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M
- Mutu
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- m - meter
- M A R form - The standard of marine insurance policy used in
the London market by both Lloyd's and companies
- M. & D.P. - Minimum and deposit premium
- M. & W. - Marine and war risks
- m. pack - Missing package
- M.A.V.I.S. - Marine Audio-Visual Instruction Systems
- M.B.D. - Machinery breakdown
- M.C. - Machinery certificate
- M.F.C. - Maximum foreseeable loss
- M.H. - Main Hatch
- M.H.W.S. - Mean High Water Spring
- M.I.P. - Marine Insurance Policy
- M.L.W.S. - Mean Low Water Springs
- m.m. - Made merchantable
- M.M. - Mercantile Marine
- M.M.A. - Merchandise Marks Act
- M.N.S.C. - Managed Network Steering Committee
- M.O.H. - Medical Officer of Health
- M.P.L. - Maximum probable loss
- M.R. - Mate's receipt
- M.S. - Motor ship, Machinery survey
- M.T. - Mean Time
- M.T.L. - Mean tidal level
- M/C - Metalling clause (marine insurance), Machinery certificate
- M/d - Malicious damage
- M/D - Memorandum of deposit
- M/s - Months after sight
- Maastricht Treaty - The Maastricht Treaty (named for the Dutch
town in which the treaty was signed) is also known as the Treaty
of European Union. The treaty creates a European Union by: (a)
commiting the 12 member states of the European Economic Community
to both European Monetary Union (EMU) and political union; (b)
introducing a single currency (European Currency Unit, ECU); (c)
establishing a European System of Central Banks (ESCB); (d) creating
a European Central Bank (ECB); and (e) broadening EEC integration
by including both a common foreign and security policy (CFSP)
and cooperation in justice and home affairs (CJHA). The treaty,
negotiated in 1991 and signed in February 1992, entered into force
on November 1, 1993.The Maastricht Treaty envisioned EMU being
achieved in three stages: - A first stage (encompassing treaty
negotiations and lasting through January 1, 1994) concludes with
ratification of treaty amendments needed to establish EMU, including
participation by all 12 EEC member states in the Exchange Rate
Mechanism; - A second stage (January 1, 1994 through no later
than January 1, 1999) involves establishment of the European Monetary
Institute (EMI) to support development of a single currency (the
ecu) and development of the ECB; - A third stage (starting no
later than January 1, 1999) involves irrevocable fixing of exchange
rates and the debut of the ECB with transfer of powers necessary
for administering economic and monetary union. See: European Central
Bank European Currency Unit European Monetary Institute European
System of Central Banks Exchange Rate Mechanism.
- Machy - Machinery
- Maghreb States - The Maghreb states include the three nations
of Algeria, Morocco, and Tunisia. The European Community concluded
a trade and aid agreement in 1976 with these states. The term
Maghreb states sometimes also includes Libya and Mauritania. The
five Maghreb states created the Arab Maghreb Union. See: Arab
Maghreb Union Comite Permanent Consultatif du Maghreb.
- main port - Port that handles a significant proportion of a
country's seaborne trade. It normally can accommodate many ships
and has a wide range of facilities.
- Mal.d. - Malicious damage
- manifest - Document containing a full list of a ship's cargo
that is extracted from the bill of lading. A copy, known as the
outward manifest is kept with the Customs authorities at the port
of loading. Another copy, known as the inward manifest is kept
at the discharge port.
- Mano River Union - The MRU advances common policies and cooperation
on tariffs and customs regulations, on development projects, and
in other economic areas. The Union instituted a common external
tariff in 1977. The MRU was established in 1973; headquarters
are in Freetown, Sierra Leone.
