Office - Export Development Offices (EDOs)
in seven cities (Tokyo, Sydney, Seoul, Milan, London, Mexico City,
and Sao Paulo) provide services to U.S. exporters, including market
research to identify specific marketing opportunities and products
with the greatest sales potential; and to organize export promotion
events. EDOs are staffed by U.S. and Foreign Commercial Service
officers. When not in use for trade exhibitions, EDOs with exhibit
and conference facilities are made available to individual firms
or associations.
- Export Disincentives - Export disincentives are policies which
may serve to deter U.S. exports, such as sanctions, export controls,
and domestic and regulatory policies with a coincidental impact
of handicapping U.S. competitiveness.
- Export Enhancement Act of 1992 - The Export Enhancement Act
of 1992 required the Trade Promotion Coordinating Committee (TPCC)
to issue by September 30, 1993, and annually thereafter, a report
containing "a governmentwide strategic plan for Federal trade
promotion efforts" and describing its implementation. The
legislation requires the TPCC to establish in the strategic plan
priorities for federal trade promotion and explain the rationale
for these priorities. The act also requires the TPCC to include
in the plan a strategy for bringing federal trade promotion activities
into line with the new priorities and for improving their coordination.
The TPCC is also required to propose in the plan a means for eliminating
overlap among federal trade promotion activities and increasing
cooperation between state and federal trade promotion efforts.
The act requires that the TPCC include in the strategic plan a
proposal to the President for an annual unified budget for federal
trade promotion activities. This budget is to: (a) reflect the
new priorities and improved interagency coordination and (b) eliminate
funding for areas of overlap and duplication among federal agencies.
See: Trade Promotion Coordinating Committee.
- Export Enhancement Program - The EEP, one of four export subsidy
programs operated by the Department of Agriculture, is intended
to enhance U.S. trade policy strategies and objectives and to
expand U.S. agricultural exports. Under the EEP, the Agriculture
Department's Commodity Credit Corporation provides bonuses to
U.S. exporters to enable them to be price competitive and thereby
sell U.S. agricultural products in targeted overseas markets in
which competitor countries are making subsidized sales. EEP-eligible
commodities have included: wheat, wheat flour, rice, frozen poultry,
barley, barley malt, table eggs, feed grains and vegetable oil.
- Export Information System - The EIS is a classified automated
system for export licensing operations maintained by the Department
of Energy. See: Export Control Automated Support System.
- Export Legal Assistance Network - The Export Legal Assistance
Network, ELAN, sponsored by SBA, is a nationwide group of attorneys
with experience in international trade who provide free initial
consultations to small businesses on export-related matters.
- Export License - A government document (also known as an "Individual
Validated License") authorizing exports of specific goods
in specific quantities to a particular destination. This document
may be required in some countries for most or all exports and
in other countries only under special circumstances.
- Export License - A permit required to engage in the export
of certain commodities and quantities to certain destinations.
List of such goods are found in the comprehensive Export Schedule
issued by the Bureau of Foreign Commerce.
- Export License Voice Information System - ELVIS is a BXA 24-hour
on-line service which allows exporters to obtain recorded information
on such topics as commodity classifications, emergency handling
procedures, and seminars as well as to order information.
- Export Limitation - A provision that limits the recipient country's
volume of exports of commodities that are the same as, or like,
the commodities being furnished by the United States under a P.L.
480 ("Food for Peace") sales agreement. The export of
the actual commodities is also prohibited, with the latter prohibition
being termed an export restriction.
- Export Limitation Period - The period during which the receipient
country must restrict exports of commodities which are considered
to be the same as, or like, those supplied under P.L. 480 ("Food
for Peace").
- Export Management Company - An EMC is a private firm that serves
as the export department for several manufacturers, soliciting
and transacting export business on behalf of its clients in return
for a commission, salary, or retainer plus commission. An EMC
maintains close contact with its clients and is supply-driven.
An EMC may take title to the goods it sells, making a profit on
the markup, or it may charge a commission, depending on the type
of products being handled, the overseas market, and the manufacturer-client's
needs.
- Export Management Company - An organization which, for a commission,
acts as a purchase agent for either a buyer or seller.
- Export Merchant - A company that buys products directly from
manufacturers, then packages and marks the merchandise for resale
under its own name. A producer or merchant who sells directly
to a foreign purchaser without going through an intermediate such
as an export broker.
- Export Processing Zones - EPZs are a form of free trade zone
which provide incentives for industrial or commercial export activity.
Export processing zones are located in developing countries and
are usually in defined areas, industrial parks, or facilities
which provide free trade zone benefits and usually offer additional
incentives, such as exemption from normal tax and business regulations.
The zones, which began appearing around 1975, are sometimes referred
to as Special Economic Zones or Development Economic Zones. See:
Free Trade Zones.
- Export Promotion - Export promotion refers to the collective
programs a nation has to help companies sell products abroad.
These programs may include business counseling, training, and
representational assistance, as well as providing market research
information, trade fair opportuntities, and export financing assistance.
- 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.
- Export Quotas - Specific restraints imposed by an exporting
country on the value or quantity of a good for export purposes.
