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- Foreign Military Sales - See: Conventional Arms Transfer.
- Foreign-Owned Affiliate in the U. S. - A business in the United
States in which there is sufficient foreign investment to be classified
as direct foreign investment. To determine fully the foreign owners
of a U.S. affiliate, three entities must be identified: the foreign
parent, the ultimate beneficial owner, and the foreign parent
group. All these entities are "persons" in the broad
sense: thus, they may be individuals; business enterprises; governments;
religious, charitable, and other nonprofit organizations; estates
and trusts; and associated groups. A U.S. affiliate may have an
ultimate beneficial owner (UBO) that is not the immediate foreign
parent; moreover, the affiliate may have several ownership chains
above it, if it is owned at least 10 percent by more than one
foreign person. In such cases, the affiliate may have more than
one foreign parent, UBO, and/or foreign parent group. See: Foreign
Parent Foreign Parent Group.
- Foreign Parent - The first foreign person or entity outside
the United States in an affiliate's ownership chain that has direct
investment in the affiliate. The foreign parent consists only
of the first person or entity outside the United States in the
affiliate's ownership chain; all other affiliated foreign persons
are excluded.
- Foreign Parent Group - A foreign parent group, FPG, consists
of: (1) the foreign parent, (2) any foreign person or entity,
proceeding up the foreign parent's ownership chain, that owns
more than 50 percent of the party below it, up to and including
the ultimate beneficial owner (UBO), and (3) any foreign person
or entity, proceeding down the ownership chain(s) of each of these
members, that is owned more than 50 percent by the party above
it. A particular U.S. affiliate may have several ownership chains
above it, if it is owned at least 10 percent by more than one
foreign party. In such cases, the affiliate may have more than
one foreign parent, UBO, and/or foreign parent group.
- Foreign Person - A foreign person is any person resident outside
the United States or subject to the jurisdiction of a country
other than the United States. "Person" is any individual,
branch, partnership, association, associated group, estate, trust,
corporation, or other organization (whether or not organized under
the laws of any State), and any government (including a foreign
government, the U.S. Government, a State or local government,
and any agency, corporation, financial institution, or other entity
or instrumentality thereof, including a government sponsored agency.)
See: Foreign Parent Foreign Parent Group U.S. Affiliate.
- Foreign Sales Corporation - An FSC is a corporation created
to secure U.S. tax exemption on a portion of earnings derived
from the sale of U.S. products in foreign markets. To qualify
for special tax treatment, an FSC must be a foreign corporation,
maintain an office outside the U.S. territory, maintain a summary
of its permanent books of account at the foreign office, and have
at least one director resident outside of the U.S. There are some
variations:- Small FSCs are the same as FSCs, except that small
FSCs must file an election with the IRS, and have their tax exemption
limited to the income generated by $5 million or less in gross
export revenues. Small FSCs do not have to meet foreign managment
or foreign economic process requirements but must fulfill other
requirements. - Shared FSCs are FSCs which are "shared"
by 25 or fewer unrelated exporter "shareholders" for
the purpose of reducing costs while obtaining the full tax benefits
of an FSC.
- Foreign Service - The Foreign Service supports the President
and the Secretary of State in pursuing America's foreign policy
objectives. Foreign service functions include: representing U.S.
interests; operating U.S. overseas missions; assisting Americans
abroad; public diplomacy and reporting; communicating and negotiating
political, economic, consular, administrative, cultural, and commercial
affairs. The Foreign Service comprises officers from the Departments
of State, Commerce, and Agriculture and the United States Information
Service. See: Commercial Officers Economic Officers.
- Foreign Service Institute - FSI was founded in 1946 to train
U.S. foreign and civil service officials. Training courses cover
administrative, consular, economic, commercial, and political
work, foreign languages, and diplomatic life overseas.
- Foreign Service National - Host-country national employed by
a U.S. mission overseas.
- Foreign Trade Division - FTD is the division in the Commerce
Department's Census Bureau which compiles and disseminates official
U.S. import and export statistics. The division also maintains
international commodity classification systems and conducts methods
research, including international comparability of trade statistics.