- Manufactured Imports Promotion Organization - MIPRO is a non-profit
organization, established in 1978 by the joint efforts of the
Japanese Government and the private sector to promote imports
of foreign manufactured products by hosting exhibitions and providing
a wide range of market information. MIPRO's activities are broadly
classified into three categories: (a) holding imported product
trade exhibitions for buyers and the general public; (b) disseminating
information regarding imported products and the Japanese market;
and (c) promoting sales of foreign products to Japanese consumers
to promote recognition of the quality of imported goods.
- Maquiladora - The maquiladora (or "in-bond" industry)
program allows foreign manufacturers to ship components into Mexico
duty-free for assembly and subsequent reexport. Industry established
under the maquiladora program is Mexico's second largest source
of foreign revenue (following oil exports). The maquiladora programs
was established in 1965; in December 1989, the Mexican government
liberalized the maquiladora program to make this a more attractive
and dynamic sector of the economy. As a result, maquiladora operations
may import, duty and import license free, products not directly
involved in production, but that support production, including
computers and other administrative materials and transportation
equipment.
- Marine Cargo Insurance - Broadly, insurance covering loss of,
or damage to, goods at sea. Marine insurance typically compensates
the owner of merchandise for losses in excess of those which can
be legally recovered from the carrier that are sustained from
fire, shipwreck, piracy, and various other causes. Three of the
most common types of marine insurance coverage are "free
of particular average" (f.p.a.), "with average"
(w.a.), and "All Risks Coverage."
- Market Access - Market access refers to the openness of a national
market to foreign products. Market access reflects a government's
willingness to permit imports to compete relatively unimpeded
with similar domestically produced goods.
- Market Access - The ability of a domestic industry to penetrate
a related market in a foreign country. The extent to which the
foreign market is accessible generally depends upon the existence
and extent of trade barriers.
- Market Disruption - Market disruption refers to the situation
which is created when a surge of imports in a given product line
causes sales of domestically produced goods in a particular country
to decline to an extent that the domestic producers and their
employees suffer major economic hardship.
- Market Promotion Program - The Market Promotion Program (MPP)
was authorized by the Food, Agriculture, Conservation, and Trade
Act of 1990 and is administered by the U.S. Department of Agriculture's
Foreign Agricultural Service. Under the MPP, surplus stocks or
funds from the Commodity Credit Corporation are used to partially
reimburse agricultural organizations conducting specific foreign
market development projects for eligible products in specified
countries. Proposals for MPP programs are developed by trade organizations
and private firms. Activities financed by the programs vary from
commodity to commodity, and include activities such as market
research, construction of a three-story wood demonstration building,
construction of a model feed mill, and consumer promotion activities.
(MPP is broader in scope than the Targeted Export Assistance [TEA]
program, repealed by the 1990 Farm Bill, whose purpose was to
assist exports of commoditis hurt by unfair foreign trade practices.)
- Market-Oriented Cooperation Plan - The MOCP, established in
1990, is aimed at improving long-term business relations between
Japan's automotive manufacturers and U.S. auto parts suppliers.
- Market-Oriented Sector-Selective - The MOSS talks were begun
in January 1985 as bilateral trade discussions between the U.S.
and Japan in an effort to remove many trade barriers at once in
a given sector. MOSS talks have focused on five sectors: (a) telecommunications,
(b) medical equipment and pharmaceuticals, (c) electronics, (d)
forest products, and (e) auto parts. Overall, the talks focus
high-level attention on reducing certain market obstacles opening
communication channels to resolve follow-up disputes.
- Marks of Origin - The physical markings on a product that indicate
the country of origin where the article was produced. Customs
rules require marks of origin of most countries.
- Matchmaker Events - Matchmaker trade delegations are organized
and led by the International Trade Administration to help new-to-export
and new-to-market firms meet prescreened prospects who are interested
in their products or services in overseas markets. Matchmaker
delegations usually target two major country markets and limit
trips to a week or less. This approach is designed to permit U.S.
firms to interview a maximum number of prospective overseas business
partners with a minimum of time away from their home office. The
program includes U.S. embassy support, briefings on market requirements
and business practices, and interpreter services. Matchmaker events,
based on specific product themes and end-users, are scheduled
for a limited number of countries each year.