- Export Rate - A freight rate specially established for application
on export traffic and generally lower than the domestic rate.
- Export Restraint Agreements - See: Voluntary Restraint Agreements.
- Export Restraints - A restriction by an exporting country of
the quantity of exports to a specified importing country. Usually
this is a result of a request (formal or informal) of the importing
country.
- Export Revolving Line of Credit - The Export Revolving Line
of Credit, ERLC, is a form of financial assistance provided by
the Small Business Administration (SBA). The ERLC guarantees loans
to U.S. firms to help bridge the working capital gap between the
time inventory and production costs are disbursed until payment
is received from a foreign buyer. SBA guarantees 85 percent of
the ERLC subject to a $750,000 guarantee limit. The ERLC is granted
on the likelihood of a company satisfactorily completing its export
transaction. The guarantee covers default by the exporter, but
does not cover default by a foreign buyer; failure on the buyer's
side is expected to be covered by letters of credit or export
credit insurance. Under SBA's ERLC program, any number of withdrawals
and repayments can be made as long as the dollar limit on the
line of credit is not exceeded and disbursements are made within
the stated maturity period (not more than 18 months). Proceeds
can be used only to finance labor and materials needed for manufacturing,
to purchase inventory to meet an export order, and to penetrate
or develop foreign markets. Examples of eligible expenses for
developing foreign markets include professional export marketing
advice or services, foreign business travel, and trade show participation.
Under the ERLC program, funds may not be used to purchase fixed
assets.
- Export Statistics - Export statistics measure the total physical
quantity or value of merchandise (except for shipments to U.S.
military forces overseas) moving out of the United States to foreign
countries, whether such merchandise is exported from within the
U.S. Customs territory or from a U.S. Customs bonded warehouse
or a U.S. Foreign Trade Zone.
- 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.
- Export 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.
- Export Trade Certificate of Review - A certification of partial
immunity from U.S. antitrust laws that can be granted based on
the Export Trading Company Act legislation by the Department of
Commerce with Department of Justice concurrence. Any prospective
or present U.S.-based exporter with antitrust concerns may apply
for certification.
- Export Trading Company - An ETC is a company doing business
in the United States principally to export goods or services produced
in the United States or to facilitate such exports by unaffiliated
persons. The ETC can be owned by foreigners and can import, barter,
and arrange sales between third countries, as well as export.
An ETC is demand-driven and transaction-oriented. Generally, an
ETC takes title to the products involved, but may work on a commission
basis.
- Export Trading Company Act - The Export Trading Company Act
of 1982: initiates the Export Trade Certificate of Review program
that provides antitrust preclearance for export activities; permits
bankers' banks and bank holding companies to invest in ETCs; establishes
a Contact Facilitation Service within the Commerce Department
designed to facilitate contact between firms that produce exportable
goods and services and firms that provide export trade services.
- Export-Import Bank of Japan - JEXIM is Japan's official provider
of export credits. About 10 percent of JEXIM's business is providing
export credits. The bank's main role is to disburse about half
the funds available under the trade surplus recycling program
(the Nakasone facility). See: Japan International Cooperation
Agency Overseas Economic Cooperation Fund.
- Export-Import Bank of the United States - Eximbank was chartered
in 1934 as an independent agency to finance the export of U.S.
goods and services. Eximbank offers four major export finance
support programs: loans, guarantees, working capital guarantees,
and insurance. Eximbank undertakes some of the risk associated
with financing the production and sale of American-made goods;
provides financing to overseas customers for American goods when
lenders are not prepared to finance the transactions; and enhances
a U.S. exporter's ability to match foreign government subsidies
by helping lenders meet lower rates, or by giving financing incentives
directly to foreign buyers. See: Commercial Risk Political Risk
Private Export Funding Corporation.
- Exporter Data Base - The EDB, operating on a pilot basis in
1992, provides data on the number of exporters, their distribution
in cities and states, and their economic characteristics. The
EDB, developed by the Commerce Department's International Trade
Administration and the Census Bureau links commodity data from
millions of U.S. export declarations to the Bureau's various databases
on the business characteristics of U.S. firms.
- Exporter's Certificate of Origin - The U.S. Customs Service
defines an Exporter's Certificate of Origin (also known as Customs
Form 353) as a document completed by the exporter, certifying
that the goods described therein are eligible for a preferential
rate of duty under some trade program such as the U.S.-Canada
Free-Trade Agreement. (See 19 CFR 10.37(d)(1).)
- Exporter's Sales Price - ESP is a statutory term used to refer
to the United States sales prices of merchandise which is sold
or likely to be sold in the United States, before or after the
time of importation, by or for the account of the exporter. Certain
statutory adjustments are made to permit a meaningful comparison
with the foreign market value of such or similar merchandise,
e.g., import duties, United States selling and administrative
expenses, and freight are deducted from the United States price.
See: Tariff Act of 1930.
- Extended Fund Facility - The EEF is an arrangement by which
the International Monetary Fund (IMF) may provide assistance to
its members to enable them to meet their balance of payments needs
for longer periods and in larger amounts than are available under
the IMF's credit tranche policies. See: International Monetary
Fund.
- EXW - Ex Works
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