- Foreign Trade Zones - FTZs are the U.S. form of free trade
zones. These zones are restricted-access sites in or near ports
of entry, that operate under public utility principles to create
and maintain employment by encouraging operations in the U.S.
which might otherwise have been carried on abroad. Goods brought
into a zone for a bona fide Customs reason are exempt from state
and local ad valorem tax. The zones are licensed by the Commerce
Department's Foreign-Trade Zones Board and operate under the supervision
of the Customs Service. Quota restrictions do not normally apply
to foreign goods stored in zones, but the Board can limit or deny
zone use in specific cases on public interest grounds. Domestic
goods moved into a zone for export may be considered exported
upon entering the zone for purposes of excise tax rebates and
drawback. A foreign trade "subzone" is a non-contiguous
zone site located at a manufacturing plant. See: Free Trade Zones.
- Foreign Traders Index - The foreign traders index is the U.S.
and Foreign Commercial Service headquarters compilation of overseas
contact files, intended for use by domestic businesses. The FTI
includes background information on foreign companies, address,
contact person, sales figures, size of company, and products by
SIC code.
- Foreign Trade Statistical Reporting - See: Shipper's Export
Declaration.
- Forfaiting - Forfaiting is a form of supplier credit in which
an exporter surrenders possession of export receivables, which
are usually guaranteed by a bank in the importer's country, by
selling them at a discount to a "forfaiter" in exchange
for cash. These instruments may also carry the guarantee of the
foreign government. In a typical forfaiting transaction, an exporter
approaches a forfaiter before completing a transaction's structure.
Once the forfaiter commits to the deal and sets the discount rate,
the exporter can incorporate the discount into the selling price.
Forfaiters usually work with bills of exchange or promissory notes,
which are unconditional and easily transferable debt instruments
that can be sold on the secondary market. Three primary differences
between export factoring and forfaiting are:- Factors usually
want access to a large percentage of an exporter's business, while
most forfaiters will work on a one-shot basis; -Forfaiters generally
work with medium and long-term receivables (180 days to seven
years), while factors work with short-term receivables (up to
180 days). Payment terms usually reflect the type of product involved:
forfaiters usually work with capital goods, commodities, and large
projects; factors work mostly with consumer goods. - Most factors
do not have strong capabilities in developing regions of the world
where legal and financial frameworks are inadequate and credit
informaiotn is not readily available through affiliate factors.
However, since forfaiters usually require a bank guarantee, most
are willing to work with receivables from these countries. See:
Factoring.
- Former Soviet Union - The FSU is a collective reference to
republics comprising the former Soviet Union. The term has been
used both including and excluding the Baltic republics (Estonia,
Latvia, and Lithuania); the term includes the other twelve republics:
Russia, Ukraine, Belarus, Moldova, Armenia, Azerbaijan, Uzbekistan,
Turkmenistan, Tajikistan, Kazakhstan, Kirgizstan, and Georgia.
- Forty-Foot Equivalent Unit - See: Twenty-Foot Equivalent Unit.
- Forward Exchange Rate - A forward exchange rate is the price
set between two parties for delivery of a foreign currency on
an agreed future date. If that date will occur within a week,
the agreement is called a spot transaction; if the date is more
than a week in the future, the arrangement is called a forward
exchange transaction. See: Foreign Exchange Option.
- Foul Bill of Lading - A receipt for goods issued by a carrier
with an indication that the goods were damaged when received.
- Framework Agreement- Tokyo Round: - The Tokyo Round called
for consideration to be given "to improvements in the international
framework for the conduct of world trade." Four separate
agreements make up what is known as the "framework agreement."