- MC - Minister Counsellor
- MCCA - Mercado Com£n Centroamericano
- MCTL - Militarily Critical Technologies List
- MDBs - Multilateral Development Banks
- Mdse. - Merchandise
- Memoranda of Understanding - See: International Agreements.
- Mercado Com£n Centroamericano - See: Central American
Common Market.
- Merchandise Trade Balance - See: Balance of Payments.
- merchant - Term often used in liner bills of lading to describe
the shipper, receiver or consignee, bill of lading holder or the
agent of any of these.
- merchant marine - All the ships of a country carrying goods.
- Mercosur - Mercosur (Spanish; Mercosul in Portuguese; or Southern
Common Market) is comprised of Argentina, Brazil, Paraguay, and
Uruguay. Mercosur is scheduled to enter into force in December
1994 for Argentina and Brazil and to enter into force in December
1995 for Paraguay and Uruguay. Mercosur, modeled similarly to
the European Community's Treaty of Rome, will establish a common
external tariff and eliminate barriers to trade in services. While
in the Southern Cone, Chile has not sought entry to Mercosur,
but does have an agreement with Argentina which will provide for
some similar benefits.
- metric ton - 1,000 kilograms.
- MFA - Arrangement Regarding International Trade in Textiles
(Multifibre Arrangement)
- MFA - Multi-Fiber Arrangement
- MFN - Most Favored Nation Treatment
- MHW - Ministry of Health and Welfare
- MHz - Megahertz
- MIA - Marine Insurance Act
- MIF - Multilateral Investment Fund
- MIGA - Multilateral Investment Guarantee Agency
- Military Assistance Program - See: Conventional Arms Transfer.
- Military Critical Technologies List - The MTCL is a document
listing technologies that the U.S. Defense Department considers
to have current or future utility in military systems. The MCTL
describes arrays of design and manufacturing know-how; keystone
manufacturing, inspection, and test equipment; and goods accompanied
by sophisticated operation, application, and maintenance know-how.
Military justification for each entry is included in a classified
version of the list.
- Min. B/L - Minimum Bill of Landing
- MIN./DEP. - Minimum and deposit premium
- Ministry of Foreign Economic Relations and Trade - The People's
Republic of China (PRC) Ministry of Foreign Economic Relations
and Trade, MOFERT, was established in March 1982 by combining
former separate ministries. MOFERT implements national trade policies
through administrative actions, drafting laws and issuing foreign
trade regulations. MOFERT does not engage in foreign trade transactions
but facilitates the foreign trading corporations (FTCs) which
do.
- Ministry of Health and Welfare - Under the Pharmaceutical Affairs
Law, MHW is Japan's agency responsible for regulating medical
products. The Ministry also is charged with determining Japanese
healthcare expenditures.
- Ministry of International Trade and Industry - MITI occupies
a central position in Japan's "economic bureaucracy"
and is regarded as one of the three most powerful and prestigious
ministries of the central government (along with the Ministry
of Finance and the Ministry of Foreign Affairs). In formulating
and implementing Japan's trade and industrial policies, MITI is
responsible for funding most of Japan's export promotion programs
(although operation of these programs is left to JETRO). The Ministry
also supervises the export financing programs of Japan's Export-Import
Bank, operates several types of export insurance programs, supports
research organizations, and facilitates various types of overseas
technical and cooperation training programs. Lately, MITI has
assumed a role in encouraging imports of foreign products into
Japan.
- Ministry of Posts and Telecommunications - MPT is Japan's telecommunications
regulatory agency. The Ministry is authorized to adjust supply
and demand among service providers to ensure that there is not
excessive competition in a given market. To do so, MPT issues
"administrative guidance" to the industry and recommends
"unification" when there appears to be excessive competition
in a given market.