They concern: (1) differential and more favorable treatment for,
and reciprocity and fuller participation by, developing countries
in the international framework for trade; (2) trade measures taken
for balance of payments purposes; (3) safeguard actions for development
purposes; and (4) an understanding on notification, consultation,
dispute settlement, and surveillance in the GATT.- Enterprise
for the Americas Initiative: Under the umbrella of the Enterprise
for the Americas Initiative the United States and interested Western
hemisphere countries are negotiating bilateral framework agreements
which establish agreed upon stages for eliminating counter-productive
barriers to trade and investment. They also provide a forum for
bilateral dispute settlement. 'Generally, the bilateral framework
agreements contain similar objectives. They are based on a statement
of agreed principles regarding the benefits of open trade and
investment, increased importance of services to economies, the
need for adequate intellectual property rights protection, the
importance of observing and promoting internationally-recognized
worker rights, and the desirability of resolving trade and investment
problems expeditiously. The parties establish a Council on Trade
and Investment to monitor trade and investment relations, hold
consultations on specific trade and investment matters of interest
to both sides, and work toward removing impediments to trade and
investment flows. Framework agreements do not bind signatories
to implement specific trade liberalization measures.
- Franc Zone - The Franc Zone (French: Zone Franc, ZF) is a monetary
union among countries whose currencies are linked to the French
franc at a fixed rate of exchange: Benin, Burkina, the Cameroon,
Central African Republic, Chad, Comoros, Congo, Equatorial Guinea,
France, Gabon, Cote d'Ivoire, Mali, Niger, Senegal, and Togo.
These countries have agreed to hold their reserves primarily in
French francs and to transact exchanges on the Paris market. The
zone was established in May 1951 under the auspices of a French
government agency: Comite Monetaire de ZF.
- Free Alongside Ship - Free Alongside Ship, FAS, at a named
port of export. Under FAS, the seller quotes a price for the goods
that includes charges for delivery of the goods alongside a vessel
at the port of departure. The seller handles the cost of unloading
and wharfage; loading, ocean transportation, and insurance are
left to the buyer. FAS is also a method of export and import valuation.
- Free Carrier ... (named point) - Free Carrier, FCA, to a named
place. This term replaces the former "FOB named inland port"
to designate the seller's responsibility for the cost of loading
goods at the named shipping point. It may be used for multimodal
transport, container stations, and any mode of transport, including
air.
- Freedom Support Act - The FSA, signed into law in October 1992,
authorizes a range of programs to support free market and democratic
reforms in Russia, Ukraine, Armenia, and other states of the former
Soviet Union.
- Free In - A pricing term indicating that the charterer of a
vessel is responsible for the cost of loading goods onto the vessel.
- Free In and Out - A pricing term indicating that the charterer
of a vessel is responsible for the cost of loading and unloading
goods from the vessel.
- Free on Board - Free On Board (FOB) at a named port of export.
The seller quotes the buyer a price that covers all costs up to
and including delivery of goods aboard a vessel at a port. FOB
is also a method of export valuation.
- FOB Airport - FOB Airport is based on the same principle as
the ordinary FOB term. The seller's obligations include delivering
the goods to the air carrier at the airport of departure. The
risk of loss of or damage to the goods is transferred from the
seller to the buyer when the goods have been so delivered.
- Free of Particular Average - F.P.A., a type of marine insurance,
is the minimum coverage in use and covers total and partial losses
if the ship carrying an exporter's goods is involved in a collision
or fire, or is stranded or sunk. See: Marine Cargo Insurance.
- Free on Rail/Free on Truck - These terms are synonymous, since
the word "truck" relates to the railway wagons. The
terms should only be used then the goods are to be carried by
rail.
- Free Out - A pricing term indicating that the quoted prices
includes the cost of unloading the goods from the vessel.
- Free Ports - Free ports are a form of free trade zone that
usually encompass an entire port area (examples include Hong Kong
and Singapore). See: Free Trade Zones.
- Free Trade Agreement - An FTA is an arrangement which establishes
unimpeded exchange and flow of goods and services between trading
partners regardless of national borders. An FTA does not (as opposed
to a common market) address labor mobility across borders, common
currencies or uniform standards or other common policies such
as taxes. Member countries of a free trade area apply their individual
tariff rates to countries outside the free trade area.
- Free Trade Area - A free trade area is a cooperative arrangement
among two or more nations, pursuant to the General Agreement on
Tariffs and Trade, whereby trade barriers are removed among the
members. The arrangement generally includes a customs union with
a common external tariff, although there are exceptions in which
members maintain individually separate tariff schedules for external
countries.
- Free Trade Zones - "Free Trade Zones" (sometimes
called "customs free zones" or "duty free zones")
is a generic term referring to special commercial and industrial
areas at which special customs procedures allow the importation
of foreign merchandise (including raw materials, components, and
finished goods) without the requirement that duties be paid immediately.
If the merchandise is later exported, duty free treatment is given
to reexports. The zones are usually located in or near ports of
entry. Merchandise brought into these zones may be stored, exhibited,
assembled, processed or used in manufacture prior to reexport
or entry into the national customs territory. When manufacturing
activity occurs in free trade zones, it usually involves a combination
of foreign and domestic merchandise, and usually requires special
governmental authority. Types of free trade zones include: foreign
trade zones (and foreign trade subzones); free ports; and transit
zones. See: Drawback Economic Zones Export Processing Zones Foreign
Access Zones Foreign Trade Zones Free Ports Free Trade Area Transit
Zones.
- Freight All Kinds - FAK is a shipping classification. Goods
classified FAK are usually charged higher rates than those marked
with a specific classification and are frequently in a container
which includes various classes of cargo.
- Freight Carriage ... paid to - Like C & F, "Freight/Carriage
paid to ..." means that the seller pays the freight for the
carriage of the goods to the named destination. However, the risk
of loss of or damage to the goods, as well as of any cost increases,
is transferred from the seller to the buyer when the goods have
been delivered into the custody of the first carrier and not at
the ship's rail. The term can be used for all modes of transport
including multi-modal operations and container or "roll on-roll
off" traffic by trailer and ferries. When the seller has
to furnish a bill of lading, waybill or carrier's receipt, he
duly fulfills this obligation by presenting such a document issued
by the person with whom he has contracted for carriage to the
named destination.
- Freight Carriage ... and insurance paid to - This term is the
same as "Freight/Carriage Paid to ..." but with the
addition that the seller has to procure transport insurance against
the risk of loss of damage to the goods during the carriage. The
seller contracts with the insurer and pays the insurance premium.
- Freight Forwarder - An independent business which handles export
shipments for compensation. At the request of the shipper, the
forwarder makes the actual arrangements and provides the necessary
services for expediting the shipment to its overseas destination.
The forwarder takes care of all documentation needed to move the
shipment from origin to destination, making up and assembling
the necessary documentation for submission to the bank in the
exporter's name. The forwarder arranges for cargo insurance, makes
the necessary overseas communications, and advises the shipper
on overseas requirements of marking and labeling. The forwarder
operates on a fee basis paid by the exporter and often receives
an additional percentage of the freight charge from the common
carrier. An export freight forwarder must be licensed by the Federal
Maritime Commission to handle ocean freight and by the International
Air Transport Association (IATA) to handle air freight. An ocean
freight forwarder dispatches shipments from the United States
via common carriers, books or arranges space for the shipments,
and handles the shipping documentation.
- F - Free Out
- F.P.A. - Free of Particular Average
- F/X - Foreign Exchange
- FA - Food and Agricultural Organization
- FAAS - Foreign Affairs Administrative Support
- FAK - Freight All Kinds
- FAS - Foreign Agricultural Service, Free Alongside Ship
- FAZ - Foreign Access Zone
- FBIS - Foreign Broadcast Information Service
- FBP - Foreign Buyer Program
- FBSEA - Foreign Bank Supervision Enhancement Act
- FC - Foreign and Commonwealth Office
- FCA - Free Carrier
- FCPA - Foreign Corrupt Practices Act
- FCSC - Foreign Claims Settlement Commission
- FDIUS - Foreign Direct Investment in the United States
- FEMA - Federal Emergency Management Agency
- FEMIDE - Federacion Mundial de Instituciones Financieras de,
Desarollo
- FET - Foreign Economic Trends
- FFP - Food For Progress
- FGIS - Federal Grain Inspection Service
- FI - Free In
- FI - Free In and Out