- MIPR - Manufactured Imports Promotion Organization
- Missile Technology Control Regime - The purpose of the MTCR
is to limit the proliferation of missiles "capable of delivering
nuclear weapons," to increase regional stability, and to
convey publicly the firm resolve of the partners to address this
issue. In April 1987, Canada, France, Germany, Japan, the U.K.,
and the U.S. agreed to establish the MTCR. The regime expanded
to include 23 countries, with the addition of Australia, Austria,
Belgium, Denmark, Finland, Greece, Iceland, Ireland, Italy, Luxembourg,
the Netherlands, New Zealand, Norway, Portugal, Spain, Sweden,
and Swizterland. The MTCR does not have permanent organizations
but convenes regular meetings to exchange information and coordinate
member country stands. Under the MTCR, each member administers
missile-related export controls independently. After the MTCR
agrees that certain goods and technologies should be controlled
for missile proliferation reasons, each member must implement
the controls in its own domestic legislation. There is no international
entity that oversees the implementation and enforcement of MTCR
controls. Items and technology agreed by the MTCR partners to
be controlled are listed in the MTCR Annex. The Annex is divided
into two groups: Category I (consisting of complete rocket and
unmanned air vehicle systems and subsystems) and Category II (encompassing
components, equipment, technology, materials used in missile design,
development, production or use).
- MITI - Japan's Ministry of International Trade and Investment
- MITI - Ministry of International Trade and Industry
- mixed cargo - More than one product carried on board a ship.
- Mixed Credit - Mixed credit refers to the practice of combining
concessional and market-rate export credit as an export promotion
mechanism.
- MKR - Matchmaker Program
- mobile crane - General purpose crane capable of moving around
a port. Some types are capable of lifting very heavy loads.
- MOCP - Market-Oriented Cooperation Plan
- MOFERT - China's Ministry of Foreign Economy Relations and
Trade
- MOFERT - Ministry of Foreign Economic Relations and Trade
- Mort. - Mortality
- MOSS - Market-Oriented, Sector-Selective
- Most Favored Nation Treatment - A commitment that a country
will extend to another country the lowest tariff rates it applies
to any other country. All contracting parties undertake to apply
such treatment to one another under Article I of GATT. When a
country agrees to cut tariffs on a particular product imported
from one country, the tariff reduction automatically applies to
imports of this product from any other country eligible for most-favored
nation treatment. This principle of nondiscriminatory treatment
of imports appeared in numerous bilateral trade agreements prior
to establishment of GATT. A country is under no obligation to
extend MFN treatment to another country unless both are bilateral
contracting parties of the General Agreement on Tariffs and Trade
or MFN treatment is specified in a bilateral agreement.
- Most Favored Nation Treatment (MFN) - When one country accords
another most-favored-nation status, it agrees to extend that country
the same trade concessions it grants to any other MFN recipients.
For example, in the tariff area, goods from a country accorded
MFN status by the U.S. would be assessed the lower column 1 duties
in the U.S. tariff schedule. This concept may apply to non-tariff
measures as well. GATT members have agreed to accord each other
MFN status. Preferential treatment accorded to developing countries,
customs unions, and free trade areas all represent allowable exceptions
to the MFN concept.
- MOU - Memorandum of Understanding
- MPA - Major Projects Agreement
- MPP - Market Promotion Program
- MPT - Ministry of Posts and Telecommunications
- MRA - Mutual Recognition Agreement
- MRU - Mano River Union
- MSA - Multilateral Steel Agreement
- mst. - Measurement
- MT - Multilateral Trade Organization
- MTAG - Missile Technology Analysis Group
- MTCR - Missile Technology Control Regime
- MTEC - Missile Technology Export Control Group
- MTN - Multilateral Trade Negotiations
- MTO - Multimodal transport operator
- Multi-Fiber Arrangement - The MFA is an international umbrella
compact, authorized by the General Agreement on Tariffs and Trade
(GATT), that allows contracting parties to negotiate bilaterally
quantitative restrictions on textile imports (which normally would
be considered contrary to GATT provisions) to the extent the importing
country considers them necessary to prevent market disruption.