- FIAS - Foreign Investment Advisory Service
- FIATA - Federation Internationale des Associations de Transitaires,
et Assimilies
- FIT - Foreign Independent Tour
- FMC - Federal Maritime Commission
- FMD - Foreign Market Development Program
- FMS - Foreign Military Sales
- FMV - Foreign Market Value
- FOB - Free on Board
- FOGS - Functioning of the GATT System
- FOMEX - Fondo para el Fomento de las Exportaciones de Productos,
Manufacturados
- FONPLATA - Fondo Financiero Para el Desarrollo de la Cuenca
del Plata
- FOR/FOT - Free on Rail/Free on Truck
- FORDTIS - Foreign Disclosure and Technical Information System
- FOREX - Foreign Exchange
- FRA - Forward (or Future) Rate Agreement
- FS - Foreign Service Officer
- FSA - Freedom Support Act
- FSC - Foreign Sales Corporation
- FSI - Foreign Service Institute
- FSN - Foreign Service National
- FSs - Feasibility Studies
- FSU - Former Soviet Union
- FT - Foreign Trade Organization
- FTA - Free Trade Agreement/Area
- FTC - Federal Trade Commission
- FTD - Foreign Trade Division
- FTI - Foreign Traders Index
- FTSR - Foreign Trade Statistical Reporting
- FTZ - Foreign Trade Zone
- FTZ-SZ - Foreign Trade Zone-Subzone
- F. & D. - Freight and demurrage
- F. & A.P. - Fire and allied perils
- f.a. - Free alongside
- F.a.a. - Free of all average
- f.a.c. - Fast as you can
- F.A.O. - Food and agriculture Organization (U.N.)
- f.a.q. - Fair average quality
- f.a.s. - Free alongside ship, Firsts and seconds (American
lumber)
- f.c. & s. - Free of capture and seizure
- F.C.A.R. - Free of claim for accident reported
- F.C.I. - Full container loads
- F.C.I.I. - Fellow of the Chartered Insurance Institute
- F.C.V. - Full contract value, Full completed value
- f.d. - Free discharge. Free delivery. Free despatch. Free docks
- F.D.O. - For declaration purposes only
- f.f.a. - Free from alongside, Free foreign agency
- F.F.O. - Fixed and floating objects
- F.G.A. - Foreign general average
- f.h. - Fore hatch
- f.i - Free-in
- f.i.a. - Full interest admitted
- f.i.b. - Free into bunkers. Free into barge
- F.I.C.S. - Fellow of the Institute of Chartered Shipbrokers
- F.I.L. - Foreign insurance legislation
- f.i.o. - Free-in-and-out
- f.i.o.s. - Free in and out stowed
- f.i.o.s.t. - Free in and out stowed and/or trimmed
- f.i.o.t. - Free in and out trimmed
- f.i.t. - Free of income tax
- f.i.w. - Free in wagon
- F.L.E. - Fire, lightning and explosion
- f.o. - For orders, Firm offer, Full out terms (grain trade)
- f.o.b. - free on board
- f.o.c. - Free on car, Free of charge
- F.O.C. - Flag of convenience, Free ofcommission, Free of charge,
Free of claims
- f.o.d. - Free of damage
- F.O.M. - Flag, ownership and management
- F.O.N.A.S.B.A. - Federation of National Association of Shipbrokers
and Agents
- f.o.q. - Free on quay
- f.o.r. - Free on rail
- f.o.r.t. - Full out rye terms (grain trade)
- f.o.s. - Free on steamer
- F.O.S.F.A. - Federation of Oils, Seeds & Fats Associations
- f.o.t. - Free on truck
- f.o.w. - Free on wagon. First open water
- F.P. - Fully Paid. Floating (or open) policy
- F.P.A. - Free of particular average
- F.P.I.L. - Full premium if lost
- F.P.T. - Forepeak tank
- f.r. & c.c. - Free of riots and civil commotions
- F.R.C. - Free of reported casualty
- F.R.O. - Fire risk only
- f.r.o.f - Fire risk on freight
- f.s.l. - Full signed line (insurance)
- F.S.R. & C.C. - Free of strikes, riots and civil commotions
- f.t. - Full terms; despatch money, payable on all time saved
on the chartered time for loading and discharging the cargo
- F.T.A. - Freight Transport Association and Agents
- f.t.r.r. & i. - For their repective rights and interests
- F.V.C. - Fishing vessel clauses
- f.w.d. - Fresh water damage
- f.w.l. - Full written line (insurance)
- F.W.P.C.A. - Federal Water Pollution Control Act (USA)
- F.W.T. & G.D. - Fair wear, tear and gradual deterioration
- F/R - Freight release
- Fac. - Facultative
- Fac./oblig. - Facultative/obligatory
- FAS - United States Foreign Agricultural Service
- FCL - Full container load
- FCS - Foreign Commercial Service
- FEU - Forty-foot equivalent unit
- FIDIC - Federation internationale des ingenieurs-conseils (International
Federation of Consulting Engineers)
- FIMBRA - Financial Intermediaries, Managers and Brokers Regulatory
Association
- FLASH - Feeder-LASH
- fms. - Fathoms (timber)
- fob - Free on board
- Frt. - Freight
- ft - Feet
- Fth. - Fathom
- fwd. - Forward
- FX - Foreign Exchange
- fairway - Navigable channel.
- flag - Nationality of a ship or the country where the ship
is registered.
- flotsam - Floating wreckage from a shipwreck.
- Foreign Branch Office - A sales (or other) office maintained
in a foreign country and staffed by direct employees of the exporter.
- Foreign Freight Forwarder - A corporation carrying on the business
of forwarding who is not a shipper or consignee. The foreign freight
forwarder receives compensation from the shipper for preparing
documents and arranging various transactions related to the international
distribution of goods. Also, a brokerage fee may be paid to the
"forwarder" from steamship lines if the forwarder performs
at least two of the following services: (1) coordination of the
movement of the cargo to shipside; (2) preparation and processing
of the Ocean Bill of Lading; (3) preparation and processing of
dock receipts or delivery orders; (4) preparation and processing
of consular documents or export declarations; (5) payment of the
ocean freight charges on shipments.
- Foreign Sales Agent - An agent residing in a foreign country
who acts as a salesman for a domestic manufacturer.
- Foreign Trade Zone Entry - A form declaring goods which are
brought duty-free into a Foreign Trade Zone for further processing
or storage and subsequent exportation and/or consumption.
- Foreign Trade Zone - This is also referred to as a "free
zone", ''free port'' or ''bonded warehouse.-- This is an
area within a country where goods can be imported, stored, and/or
processed without being subject to customs duties and taxes.
- Free Alongside (F.A.S.) (or free alongside steamer) - The seller
must deliver the goods to a pier and place them within reach of
the ship's loading equipment. The buyer arranges ship space and
informs the seller when and where the goods are to be placed.
- Free In And Out (F.I.O.) - Cost of loading and unloading a
vessel is borne by the charterer.
- Free List - A list of goods that have been designated as free
from import duties or import port licensing requirements in a
given country .
- Free Of Capture And Seizure (F.C. & S.) - An insurance
clause providing that loss is not insured if due to capture, seizure,
confiscation and like actions, whether legal or not, or from such
acts as piracy, civil war, rebellion and civil strife.
- Free Of Particular Average (F.P.A.) - A marine insurance clause
providing that partial loss or damage is not insured. American
condition (F.P.A.A.C.) -- Partial loss not insured unless caused
by the vessel being sunk, stranded, burned, on fire, or in collision.
English conditions (F.P.A.E.C.) -- Partial loss not insured unless
a result of the vessel being sunk, stranded, burned, on fire,
or in collision.
- Free Out (F.O.) - Cost of unloading a vessel is borne by the
charterer.
- free port - Separate area within a port where goods which have
been imported may be held without duty payment.
- free pratique - See pratique.
- Free Trade Area (FTA) - A group of two or more countries that
have eliminated tariff barriers among themselves while not applying
a uniform external tariff on imports ports from non-participating
countries. The European Free Trade Association is the best known
example of such an arrangement.
- Free Trade Zone - An area to which goods may be imported for
processing and subsequent export on duty-free basis.
- freight - Used as a term or cargo.
- Freight Forwarder - An agent whose functions are to help expedite
shipments by preparing the necessary documents and making other
arrangements for the movement of merchandise.
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