The Uruguay Round Agreement on Textiles and Clothing contains
an agreed schedule for the gradual phase-out of quotas established
pursuant to the MFA over a ten-year transition period, after which
textile and clothing trade will be fully integrated into the GATT
and subject to the same disciplines as other sectors. See: Committee
for the Implementation of Textile Agreements.
- Multilateral Agreement - An international compact in which
three or more parties participate.
- Multilateral Development Banks - There are five MDBs. See:
African Development Bank Asian Development Bank European Bank
for Reconstruction and Development Inter-American Development
Bank World Bank.
- Multilateral Investment Fund - The MIF provides program and
project grants to advance investment reform and technical assistance
for privatization movements in Latin America and the Caribbean
and to encourage domestic and foreign investment in the area.
The Fund, an outgrowth of the Enterprise for the Americas Initiative,
is administered by the Inter-American Development Bank. MIF was
established in January 1993. See: Enterprise for the Americas
Initiative.
- Multilateral Investment Guarantee Agency - MIGA was established
in April 1988 as a part of the World Bank Group. MIGA encourages
equity investment and other direct investment flows to developing
countries through the mitigation of noncommercial investment barriers.
The agency offers investors guarantees against non-commercial
risks; advises developing member governments on the design and
implementation of policies, programs, and procedures related to
foreign investments; and sponsors a dialogue between the international
business community and host governments on investment issues.
MIGA provides coverage for equity interests, other forms of direct
investment, industrial cooperation such as management and service
contracts, licensing and franchising agreements, turnkey contracts,
and arrangements concerning transfer of technology and know-how
in which the investor assumes a stake in the performance of the
venture. See: World Bank.
- Multilateral Steel Agreement - Attainment of an MSA was an
achievement intended as part of the Steel Trade Liberalization
Program and resulting the Bilateral Consensus Agreements. The
MSA would have addressed the underlying causes of unfair trade
in steel by eliminating tariffs, nontariff measures such as quotas,
and most subsidies in the steel sector, and established a dispute-settlement
mechanism. The United States and 34 other countries participated
in negotiations for an MSA under the general auspices of the General
Agreement on Tariffs and Trade. MSA negotiations were suspended
in March 1992, coincident with the expiration of the steel voluntary
restraint agreements.
- Multilateral Trade Negotiations - A term describing the eight
multilateral rounds of negotiations held under the auspices of
the General Agreement on Tariffs and Trade since 1947. See: Rounds.
- Multilateral Trade Negotiations (MTN) - Eight rounds of multilateral
trade negotiations have been held under GATT auspices since 1947.
Each negotiation has had the goal of reducing or eliminating tariffs
among signatory countries. The Tokyo and Uruguay Rounds have focused
on non-tariff measures as well.
- Multinational Corporation - A multinational corporation is
a business which owns or controls product or service facilities
outside the country in which it is based.
- Mutual Recognition Agreements - MRAs are negotiated on a sectoral
basis (such as: telecommunciations, medicial devices, pharmaceuticals,
chemicals, processed foods) and allow countries to accept each
other's final test results, although quality assurances may be
required. Under MRAs, the entire testing and certification process
may occur outside the importing country. Under MRA's with the
European Community, a U.S. firm would obtain product certification
on an EC-wide basis, enabling the firms to market its products
throughout the Community. Based on private-law contractual negotiations,
subcontracting permits a notified body of the EC to delegate some
of its testing responsibilities to a third-country testing lab
or quality assessment body. However, the notified body retains
ultimate responsibility for final decisions relating to EC certification.
Formal discussions between representatives of the U.S. Government
and the European Economic Community on entering MRSs began in
October 1992.
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